Insurance firms trail behind in op risk management
London - A new study by Pricewater-houseCoopers shows that although insurance companies are making modest strides in developing enterprise-wide risk management (ERM) frameworks, they are far behind other types of financial institutions in their implementation of operational risk frameworks.
"While insurance companies acknowledge that ERM is a key to them managing uncertainty and protecting shareholder value, many are struggling to get beyond the design and planning stages," said Andrew Stoker, director in PWC’s actuarial practice in London. Deployment of ERM is uneven across the various risk categories, according to the study. While 57% of respondents had quantitative analytics in
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