PricewaterhouseCoopers announced this week a new Performance Risk Management (PRM) advisory service for CEOs, CFOs and board directors. The new PRM service will help corporations improve the quality and adequacy of management reporting, especially in the area of identifying risks that could impact short and long term performance. The service will be supported by risk management software licensed from Metapraxis Limited.
PRM provides a fresh approach to reporting, analyzing, predicting, and monitoring key business and financial metrics, allowing management to focus their attention on steps to improve performance and thus shareholder value. The service introduces greater transparency between the finance and business communities through the adoption of common views of key metrics.
"US companies are aggressively evaluating their core processes to improve efficiency and enhance controls to meet the requirements of Sarbanes-Oxley. They now appreciate the need to sustain these core processes and evaluate performance risk. The monitoring of performance risks on a timely basis will become an essential business requirement," said Fred Cohen, a partner with the US firm of PricewaterhouseCoopers LLP.