It is made up of 98 C-suite respondents (nicely spread across disciplines), is Insurance sector-specific, and Global in coverage (one-third Europe, half N.America), so should be useful to any reader for trend-spotting and Board briefing.
From the document itself, I've pulled out the following;
- 98% have their "risk management owner" reporting to the CEO
- 96% have a senior executive (regardless of title) as "risk management owner"
- 80% have their "risk management owner" report regularly to the Board
- 55% had a titled CRO
- A number of those stats (whilst improved since their last survey) are a poor reflection on the Global insurance industry, but perhaps reflect where corporate culture is outside of the EU/US axis
- Of the governance bodies, I was surprised to see only 60% of Life companies have an operational risk committee
Solvency II/Non EU equivalent legislation-specific
- Over 80% of Life and P&C respondents seem happy that they are preparing well for their regulatory initiatives (Solvency II or local equivalent).
- Other than Internal Model development, the main outstanding issues for Life insurers to be prepared for Solvency II/equivalent is IT architecture and Data Management/Integration. For P&C, documenting risk processes and developing a meaningful Use Test are also worrying at least half of respondents.
- Issues such as training and education, risk culture and risk governance documentation are relatively low on the priority list.
- Conversely, when asked on a 1-5 scale about specific areas of risk governance, respondents were more positive about their Data preparations than their risk governance - go figure!
- Use Test preparation remains a laggard throughout.
- Top external pressure was Legal risk, and by a good distance. Regulatory risks relatively low on the list, perhaps reflecting Europe's low weighting in the quantum surveyed.
- Risk Management seemingly well integrated with strategic deployment, but not with product development or reward.
- Poor statistics around embedding risk management into core functions.
- Two thirds of Life respondents noting that a lack of "early warning capabilities" impedes emerging risk management.
- Over half of Life companies said investment benefits ("above and beyond" continued compliance with regulations) would come from better reporting and better integration of Risk and Finance.