Transforming Risk into Confidence: A PwC podcast series

Latest Episodes:

Optimizing risk functions through the benefits of collaboration Apr 15, 2020

Show notes

In this episode, Lauren Massey joins Brian Schwartz to discuss steps organizations can take to maximize risk coverage, create efficiencies and drive stronger risk insight.

We discuss the following questions:

1:04 - What do we mean "the whole is greater than the sum of the parts" in the context of risk function collaboration and how is it beneficial?
2:53 - What are we seeing risk functions do to try to optimize one another and what are some starting points?
4:47 - How important is digital transformation as part of the optimization of a risk function?
6:18 - What are other steps risk functions can take besides digitization?
7:32 - How does an organization’s brand factor into their transformation and optimization efforts?
8:19 - What are some key takeaways for those looking to optimize the value of their risk functions?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/2020-global-risk-study-optimizing-risk-functions-collaboration.html

The evolution of the controls testing and monitoring landscape Apr 08, 2020

Show notes

In this episode, Rich Reynolds joins Seth Rosensweig to discuss the challenges organizations face as the compliance controls testing and monitoring activities within the lines of defense continue to evolve.

We discuss the following questions:
0:34 - What are some of the challenges around controls testing and monitoring that we’re seeing now?
3:03 - How can we get past the difficulties of testing the tester’s tester to provide assurance?
6:15 - Is there a clear understanding of the differences between monitoring, testing and other associated activities?
10:03 - What should you consider when thinking about the different ways to test and monitor your controls?
12:07 - How important is it to have the infrastructure to properly integrate data and analytics into your controls testing and monitoring program?
16:13 - What do you think the compliance organization of the future will look like as it comes to testing and monitoring?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/controls-testing-monitoring.html

Build a common risk language and foundation for better collaboration Mar 26, 2020

Show notes

In this episode, Travis Ringger joins Brian Schwartz to discuss the practical actions risk functions can take to lay a foundation for better collaboration and risk insight.
We discuss the following questions:
1:08 - Why do only a small percentage of companies feel they have the right technology and tools needed to manage risks today?
2:35 - What are some of the non-technological, foundational steps that organizations need to take for better collaboration?
4:37 - What do you see risk functions doing to improve their risk data, are they building common data sources and do they understand what to do with the unstructured data?
6:46 - What are the difficulties and misconceptions associated with building one single source of truth?
9:33 - What are the appropriate steps for a company to take to move toward a more common technology platform?
11:55 - What is your advice for risk functions that don't foresee being able to invest in a common technology?
13:45 - What are some key takeaways for those looking to increase collaboration between risk functions?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/2020-global-risk-study-risk-collaboration-foundation.html

Setting the tone for collaborative risk management Mar 13, 2020

Show notes

In this episode, Jaime Phillips joins Brian Schwartz to discuss what senior executives and board members can do to promote greater risk function collaboration and develop a shared risk insight.

We discuss the following questions:

1:11 - Why, in many instances, are senior executives and board members not aligned on where the accountability for risks lie?
2:47 - What are companies doing today to make sure that risk accountability is crystal clear?
4:02 - Are board members and senior executives receiving a consolidated view of risk across the enterprise from risk function executives and is that trend changing?
5:09 - What are some specific actions boards and senior executives can take to drive greater risk function collaboration?
7:02 - How can the risk management program itself help drive better risk function collaboration?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/2020-global-risk-study-risk-accountability.html

How do you tell your trust story to customers and other stakeholders? Mar 12, 2020

Show notes

In this episode, Matt Giordano and Michael Zelwin join Kevin O'Connell to discuss how companies can effectively manage the challenges in providing third party assurance reporting to multiple stakeholders.

We discuss the following questions:
0:41 - Why is it important for organizations to have a pulse on their commitment to third parties?
2:44 - What are the challenges organizations would face in implementing a program to respond to their client and third-party requests?
4:27 - What are the key aspects organizations should consider when they start to build an integrated assurance program?
7:57 - How are organizations incorporating technology into their integrated assurance programs?
10:57 - What are some key takeaways for those looking to create an integrated assurance program?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/integrated-assurance-third-party-reporting.html

Can you trust AI? Mar 05, 2020

Show notes

In this episode, Jennifer Lendler joins Kevin O'Connell to discuss the steps organizations can take to build trust and transparency when integrating artificial intelligence.
We discuss the following questions:
0:36 - What are the pieces of artificial intelligence (AI)?
1:48 - What are some of the issues with trust and how is it affecting businesses thinking about AI?
4:20 - What are some concerns you are seeing with AI adoption?
5:56 - What can organizations do and what questions should they ask when looking into AI?
9:26 - What conversations are you having around AI, especially around developing controls frameworks?
12:02 - What are some key takeaways to think about when considering incorporating AI in your organization?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/building-trust-ai.html

PwC's 2020 Global Risk Study: The benefits of risk function collaboration Mar 02, 2020

Show notes

In this episode, Mike Maali joins Brian Schwartz to discuss the results, implications and opportunities from PwC's 2020 Global Risk Study, in which a major theme uncovered was the need for better risk function collaboration as risks become more complex and interconnected.

We discuss the following questions:

1:08 - Why is collaboration becoming such an imperative for risk functions today?
3:17 - What can happen if risk functions do not collaborate?
5:15 - Where are most risk functions on collaboration journey today?
7:02 - Why is it difficult to break down the silos between risk functions to get on their journey?
10:18 - What are some of the tangible benefits when risk functions are collaborating?
11:44 - What pragmatic actions should companies take to increase risk function collaboration?
https://www.pwc.com/us/en/services/risk-assurance/podcasts/2020-global-risk-study-risk-visibility.html

Are you inundated with vendor management questionnaires? SOC 2 reporting can help Feb 28, 2020

Show notes

The Digital Maturity Journey Feb 24, 2020

Show notes

In this episode, Gagan Reen joins Elizabeth McNichol to discuss the digital maturity journey organizations are on and the impact certain technologies have on risk management processes.
We discuss the following questions:
0:47 - How is PwC innovating to address customer pain points in risk management processes?
1:24 - As it relates to one of PwC's defined eight essential technologies, what is automation?
3:00 - How are companies upskilling efforts reacting to the interactions with automation and how is that affecting the people side of the workforce?
6:06 - What has been happening with regard to the adoption of artificial intelligence in the risk space?
8:53 - How are companies creating Centers of Excellence to centralize the governance and management of automation?
10:03 - How does PwC's Enterprise Insights and team help clients assess and handle the risk within their system's data?
18:01 - How should organizations begin the journey? What is the first step?

Investor focus on ESG and its impact on corporate reporting Feb 18, 2020

Show notes

In this episode, Brigham McNaughton joins Kevin O'Connell to discuss how investors are accelerating their focus on environmental, social, and governance (ESG) factors and the challenges that creates for corporate reporting.

We discuss the following questions:
0:36 - What is ESG and what trends are driving the momentum?
2:36 - What are the investors looking for with regard to ESG and what are they most concerned about?
4:54 - What are companies doing to shift operations to focus more on ESG issues?
6:37 - How should a company start the process and who should be included in the discussions?
8:29 - What are some important topics needed in these discussions?
9:23 - How is PwC helping clients build trust in this space?
11:18 - What are some key takeaways to consider around ESG?
For more information, read our blog "Can your organization address mounting investor scrutiny over ESG disclosures?"
Here is IDC's article "Stakeholder-focused approaches to creating a sustainable business - Part 1: PwC helps clients address investors' demand for improved ESG reporting."
https://www.pwc.com/us/en/services/risk-assurance/podcasts/esg-corporate-reporting.html

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