The Accenture 2011 Global Risk Management Study revealed that across the board, businesses are seeing risk management through a new lens. Specifically, 98 percent of survey respondents said that risk management is a higher priority now than it was two years ago.
A new point of view from Accenture, on the changing face of risk management, goes into more detail. For instance, we’re seeing a shift from regulatory compliance as a tactical effort to a strategic input. Increasingly, insurers are using regulatory changes as a way to focus their capital and determine areas of profitability.
There’s more—as insurers jostle in an increasingly competitive environment, a soft market and with more pressure to innovate, they will need to take more risks. For success in that environment, risk management is a critical capability.
Increasingly, insurers are beginning to use risk management to create value, rather than limiting or protecting the business from risk.
Next week, I’ll discuss some of the point of view’s findings in more detail.
To learn more, download The Changing Face of Risk Management.