Assurance 4.0 is a new era of risk management. This new era is all about managing risk and opportunity in today’s world.
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, supply chain integrity and cybersecurity.
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.
Five client challenges
The three global trends translate into these five specific client challenges:
-
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.
-
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.
-
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.
-
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
-
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.
Our approach
Our approach to helping clients navigate the era of Assurance 4.0 is built around solution-based partnerships, informed by data-driven insights, with a focus on human intelligence and continuous assurance.
