Tech-enabled risk

The role of risk, regulation and compliance has changed. The responsibility for risk is now spread across your entire business. And while the focus for so long has been on mitigating risk, now it’s on seeing risk as a way to drive growth and reinvention, from helping you know your customers so you can create better products to using data more effectively to tailor your portfolios.

Technology is driving this change. It’s increasing the speed of financial transactions and cutting the time it takes to reach your risk thresholds. It’s why, in a tech-enabled world, the way you manage regulation, risk and compliance must be tech-enabled too.

But the technology powering all of this today can be costly and often no longer fit for purpose. Your data is vast and doesn’t always create value. Manual tasks add time to every project, every modelling exercise, every regulatory, risk and compliance activity.

Data and technology for sustained outcomes

Risk, regulation and compliance build the trust required to protect and power businesses. Today, the responsibility for managing this has gone from beyond the risk function to across your entire organisation. It’s in everyone’s interest to know customers and stakeholders. Teams want greater insights and control. Efficiency and cost have become vital for every department.

Financial Services risk and compliance technology can help enable all of this in today’s risk landscape, giving you the confidence to govern, the readiness to respond to external events and the resilience to lead through constant disruption.

“Some of our clients’ biggest issues are related to data and technology. We pair a deep understanding of this with real-world expertise in business and financial services. Our approach involves listening, care and curiosity. It’s about making choices that move you forward and can last.”

_{Darren Ketteringham

Partner, Financial Services Leader, PwC UK}

Put outcomes for customers or other stakeholders at the heart of risk management

Putting the heightened expectations of customers and other stakeholders – regulators, internal customers, alliance partners, and wider society – at the heart of risk management can help you build products, improve experiences and find new ways to drive growth.

The right technology choices can enable you to know your customers better than ever before and reimagine how you create, deliver and capture value. PwC’s business led approach utilising our market leading cloud, data and advanced analytics can help you move beyond optimising and into the business of reinvention.

Increase visibility and speed to gain more insight and control

In a fast-paced world, where threats are smarter and ever changing, ecosystems are more interconnected and risk thresholds can be surpassed at speed, organisations want more control in order to build trust – something which has never been harder to earn, nor easier to lose. How can tools at your fingertips help you create transparency? Can AI help you proactively address challenges? How can technology power and protect your business?

PwC’s multidisciplinary perspectives, deep technical expertise and next-level risk tech can help build trust in how you operate. It’s about making trust meaningful and measurable, giving you better transparency over your entire risk and compliance ecosystem, increasing visibility to gain control in complex environments and accelerating speed-to-insight with data ingestion technology, building confidence in your ability to react quickly.

Cut inefficiencies and transform to reduce costs and complexity

The responsibility for risk, regulation and compliance has moved closer to the first line. Risk management is now seen as a way of knowing your customers, innovating and spotting growth opportunities. And transforming in this way requires an increased focus on efficiency, productivity and costs.

Staying one step ahead of disruption relies on building a risk technology ecosystem that can truly adapt to today’s uncertainties. You must have the right structure, culture and tech – to help you change and keep changing. By removing manual processes with machine learning or getting data ready for GenAI, you can not only become more efficient, but increase collaboration, put ingenuity to work in the right areas and reduce costs. This enables you to deliver breakthrough outcomes, create value continuously and lead the way in becoming a transformative enterprise.

Helping your risk and compliance management become tech-enabled

Leading technology solutions, with leading business advice
Modular solutions to fit your existing ecosystem
Specialised risk, regulatory and compliance expertise
Curiosity and care to find the right solution
Alliances, co-creation and co-investment

Leading technology solutions, with leading business advice

We’ve taken our learnings from working with other leading organisations, turning this insight into codified risk and compliance technology designed to help you move and scale faster. Our risk technology is rigorously tested and above all secure. And it’s combined with expertise and years of experience in business, risk and compliance in financial services.

Modular solutions to fit your existing ecosystem

You don’t want a huge technological upheaval, with everything shifting to one platform. So, we’re forming close alliances with several technology partners, where we’ve begun to customise their risk and compliance technology. This means our solutions can be built upon and added to your existing ecosystem, giving you greater choice when it comes to solving your challenge.

Specialised risk, regulatory and compliance expertise

Our people are market leaders in risk, regulation and compliance in banking, insurance and across the financial services spectrum. And this is backed by a global network of advisors. So you’ll work with someone who sees your complex problems every day, and who can qualify the risk and compliance technology that will help you achieve sustained outcomes.

Curiosity and care to find the right solution

When so many risk and compliance technology providers are telling you how their solutions are the perfect fit, deciding where to invest can feel overwhelming. But we’ll always focus on the business first, getting to the crux of the challenge before thinking about the possible platforms, engines or algorithms that can help. We’ll help you understand where to invest, introduce the best technology for you and support your team in getting the most from your tech.

Alliances, co-creation and co-investment

How we work with our clients has changed. More than ever before, we’re designing solutions in tandem and through co-creation. By learning and quickly adapting solutions, and collaborating with our alliance partners, the end risk technology solutions are often far more pragmatic and much more powerful. Your problems, solved together in unique ways.

How we can help

Risk owners across the front-line business, operations and technology need to be able to easily and effectively scrutinise non-financial risk. But this is no easy feat. The non-financial risks you face are growing, from technology risk driven by AI innovation, to cyber risk brought on by emerging threats, to third-party risk due to a host of other factors. Meanwhile, there’s a new velocity to upcoming changes and standards, with a number of new and heightened regulations in existence to better protect customers, enhance sales and trading controls, improve data management, and manage the introduction of AI. This means you need greater insights into how to mitigate the potential risks and evidence your work. Yet it’s a balancing act. How do you meet the needs of the regulators today while being anticipatory and transformative in how you manage non-financial risk tomorrow?

Combining human insights and industry expertise with advanced technology, our solutions can help you manage your non-financial risk. Many of these solutions can help you standardise and structure large amounts of data, using powerful data analytics, AI and visualisation to give you the insights you need to make smarter decisions. Our solutions can help you meet regulatory expectations, whether you’re responding to Consumer Duty, The Senior Managers and Certification Regime (SMCR) or The Digital Operational Resilience Act (DORA). And by automating manual processes and providing greater transparency, they do this in a way that helps you increase efficiency and manage risk more effectively.

The bar of what good looks like in risk is constantly rising. The expectations are higher than ever before and the sanctions are greater. You need more data than ever before to help you report and make decisions. It’s why you’re looking to build a greater understanding of risk to help you make better business decisions. This might be around risk appetite in your investments, insures financial scenario forecasts and capital impact and financial risk on your balance sheets, understanding your risk to customers, identifying risk to your reputation, and more.

Because the pace of change is faster than ever, financial institutions require agile, tech-enabled risk solutions that operate in near real-time. First, we can help you build the foundational data architecture to enable technology. Then, our dynamic solutions can give you an all-encompassing and evolving real-time view of the risks you face. From investment banking to retail banking to life and general insurance, our tools and technology can help you build risk insights into your decision-making, highlighting both risk exposures and new opportunities for growth. They embed AI as needed into the solutions and can help you automate manual processes and improve efficiency, so risk owners can focus on managing risk and adding value to the business.

Compliance gives you a licence to operate. It’s why compliance concerns everyone from CCOs to CEOs. Across your global operations, you face a wave of new complex regulations. The standards are higher and new standards are continuously coming over the horizon. Yet despite constant scrutiny, very few financial institutions can demonstrate compliance systematically – in a way that allows you to easily evidence traceability. While you might be able to prove you’ve met regulations, this often relies on many manual tasks and inefficient ways of working and processes. Tech-enabling how you manage compliance could be revolutionary – increasing control, boosting transparency and driving efficiency across your business.

While tech-enabling compliance is difficult, we've focused directly on where we believe technology will make the greatest difference. Our solutions can help you create a single view of compliance. Capturing, connecting and analysing data from multiple sources – in tax, for example, that might be the data from billions of online transactions – allows you to prove compliance by mapping your data to the latest policy and regulation. Whether you want to solve a particular issue or connect compliance across your business, our modular tools can help you evidence compliance while also adding value to your business, cutting manual processes, building accountability and freeing up your compliance team to focus on new and emerging risks.

In a world where global megatrends and disruptions are having a growing impact on the risks financial institutions face, the opportunities and risks for AI are vast. As well as automating your risk and compliance processes, Generative AI (GenAI) can help you be more forward-looking by surfacing real-time insights on your risk profile, so you can navigate and respond to the risks you face. But to reach these ambitions, you first need to build trust. As you strive for ethical and responsible uses of AI and GenAI across your organisation, the models and data that fuel AI must be governed, managed and connected across your business. You must also be ready to respond to incoming AI regulations and build the workforce and skills to make the most of the technology.

Innovating in responsible ways doesn’t mean slow progress. Our tools can help you identify, control and manage risk, and do so in a way that improves transparency, efficiency and speed. The solutions we’ve created can plug into your existing tech ecosystem to solve specific use cases, whether it’s using GenAI to enhance regulatory horizon scanning or to better understand customer complaints letters to help identify conduct risks. And what we provide is proven. As a long-standing pioneer of responsible AI, we’ve helped leading financial institutions with responsible AI adoption. We’re also part of a global PwC network investing $1bn to help businesses unlock the power of AI in safe, robust and ethical ways.

The Resilience Revolution

PwC’s Global Crisis and Resilience Survey 2023