Companies that follow risk management best practice stand to be more resilient and profitable, says PricewaterhouseCoopers (PwC).
At a recent Enterprise Risk Management seminar held at the Trinidad Hilton, the company identified cost savings, more efficient allocation of resources and improved business performance as likely benefits when organisations formally integrate enterprise risk management (ERM) into their strategic and operational activities.
“When companies equip their line managers and staff with the tools and techniques to identify, assess and respond to risks in a proactive manner, it is highly likely that businesses will gain a competitive edge,” Bruce Scott, risk assurance leader for PwC Caribbean said.
He noted major risk exposures are rarely confined to discreet areas in an organisation, but rather, can have a domino effect across the organisation.
Scott said it is for this reason that PwC has developed a holistic approach to risk management to help protect businesses, facilitate strategic decision-making and enhancing efficiency.
The seminar was held in collaboration with the Caribbean Corporate Government Institute, and also included presentations and discussions on cybersecurity and business continuity management.
PwC Trinidad team members, Kofi Boxill, PwC Trinidad territory advisory leader; Kathy-Ann Smith, PwC Trinidad director; Anthony Zamore, and Elizabeth Arjune, director, shared expert insights on having a sound business continuity planning process that protects against natural disasters, as well as unique disasters such as a fire or cyber attack.
They also shared insights on the importance of a multi-skilled internal audit function that can independently test controls over critical risks faced by an organisation.
Anthony Zamore, also an expert in cybersecurity and privacy, outlined the various types of cyber attacks that are prevalent globally and increasing such as phishing and business email compromise, and highlighted measures to protect one’s critical assets.
Boxill, who moderated the session, advised participants that “Implementing the right integrated strategies will lead to cost savings, more efficient allocation of resources and reduction in reputation risk exposures.
“It is for this reason that PwC Trinidad has facilitated this ERM seminar to share leading trends and tools in ERM, BCM, and Cyber.
“PwC believes that businesses will benefit from the information shared with participants and we look forward to expanding our work with Trinidad businesses to help them to mitigate and manage key risks,” he added.