According to Accenture’s 2013 Global Risk Management Study, the vast majority of insurance respondents are developing—or plan to develop—emerging-risk management capabilities. In fact, the top external pressures are causing insurance firms to integrate risk management into decision-making.
Survey respondents confirm that, over the last two years, risk management has been progressively integrated into corporate processes such as:
- Budgeting and forecasting—89 percent;
- Strategic planning—86 percent;
- Financing—85 percent;
- Performance management—61 percent; and,
- New product development—54 percent.
While insurers are making steps in the right direction toward integrating their risk management into decision-making, they still have a way to go. Next week, I’ll explore the most significant areas of opportunity in managing risk for insurers.
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