A new report from PwC says risk management functions at companies that fail to maintain “digital fitness”  can become obsolete – particularly in a digitally transformative business environment.

PwC partner Brian Schwartz says that the highest-performing risk functions were in lockstep with their organization’s digital transformation and were effective because: they are more confident in taking risks; they more effectively manage transformation-related risks; and they achieve a higher return on investment from digital initiatives.

As far as talent is concerned, the report says companies should assess the risk function’s current talent to identify gaps; invest in data science skills; weigh outsourcing talent to accelerate digital fitness; and upskill or recruit resources to serve as data analytics citizen developers while training the broader team as citizen users.

Journal of Accountancy

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