2019 has definitely been a challenging year with different legislative and regulatory changes. The transposition of the 4th and 5th Directives, in line with the concentration of international efforts to fight money laundering and financing of terrorism, will keep compliance officers busy. Then of course there is the visit of the FATF to assess Luxembourg. All this puts AML once again in the spotlight.
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PwC Internal Audit services brings the full range of the specialty skills and industry experience to bear to give our clients the confidence and insights they need as they execute. The systems, capabilities and collective knowledge we deploy, can deliver sharp and objective insights and high value to our clients.
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Many organisations depend on third party service providers for a range of critical services and support including hosting or managing financial and non-financial information, providing critical business functions and delivering on major infrastructure initiatives.
You can stay competitive by using multiple customer and vendor relationships and accessing specialised solutions and skills. However, this advantage offers challenges around protecting your reputational, financial, operational and compliance requirements as your dependence on third parties increases.
Your management, board and shareholders demand confidence in the controls and compliance capabilities of suppliers, vendors and service organisations. They expect that you have the processes in place to effectively oversee third party arrangements.
Organisations can effectively communicate accurate information about their risk management and controls framework through a controls assurance report. Through a broad range of assurance reporting services such as ISAE 3402, ISAE 3000, SOC 1, SOC 2 and Agreed Upon Procedures, we can help you assess your control posture with a focus on controlling costs, mitigating risk and enhancing trust and transparency.
We can help you:
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As companies grow, innovate and embrace digitalisation over time, they must set up and maintain agile practices in the management of their operational risk.
This includes the effectiveness and efficiency of their control environment to facilitate informed decision making, achieve strategic goals and meet the rising expectations of both internal and external stakeholders, such as regulators, investors and consumers.
The Operational Risk Process is articulated over five pillars:
PwC brings together experience across all operational risk management components to help you take the best of an efficient Operational Risk Management.
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The volume and variety of data has increased exponentially in recent years, revolutionising the decision-making process. Intuition is no longer acceptable for executives when making big decisions. The real challenge comes in converting data into a more comprehensible and user-friendly format, creating actionable insights and applying these to transform your organisation.
Knowing that the data you hold is fit for purpose and well-managed is key - this allows you to determine how to analyse data and to be confident in the decisions you make.
Digital transformation dramatically accelerated over the past months as a response to the pandemic. In such circumstances, ensuring that your data migration to new IT infrastructure and systems is properly managed is key to successfully transform your organisation.
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As the business environment becomes more complex, resilience continues to climb the agenda of organisations. There has been countless examples of businesses brought to their knees by a lack of foresight or poor IT and crisis management. These events highlight the shortcomings of traditional risk management and lack of capabilities, tools and approach in organisations needed to survive and prosper in an age of uncertainty. Business resilience builds on the principles of business continuity but extends much further to help enhance your organisation’s immune system so you are able to tackle challenges, fend off illness and bounce back more quickly.
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Assurance Partner, PwC Luxembourg
Tel: +352 49 48 48 2115