Managing risk in business transformation

Organisations are facing an increasing volume and complexity of transformational change.  At our recent PwC Non-Executive Director Programme forum – Managing risk in business transformation - we explored strategies to successfully navigate the risks boards can face in ensuring change happens on time, to budget and realising planned benefits.

As they say - "change is the only constant" - meaning, businesses will continue to face transformations to address new opportunities and challenges, including changing economic landscapes, disruptive technologies, and shifting workforce demographics and social change.

Boards that effectively oversee change typically exhibit a range of common traits;

• they have clearly defined transformation governance structures, ownership and expertise,
• they are clear on how the transformation aligns with the company’s overall strategy, and this is well articulated across the business, and
• they understand the key risks of the transformation plan and how they are being addressed.

The opportunities in successfully delivering transformation are significant and essential to realising business strategy. Boards with a defined process to oversee major transformations - featuring these key traits - will likely have a distinct advantage in helping their business deliver a successful outcome.