Risk management: PwC’s newest next platform

TBR Special Report - TBR spoke with senior leaders from PwC’s Cybersecurity, Risk & Regulatory practice, including Vikas Agarwal, PwC US Risk Products & Technology Leader; and Arlene Laungayan, a director in PwC US Cyber Risk & Regulatory practice. The PwC team brought TBR up to speed on developments across the firm’s range of offerings, focusing on the Risk Management Portfolio. 

In this special report, TBR highlights how Risk evolves along with The New Equation. In the report, Vikas Agarwal commented that ‘PwC aspires to be a leading firm “well equipped to merge knowledge with technology.” In the context of cyber, risk and regulations, PwC is capable of helping clients understand key issues and challenges, develop meaningful content, and deliver services through a solution.’

The report mentions that, ‘Cyber, Risk and Regulation  may be one of the oldest service lines offered by PwC and its Big Four peers, so successfully pulling technology through to the heart of risk offerings requires balancing speed, efficiency and evolving client expectations for the tried-and-true characteristics of risk and compliance (consider that one of The New Equation’s founding principles, according to PwC, is that “when our better selves and the greatest aspects of technology are brought together, there is no opportunity too great for us to achieve.”)

It goes on to say that ‘While internal change continues to drive PwC’s evolution, Agarwal and his colleagues did note the importance of changing client demands, particularly as the total number of chief information security officers, chief risk officers, and chief compliance officers has increased in recent years, particularly within the Fortune 500.’

TBR goes on to say, ‘Acting on the appreciation for clients’ new problems and perspectives, PwC has created a Risk Management Portfolio, which includes 20 to 25 offerings and products clustered into six categories: upskill, assess, track, detect, control and solve.’ 

In TBR’s view, ‘PwC’s outlook for 2022 echoes Netflix’s positioning in 2007, the year that the film subscription service first offered streaming services to its customers. PwC’s Consulting & Trust lines of service together established a SaaS business model and built a portfolio to begin addressing clients’ needs from human resources to risk management to mergers and acquisitions … Based on the characteristics of PwC’s evolution to date — building from the foundation up, growing smartly, and ensuring leader commitment — TBR believes the firm will arrive where it wants to be by the end of the year.’

Vikas Agarwal, Risk Products & Technology Leader, PwC US said, "We see how quickly the security, risk and compliance landscape is evolving and believe it's more important than ever for businesses to take a proactive approach to managing and mitigating risk. With PwC's Risk Management products, we're infusing decades of our industry experience into a “software as a service” model to help solve our clients' biggest cyber, risk, and regulatory challenges." 

Click here to read the report