Let's change the way we see risk

Risk isn’t about responding to change. It’s about changing the way we see. Shifting our perspective. Considering different angles. To anticipate, be agile and build resilience.

Strong risk and resilience capabilities can be the difference between those that thrive and those that fight to survive.

The interconnectedness and velocity of risks has increased in recent years, and it now takes different approaches to see them, and the entire organisation to address them. In becoming more proactive in preparing and adapting to risks, you can become more resilient. With the right insight, you can mitigate and prepare for whatever change is ahead. Disruption will always exist but through building resilience, you’ll have a strategic advantage and be better placed to respond to disruption in a seamless, coordinated and efficient manner.

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What are today’s critical business risks?

Change is both fast and disruptive, and business leaders today face a dynamic array of risks. In PwC’s latest Global Risk Survey, four distinct challenges were identified as being particularly relevant.

Geopolitical turmoil can have a broad reaching impact, crossing industry, geographies and markets. While geopolitical risk is not a risk you can mitigate, you can prepare and plan your response. The current volatile geopolitical environment is further exacerbating supply constraints, heightening cyber risks, introducing rapidly evolving sanctions and putting safety and humanity at the forefront of all decisions.

The past two years have witnessed significant external market events—a pandemic and geopolitical turmoil—which in turn have caused serious market volatility. Market risk remains a priority risk facing organisations globally.

Ransomware attacks are more frequent and more sophisticated, and remain one of the top threats to businesses. But rather than being a siloed risk, organisations are now seeing the link between cyber and other risks such as geopolitical. Businesses must take a panoramic view and understand the link between the risks their organisations may face while preparing for significant threats to IT infrastructure and planning for total enterprise resilience.

Change is fast and disruptive. Over the past couple of years, many businesses have had to revise and adapt their strategies and operating models at a rapid pace to cope with a turbulent environment. Organisations’ risk management and broader resilience capabilities need to quickly adapt to support business agility and to contribute proactive, robust and timely risk insights for decision-making. In an environment where change is constant, strong risk and resilience capabilities can provide an edge. Business leaders can make confident decisions in pursuit of their strategy that are informed by a panoramic view of risk.

We can help you create a panoramic view of your unique risk landscape, so you can act boldly and purposefully.

Bringing diverse thinkers together

Organisations are facing an increasingly complex risk environment that requires a diverse range of internal and external experts, technology alliance partners, third-party data owners and industry specialists to work together to provide a panoramic view of their unique risk landscape. Is your organisational ecosystem allowing you to bring a range of perspectives to the problem-solving table?

Mining actionable intelligence from data

Risk modelling and data science are increasingly used to help identify meaningful risk data and create actionable, real-time risk intelligence. Are you considering how to leverage data to identify patterns, detect warning signals and lessen the impact of risk events?

Anticipating risk so you can act with confidence

Technology embedded in many areas of the business can act as sensors and supply real-time data to guide future activities. Is your organisation applying techniques and tools that can help you anticipate risk and respond with agility?

Managing risks with high reliability and efficiency

Using integrated risk and compliance systems enables higher reliability, efficiency and better decision-making. Does your organisation have highly reliable systems in place to deliver the outcomes needed?

How we can help

We bring together teams of experts including PwC professionals, tech alliance partners, third-party data owners and clients. We can work with you to make sense of data from multiple sources, internal and external, to identify meaningful risk signals and to form actionable, real-time risk intelligence. In doing so, we help you become more agile and resilient, better able to anticipate threats and take advantage of opportunity. Helping you build trust and deliver sustained outcomes.

A community of solvers identifying real-time signals and creating a panoramic view of your unique risk landscape. Let’s change how we see risk.

The Lorenz equations

The Lorenz attractor is a mathematical representation of chaos revealing the order in randomness and unpredictability.

The Lorenz equations

The Lorenz equations were developed in the 1960s as part of studying the weather to show chaotic solutions for certain changes in parameters, and the difficulty of predicting all outcomes. The significant impact of a minor variable on outcomes is known as the “butterfly effect” (even the minuscule disturbance of the air due to a butterfly flapping its wings). The shape of the Lorenz attractor itself represents a butterfly.

Any one of today’s risk issues can have a significant impact on your business, but it is their degree of interconnectedness that is causing far-reaching implications.

Leveraging real-time data to supplement human wisdom. Creating a panoramic view of your risk landscape. 

It all adds up to The New Equation.

Contact us

Richard Day

Partner, PwC Ireland (Republic of)

Pat Moran

Partner, PwC Ireland (Republic of)

Andy Banks

Partner, PwC Ireland (Republic of)

Fiona Gaskin

Partner, PwC Ireland (Republic of)

Tel: 086 7713665

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