How technology can enable proactive risk management

Successfully navigating governance, risk and compliance activities in the digital landscape

One bright spot for business amid uncertain times is that consumers say they trust business more now than before COVID-19 rocked the world. In August 2021, PwC conducted a Trust in US Business Survey that asked consumers, employees and business leaders what comes to mind when they think of trust. These three groups agreed on the top four elements that engender trust: data protection and cybersecurity, treating employees well, ethical business practices and admitting mistakes. Sustainable value chain management and transparency and reporting of ESG also made notable appearances in the list of foundational trust elements.

Risk management is a significant part of a big-picture trust strategy. How your business handles activities, like audits, controls testing and monitoring, and third-party relationships, can determine reputational integrity as well as customer relationships and employee loyalty. Successful risk management strategies—and the right technologies to help your organization execute on those strategies—are critical to building trust.