When it comes to keeping pace with the increasing risk faced by insurers, and the special skills and knowledge required by their risk function, many of those surveyed in Accenture’s 2015 Global Risk Management Study now believe that the emphasis should shift from recruitment to retention and development.
Many insurers have worked hard to increase the range and depth of skills and capabilities in the risk function—and will continue to do so. Surveyed insurers have cast the net widely over the past two years. Key areas of non-traditional recruitment have included security specialists, strategic planners and data analysts. Looking ahead, the focus is to shift to business analysts, quants and risk modelers, and cyber risk experts.
Now though, global insurance (or bancassurance) groups are leveraging their size and diversity to develop employee mobility through cross-border, cross-functional career path opportunities. This helps to drive retention because it offers employees variety and breadth of roles. These broader commercial opportunities tend to offset the technicalities and formalization of duties that are more focused on regulation or control requirements.
However, only a fifth of respondents reported that they expect to have adequate specialized risk resources in two years’ time, and 23 percent expect to achieve a strong risk culture within that time. So it’s no surprise that among respondents, 86 percent expect to invest more in risk management capabilities.
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