Data can be your new superpower. Optimise data assets, make faster and better decisions, and take advantage of untapped business intelligence to make work more efficient, effective, and cost-effective. With advanced business analytics, organisations can see and respond to everything, everywhere. This includes every interaction with customers, every moving part of the operations / supply chain, every network & security event and every financial transaction.
With Risk Analytics, you can analyse all that data instantly & continuously, improve your risk and control environment, or detect fraud in real-time. PwC’s risk analytics team is dedicated to bringing a combination of deep fraud , risk & controls, sector / industry experience, and technology skills to deliver meaningful insights to your business.
Client/solution business priorities: Organisations need risk analytics to identify, assess, and manage risks that may impact their business operations, financial performance, and reputation. Risk analytics involves the use of advanced data analysis techniques to identify and quantify potential risks, develop risk management strategies, and monitor risk exposure over time. Here are some reasons why risk analytics is essential for organisations
Risk analytics helps organisations proactively manage risks by identifying potential threats and vulnerabilities in advance. Enable yourself to create risk mitigation plans and implement control measures and reduce the risk impact on your operations and performance.
Organisations prioritise using risk analytics to enhance operational efficiency by analysing data for identifying inefficiencies, bottlenecks, and performance issues. Through Risk Analytics, you can identify areas for improvement and implement changes to enhance operational efficiency and minimise risk.
Organisations must comply with regulations and standards governing their operations, including data privacy laws, financial reporting regulations, and industry standards. Risk Analytics aids compliance by identifying risks and implementing regulatory-compliant risk management frameworks.
Proactive risk management helps you save costs by minimising potential risks. Early identification and control measures reduce the risk impact, saving on remediation, recovery, and legal liabilities.
Effective risk management gives organisations a competitive edge by showcasing their risk mitigation and asset protection capabilities. Build customer trust, enhance your brand reputation, and set yourself apart from competitors.
With businesses becoming more and more data-driven and dependent, the business must manage the risk associated with such a data-driven environment while leveraging the data to identify opportunities to improve efficiency and rationalise cost. Data analytics can help tremendously in these dimensions.
By utilising data to identify control exceptions and opportunities for cost rationalisation or leakage prevention, our risk analytics team and data experts assist controllership and audit functions in continuous monitoring of controls using our proprietary and gartner listed solution Business Risk & Insights Platform.
Accuracy and completeness of GL Masters within the chart of accounts is essential for ensuring accurate financial reporting. This needs to be aided by continuous monitoring of GL transactions to review anomalous entries and postings that affect financial reporting accuracy. Manual forms / templates for creating masters and periodic reviews often lead to inaccurate / incomplete masters and critical issues not coming to the fore
Our GL masters and controls management solution helps organisations automate and streamline this process effectively and allow finance and controllership functions to gain greater confidence in the financial reporting process.
Day to day financial transactional reconciliations (bank reconciliations, sales to collections, trade, treasury, assets & liabilities, incomes and expenditure reconciliations) end up consuming a large volume of man-hours in any business.
We leverage our industry expertise along with alliance partner automated solutions to help organisations automate end to end reconciliation process and save significant time and overhead to drive business efficiency
Latest ACFE report shows that corporations end up losing about 4.7 trillion globally on account of fraud and misconduct issues. Fraudulent insurance claims / employee expenses / employee background check documents / dealer claims / vendor invoices are some of the common areas of frauds that businesses deal with on a daily basis.
Our proprietary technology solution helps companies detect tampering of such documents to detect potential fraudulent transactions that help plug significant revenue loss or optimise cost of doing business
Developing a strong process, risk & controls design is foundational to business efficiency and growth enablement.
We leverage our industry expertise along with top rates alliance partner BPM solutions to help organisations design digital and integrated view of business processes, risk, controls, compliances, systems and third party dependencies to allow single source of information and truth for the organisation.
