The era of Assurance 4.0 is here
Welcome to the era of Assurance 4.0 - the new era of risk management
The era of Assurance 4.0 is about enabling organisations to navigate the changing landscape, with a sharp focus on evolving risks and opportunities associated with three global trends — ESG considerations, supply chain complexity, and evolving cybersecurity threats​.
​With a clear expectation that business performance must be aligned with environmental and social interests, there is a range of risks and opportunities to manage. Finding the right balance in setting business priorities is essential.
Client challenges
The three trends of Assurance 4.0 lead directly to five specific client challenges:
Assure assets and management systems
Today’s risk landscape surrounded by legal and regulatory compliance, investor interests and increasing industry expectations around ESG best-practice. In the era of Assurance 4.0, the compliance world is shifting, raising the importance of organisations and their assurance provider knowing what needs to be addressed—and being able to action it.​
Assuring key assets and management systems is vital for companies seeking to build competitive advantage and access to their chosen markets, through demonstration of compliance with legislation and global industry best practice
Achieve product integrity
In the era of Assurance 4.0, the increasing demand for safe, authentic, high-quality products, components and services means it is vital for businesses to demonstrate integrity across their supply chain. ​
Companies must understand that the risk that exists from the origin of their materials through to the product sale is their responsibility, and essential for demonstrating how they are delivering on their commitments. Failure to ensure optimal product integrity can lead to recalls, fines, loss of orders and irreversible reputational harm.
Source responsibly
In the era of Assurance 4.0, meeting responsible sourcing demands is an imperative. Supply chain legislation is evolving. More governments are requiring deeper accountability and transparency on ESG, including the mitigation of human rights violations and carbon emissions reductions.​
Navigate the energy transition and achieve net zero
The push towards net zero is a defining feature of the Assurance 4.0 era, with complex challenges and risks across the energy asset lifecycle. ​
The drive to reduce carbon emissions and build cleaner, greener energy sources is facilitating a step-change in industrial production, investor focus, corporate governance and governmental regulation. Looking beyond net zero, the ambitious goal of net negative will demand enhanced carbon capture technologies and cross-border use of carbon storage.​
Strengthen cybersecurity maturity
In the era of Assurance 4.0, cyber threats continue to evolve in frequency and sophistication. Ransomware, malware, and third-party attacks are ever-present risks to businesses. We see the emergence of disruptive trends such as AI and machine learning, as well as the move towards platform consolidation. Organisations are realising they need to strengthen their cybersecurity posture and respond continuously to the dynamic threat landscape. But they are finding it increasingly difficult to respond.
How we help our clients
Our approach to providing assurance is built around:
Solution-based partnerships
In order to fully understand your challenges and identify the right solutions, we form deep partnerships with our clients that enable us to gain a comprehensive understanding of their business risks and opportunities. Through our solutions-based approach, we can take you beyond compliance and enable you to drive sustainable growth. We are committed to delivering the right outcomes for our clients and our global teams work closely with businesses across the world to do so.
Data-driven decision making
We invest in digital platforms that give you deep insight into your operations. Our human intelligence is enhanced by extensive analytics capabilities which can be applied to address current and future risks within your operations and supply chain. Central to helping you identify, prioritise and manage risk to drive business performance and meet regulatory requirements is our leading supply chain intelligence platform, EiQ.
On-the-ground expertise
Our solutions are delivered by a global team of specialists in ESG, supply chain, cybersecurity and compliance, who are dedicated to sharing insights and knowledge that will help solve your business challenges, today and into the future. Our team of experts have amassed a depth of insight from our work with 61,000 clients, across 150 countries and almost every sector. This experience and reach help us understand the risks and opportunities your business faces today, wherever you operate.
Delivering continuous assurance
Our continuous assurance approach leads to faster resolution of issues, better risk mitigation and less business disruption. Our connected portfolio of solutions enables you to go beyond compliance and take an end-to-end, complete approach to managing risks across your supply chain. By employing AI and machine learning, we help you analyse vast amounts of data to identify potential risks. Sentinel, our beyond-audit tool, scans your suppliers for key ESG risks & media controversies in near real time – extending beyond audit findings.
Assurance 4.0: LRQA introduces the new era of assurance
Businesses face a rapidly changing world of risk, with a heightened focus on ESG, supply chain integrity and cybersecurity. It’s time for a new approach to risk management.
Read our press release
