Risk Advisory Services

Strong governance involves setting clear goals for the business, providing structure and guidelines on how to reach the goals, managing risks and, in a systematic manner, ensuring that procedures and controls activities are in place in the organization for compliance.

Internal control is a process that involves all these elements, but is first and foremost about the processes ensuring that the business reaches its objectives.
The objectives related to internal controls are often divided into the following areas: effective and efficient operations, reliable financial reporting and compliance with applicable laws and regulations. When this is done right, it helps to increase profitability while reducing risks. PwC is committed to making good internal controls both cost-effective and tailored to the organization's risk environment and complexity.

An internal audit function shall support the Board and management by providing independent assessments and advice on governance, risk management and internal control. There is considerable variation in how internal audit functions are organized, how they work and what they focus on. We have extensive internal audit experience and can contribute with everything from specialist support in complex individual audits to full outsourcing of internal audit.

Some internal audits are policing functions, while others appear more like improvement activities. The ideal solution is usually to balance control and advice in relation to the maturity of the company's management and control regime. The selected nature of the audit work is of great importance to the capacity and competence needs of the internal audit function, while also affecting the choice of audit methodology. If the internal audit function is to succeed it must be willing to focus on themes that are important and relevant to the Board and senior management. This requires high competence, robust methodology and an ability to renew itself in response to changes to company strategy and risk profile.

Effective risk management is necessary to ensure that maximum value creation, and is achieved by setting the strategy and objectives so that there is an optimal balance between the company's growth and profitability targets, and the risk of not achieving the targets and costs related to any mitigating measures.

With good risk management company management will continuously have a better overview of the company's risks, and know which risks call for measures to ensure maximum profitability.

Risk Management Services assists companies establish and maintain effective risk management systems. It involves determining acceptable risk, conducting risk assessments and prioritizing risk-control measures. PwC focuses on integrated risk management including assisting with mapping, monitoring and managing the risks facing the business. PwC has unique expertise and experience in delivering these services in the field of Risk Management.

Corporate governance is about establishing sensible guidelines to help owners, the board and management to manage and develop the company’s resources in the best possible way. Corporate governance is a priority for many boards of directors, as companies that can demonstrate good governance and control achieve higher profitability over time.

The role of the board

A key part of corporate governance is assigning roles and responsibilities between company owners, board of directors, management and other stakeholders. In Norway, the overall responsibility for a company's operations and development lies with the board of directors.

The board of directors role, and not least the interaction between the board of directors and the owners on one hand and management on the other hand is crucial for the company to appear in a trustworthy manner towards the company's various stakeholders.

We ensure successful implementation of the latest ERP solutions

The days when only the largest companies implemented ERP solutions are long gone. Today, many small and medium-sized companies are switching from traditional accounting systems to cloud-based ERP solutions. 

Transitioning to an ERP solution offers substantial benefits for most companies, including greater flexibility and cost-effectiveness, improved stability and more readily accessible data. However, it also involves new and challenging risks, so a successful implementation process is crucial if the potential benefits are to be fully realised. We have extensive experience in carrying out comparative assessments in light of Norwegian and international best practice. We also have access to a precise and well-proven methodology, in-depth expertise and a broad knowledge of the various business sectors.