Companies are learning to cope with the idea that volatility and uncertainty are the new normal, forcing risk-management departments—or the compliance and audit executives saddled with risk management simply because someone has to do it—to begin thinking in new terms.
Risk management is continuing to evolve, says Ken Coy, U.S. leader for PwC’s governance, risk, and compliance practice, because the risks that companies face are growing more complicated. “Risks are more interconnected, and the ramifications of risk are happening at a faster pace than they ever have in the past,” he says. A recent global study by PwC suggests companies are straining to keep up with economic turmoil, political unrest, and natural disasters, on top of continued globalization and rapid technology developments.
