Innovation must be part of a company’s DNA if it is to survive and thrive in a fast-moving business environment. Shooting for the moon, however, takes preparation and testing, and a solid dose of risk management along the way.
Some companies are integrating innovation efforts with risk management, understanding that setting strategic objectives without thinking through the business risks could curtail such objectives. Instead of performing risk management in a vacuum, leading companies embed risk management into the innovation process, said Brian Schwartz, a PwC partner who oversees the firm’s U.S. governance, risk, and compliance enablement solutions.
Companies that have figured out this integration, according to a recent PwC survey, have higher confidence to manage new…
