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.

To learn more:

• “Risk management for an era of greater uncertainty” infographic.
• “Accenture 2013 Global Risk Management Study: Focus on findings for the Insurance sector.”