If the results of the Accenture 2013 Global Risk Management Study are any indication, insurers have their work cut out for them over the next two years. That’s because, according to the insurers we surveyed, there is a measurable gap between their current capabilities and the future need for strategic risk capabilities. How do they plan to bridge this gap?
Our third Global Risk Management Study explores not only the current trends in risk management, but the challenges that lie ahead, and how insurers are planning to meet these challenges. Over the next few weeks, I’ll explore the key themes, but first, let’s look at some of the most salient findings from the study.
Regulatory challenges are top of mind
According to survey respondents:
- Most risks faced by the insurance industry are expected to rise over the next two years.
- Most insurance companies are spending significant amounts of their limited resources dealing with regulatory challenges.
- Only a small number of insurers are preparing to manage the increased volatility and uncertainty facing the industry.
- Yet, 74 percent of survey respondents highlighted the importance of the risk organization to managing the increased economic and financial volatility.
Insurers today find themselves confronting increasing levels of volatility, complexity and interdependencies. In view of these challenges and rising expectations, it is more and more evident that risk management will likely have to evolve beyond its core focus and join with other drivers of the business to improve efficiency and predictability.
Join me next week when I take an in-depth look at the current risk pressures insurers face and how they’re responding.
To learn more in the meantime, download: