Thursday, 5 May 2011

Marsh & RIMS ERM Survey - so good I can't get at it!

You will need to register to get this in full (and incidentally, I still can't, even after registering!), but a very strong survey from Marsh and RIMS on opportunities for Risk Managers to get their feet under the top table was put out today. I suspect it will be a little US-centric (hence the c-suite references!), but I got out of this some strong Solvency II-themed messages;
  • Lot of respondents not even on firm-wide risk committees - this is the time to insist upon it for Op Risk and Cyber Risk managers for example (assuming your CRO is already there!)
  • 61% of execs want to see risk managers work integrate deeper with operations - absolutely bizarre: if they are not in the c-suite, where else are they!
  • 58% of execs want risk to lead ERM actvities within the organisation - pure crazy: if Risk is going to lead, you need Risk on the exec board, it's not rocket science!
  • 54% of execs want Risk to improve its quantification techniques and knowledge of non-insurance risks - really like this, and it leads in to ORSA demands on the function beautifully
  • Only 30% of respondents said their Risk Committee was "very effective"
 Over 1,000 respondents, so decent sample, but if I ever get to see the full thing, I suspect it will be more of the same - the key difference is that Stateside they seem to be inviting Risk to come and participate, whereas the ORSA on the EU side will make it compulsory!

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