Many insurers are battling to come to terms with the increased emphasis on risk management required by the current financial situation. In addition, new regulations require insurers to provide complete and transparent documentation of all processes which bear risks.
Accenture’s 2011 Global Risk Study, indicated that insurers see improving risk measurement and modeling, reducing the cost of risk management compliance, and integrating risk and finance information and processes within the organization as the most significant challenges they face. New regulatory requirements have contributed greatly to these challenges.
While this can pose a significant challenge, it can also provide an opportunity to review the existing process landscape and can serve as a way to remodel existing process or design new ones.