Insurers have still not embedded risk management in their own boards
The boards of insurance companies have still not implemented a fully effective risk culture in their organisations despite significant investment since the financial crisis of 2008.
According to a survey by consulting firm Protiviti, almost two-thirds (63%) of executives reported that chief risk officers or heads of risk were still not on insurance companies’ boards of director.
This suggests that a board-endorsed risk culture has failed to take root in UK insurance companies.
Protiviti said the results showed that while insurers were continuing to invest in risk technologies to help meet compliance demands, a general ‘tick-box’ attitude to risk meant that UK insurers were
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