In a world where trust is increasingly important, organisations that build credibility throughout their brand, products and services can improve their corporate resilience and relationships with customers, staff and stakeholders. COVID-19 has brought upon unprecedented challenges and is expected to have a significant impact on the global economy.
As companies resume operations and adapt to new ways of working, many are looking inwards to see how they can tackle urgent and complicated governance, risk and compliance (GRC) issues. How are organisations shifting compliance activities from having high costs on customer experience, finances and the culture to building trust, enhancing resilience with technology and supporting competitive advantage? Is your approach to compliance fit for the future? How are you optimising your risk management capabilities and strengthening business opportunity alignments to seize opportunities in the face of changes in risk landscapes?
PwC’s 1st Annual Asia Pacific Governance, Risk, and Compliance Insights Survey: Next generation digital GRC, which involved 95 senior leaders in 8 territories, explores the sources and outlook of uncertainty and how Risk and Compliance leaders are taking action to address it. Conducted in August, September and October of 2020, this survey focuses on leader insights in the following areas: GRC maturity, technology maturity, and GRC vision.
1. Organisations want to embrace change, but unsure where to start (GRC maturity)
No matter where leaders are looking, the path forward is unclear and uncertain. Uncertainty holds back growth.
49% of APAC GRC Leaders surveyed reported they haven’t started the maturity journey or are working towards streamlined compliance function in one business unit.
57% say of compliance and oversight is not managed by a central department.
2. Collaboration between the business and risk functions may not be aligned to provide an integrated technology experience (Technology maturity)
Organisations are struggling to get an integrated and complete view of the risks they are facing, as well as to predict what might happen in terms of their risk programme. From the start of COVID-19 pandemic until now, organisations are still struggling to collect risk data on time to understand the effectiveness and functioning of controls and processes.
61% of respondents said they use paper/spreadsheets to track how they manage risk and compliance.
3. Using technology in the risk management function will continue to grow (GRC vision)
According to the PwC Survey, 64% of interviewed believe through the use of compliance-specific technology there are opportunities to support compliance requirements.
An integrated platform would help integrate operational processes in multiple dimensions of risk and compliance, not just within a discreet process but right across the enterprise, across all activities and across all lines of defence. Moving towards an integrated platform allows to aggregate risk and control information across the organisation, and ensure compliance with listing rules, corporate governance codes and other regulations.
Risk Assurance Leader, Mainland China and Hong Kong, PwC Hong Kong
Tel: + 2289 2919