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Risk Strategy and Analytics – Quantitative risk analysis

Analytical evaluation of your risks and data-driven decision support

Are you aware of your risks' impact?

Increasing regulatory requirements such as the new auditing standard 340 of the Institute of Public Auditors in Germany (IDW PS 340) call for a systematic organisation of early risk detection, on the basis of which the assessment of a company's risk situation is to be derived. Risk management processes take place in various management systems and business units. These are often time-consuming and are made even more complex by the new requirements.

Risk management activities often offer no added value to the people involved, which limits their willingness to participate. Where manual processes take place, the susceptibility to errors and uncertainty about the results to be interpreted are high. There is also often a lack of consistent and sound risk aggregation as well as reliable decision-making support and thus quantitative conclusions. The result: a high business risk.

In addition, the simulation of possible risk effects in many companies is an elaborate and often still underdeveloped process. Efficient risk management processes are needed to successfully manage the increasingly complex risk landscape of companies and to conserve limited available resources. IT solutions for risk analysis and simulation are already available on the market. However, these are strongly tailored to users with in-depth statistical know-how. This knowledge is generally not available in operational risk management.

Risk Strategy and Analytics – Advanced risk assessment for your company

  • What is the likelihood that business goals or budget targets will not be met?
  • Does our company have sufficient financial resources to cover unexpected losses?
  • What risk assessment results exist for individual areas of your company?

As an add-on to common Governance, Risk and Compliance software solutions PwC's SaaS solution Risk Strategy and Analytics provides you with the answers to these questions. With our cloud-based tool on the SAP Business Technology Platform (BTP), you can perform reliable analyses, simulations and aggregations of your risks - without any statistical expertise and tailored to the needs of your company's risk managers.

Risk Strategy and Analytics uses Monte Carlo simulation for risk aggregation. The results of the simulation are compared with the risk bearing capacity and interpreted automatically. In addition, Risk Strategy and Analytics takes into account existing interdependencies of individual risks and their impact on the overall risk position.

Risk Strategy and Analytics combines risk management expertise with digital expertise. Based on years of consulting experience and the know-how of our PwC experts in the field of risk analysis, the tool offers user-friendly and supportive workflows from data import to creation of reports. Our preconfigured, modular solution is ready to use and can be flexibly customised.

Your benefits in quantitative risk analysis with Risk Strategy and Analytics at a glance

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Expert-driven workflows for risk assessment and aggregation

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Precise and automatic risk aggregation - without the need for statistical knowledge

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Meaningful comparison of overall risk position with risk bearing capacity

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Reliable overview of the risk landscape as well as identification of blind spots in the risk portfolio

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Generation of meaningful decision-making support and strategic impulses for corporate management

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Modern and structured user interface as well as high user-friendliness and regular updates by PwC

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Efficiency gains and significant time and cost savings

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Scalable for different company sizes

Import data
01

Import data

Upload your risk data efficiently and easily via the standardised data import function.

 
Analyse data
02

Analyse data

Get a transparent overview of your risk landscape and identify blind spots.

 
Assess risks
03

Assess risks

Use the workflow-supporting process to capture new risks and improve existing risk assessments.

 
Determine correlations
04

Determine correlations

Identify correlations of risks to account for amplifying and/or mitigating effects during simulation.

 
Aggregate risks
05

Aggregate risks

Start automated aggregation of your risks - flexibly for your entire company or for selected areas.

 
Use decision making support
06

Use decision making support

Get meaningful results and strategic impulses for corporate management and risk-based decision support.

 

Pricing

Risk Manager
from €10.000per user per year
  • access to all functionalities
  • freely scalable
  • increasing price discounts per additional licence
Risk Owner
from €6.000per user per year
  • focus on maintenance of risk data
  • freely scalable
  • increasing price discounts per additional licence

Risk analysis for your company

Please provide your business email address if you would like to receive more information, a quote or a demo of this product. We will contact you as soon as possible.

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FAQ

What is risk management and why is it important?

Risk management involves the systematic identification, assessment and control of all internal and external developments and events that may have a negative impact on a company's objectives. Effective risk management is necessary to proactively manage risks in order to achieve business objectives and meet external stakeholder requirements.

What is meant by risk aggregation?

The term risk aggregation refers to the systematic combination of individual risks into an overall risk position.

How does Monte Carlo simulation work and what are its advantages?

Monte Carlo simulation is a simulation method that calculates the distribution of possible outcomes of the total risk exposure. It performs multiple iterations in which, for each iteration, the specific characteristics of each risk are randomly determined with respect to the underlying risk assessment parameters (probability of occurrence and impact). The Monte Carlo simulation performs several thousand runs and presents the results as a distribution of the possible outcomes of the total risk exposure by relative frequency. It represents a sound simulation technique for determining the overall risk position.

What are the IDW auditing standards relevant for corporate governance systems and to whom do they apply?

The IDW AsS 340 specifies the audit of the early risk detection system (RFS) for listed stock corporations and describes its essential elements. It applies to all companies for which auditors are required, in accordance with Section 317 (4) of the German Commercial Code (HGB) for listed stock corporations (Section 3 (2) of the German Stock Corporation Act (AktG)), to assess in the course of the audit of the annual financial statements whether the Management Board has taken the measures incumbent upon it pursuant to Section 91 (4) of the German Stock Corporation Act (AktG) ("early risk detection system") in a suitable form and whether the monitoring system to be set up in accordance therewith can fulfill its tasks.

The voluntary audit of corporate governance systems, such as the audit of the compliance management system in accordance with IDW PS 980, the risk management system in accordance with IDW PS 981, the internal control system of internal and external reporting in accordance with IDW PS 982, and the internal audit system in accordance with IDW PS 983, must be distinguished from this.

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