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March 2015

Sped up change Implications for the audit profession Michele J. Embling National Assurance Leader PwC . March 2015. Sped up change. Change is inevitable… …and getting faster You change, or…. Assessing current governance, risk management and control.

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March 2015

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  1. Sped up change Implications for the audit profession Michele J. Embling National Assurance Leader PwC March 2015

  2. Sped up change • Change is inevitable… • …and getting faster • You change, or… Assessing current governance, risk management and control

  3. “He who rejects change is the architect of decay. The only human institution which rejects change is the cemetery!” Harold Wilson Assessing current governance, risk management and control

  4. Collisions of Megatrends will present opportunities and disruptions Shift in Global Economic Power Demographic & Social Change Rapid Urbanisation Technological Breakthroughs Climate Change & Resource Scarcity Assessing current governance, risk management and control

  5. Increase in climate related disasters and resulting economic impact Assessing current governance, risk management and control

  6. Terrorism – we are not as isolated as we might think Assessing current governance, risk management and control

  7. Technology will be a key enabler and disruptor for everything… … and its moving fast Assessing current governance, risk management and control

  8. Three major reasons Cost and availability of computing and storage Openness of people to share their information Availability of capital to scale disruptive propositions Assessing current governance, risk management and control

  9. The statistics are mind blowing Internet Users Connected Devices Morgan Stanley thinks 75 billion by 2020 (9.7pp) 3b people, 40% of the world Importance of Mobile Social obsession (1 sec) 1,792Instagram photos 347,222Whatsapp msgs 8x increase by 2020 8,654tweets 96,553Youtube videos 8,101disappearing msgs 52,083likes Assessing current governance, risk management and control 1.8 billion interactions in this 60mins

  10. Our choice is binary Hope it just goes away Embrace the change as an opportunity Assessing current governance, risk management and control

  11. Assessing current governance, risk management and control

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