Changing trade policies have affected stock markets and introduced fluid tariff structures, putting new pressure on sales and supply chains alike. These changes are also affecting competition while causing disruption across longstanding patterns of consumer demand. As just one indicator, manufacturing in several Asian countries has shifted from growth to decline as a result.
These are not the only new concerns in the post-pandemic climate. Rising cyber threats, ESG demands, and a rapidly growing demand for technological change are all competing for attention among business leaders, forcing companies to focus inward at exactly the moment when they should be more concerned about new threats and opportunities appearing in their sector.
Yet these internal obligations cannot be ignored. Most executives already see AI as an important driver of future operations. To take another example, as regulatory expectations increase, the cost of getting things wrong — financially and reputationally — has never been higher. What is a business to do? Making progress in one direction is realistic, but trying to improve everything at once can feel almost impossible.
Simply put: Businesses must manage risk proactively while staying agile enough to capture new opportunities. As we will demonstrate, that means having personnel who are specially dedicated to identifying risk and taking action to mitigate it, so that the rest of the organisation can aggressively pursue positive, growth-oriented goals.
Below we outline the ideal structure and mandate for such a team, alongside recommendations on putting their initiatives into practice.
Thailand’s Risky Future and How to Navigate It
Many Thai businesses, especially SMEs and mid-sized firms, struggle to keep up with the ever-expanding maze of domestic and international challenges. Rather than taking a step back to organise a structured, holistic approach to risk management, they too often rely on fragmented systems or unplanned responses to risk.
Though understandable — each risk, after all, has its own unique set of triggers and requires specific countermeasures — this scattered approach becomes more complicated over time as each new risk is assessed, leaving the organisation with an impossible knot of interlocking processes that can often lead to stagnation. Ironically, this overcomplexity creates an additional risk for the business: The risk of being overwhelmed or unable to act as the team feels the pressure of multiple risks bearing down upon it.
Unfortunate as this result may be, there are only two alternatives. The first is to ignore some (or all) extant risks, hope for the best, and push on ahead. This bold approach will certainly free up resources in the short term, but it ensures that disaster will come further down the road, just as it will for the truck driver who pays no attention to the route ahead.
A better approach is to find a balance between efficiency and agility on the one hand, and visibility on the other. By acknowledging that risk will be a permanent concern for your business moving forward, and that it therefore merits a well-integrated team with the resources to steer the organisation toward safety, your company can proactively assemble and empower such a team — and therefore enjoy the best of both worlds.
Strategic resilience is no longer optional. In today’s shifting regulatory minefield, where rapid technological improvements generate threats and opportunities in equal measure, success requires a highly competent team that can identify danger early and put your business in a position to overcome it.
Balancing Control, Compliance, and Agility
PDPA enforcement is becoming stricter. ESG reporting expectations are rising. Supply chains remain fragile. Cybersecurity incidents are increasing.
To operate smoothly in this environment, businesses need clearer visibility into their risks, faster decision-making, and more integrated approaches to control and compliance.
But risks don’t exist in isolation. IT systems, operations, HR, and finance are all interconnected. The key challenge is to build systems that not only comply with regulations, but also support growth, transformation, and long-term value creation.
How Grant Thornton’s Business Risk Services Can Help
Grant Thornton in Thailand provides a comprehensive suite of Business Risk Services (BRS) designed to help companies identify, understand, and effectively manage risk across their organisation.
Our offerings include:
- Internal Audit (Outsourced & Co-Sourced) – Enhancing audit capacity, independence, and value while filling skills gaps and supporting internal control improvements.
- Internal Controls & Compliance – Helping clients to strengthen internal controls, support ICFR, SOX, and SEC compliance, and build sustainable processes.
- IT Internal Audit – Evaluating technology risks, IT general controls, and application-level controls to support security and compliance.
- Quality Assurance Reviews (QAR) – Assessing the effectiveness of internal audit functions and benchmarking against IIA Standards.
- Enterprise Risk Management (ERM) – Building risk frameworks, policies, and appetite statements with supporting risk workshops and training.
- Internal Audit Transformation – Partnering across BRS and Consulting to redesign internal audit functions for greater business value and efficiency.
Whether your business seeks independent expertise in all of the above areas, or needs support in only one or two of them — or simply wants guidance to enhance internal performance in critical operations — our team can help.
More Than Just Risk: Business Risk Services and Cross-Functional Collaboration
Today’s business challenges are cross-functional, and so are our solutions.
Our Business Risk Services team collaborates seamlessly with other Grant Thornton functions – for example, supporting the Japanese Business Practice on J-SOX testing, as well as performing gap analyses and coordinating with tech teams to manage execution.
These and other collaborations with our consulting team can support business process improvement and control redesign during transformation projects. Taken together, our services make it easier for your company to succeed in an uncertain but potentially very lucrative corporate environment.
The Business Risk Services function isn’t just about risk prevention; it’s about helping businesses grow with confidence and in line with regulations.
Building Confidence in Uncertain Times
In a business landscape where the only constant is change, leaders need trusted advisors who can help make complex situations clearer.
Our Business Risk Services team can build the internal resilience you need to stay compliant, remain agile, and unlock new potential in the future.
Whether you are facing regulatory pressure, digital disruption, organisational transformation, or all of the above, our team is standing by to support your journey. Contact us today to get started.
