Risk and Finance Manager Survey: Snapshot of an Industry Poised for Change
For now, risk managers and finance executives are depending heavily on their insurance brokers and actuarial consultants — but expecting little more than efficient transfer of risk to insurance companies, according to Towers Watson’s new survey of nearly 250 risk and finance executives.
As the effects of a global financial crisis linger, our survey findings suggest that many risk managers are deferring decisions to add enterprise risk management (ERM) programs — showing limited interest in more sophisticated risk management solutions. The overall picture, however, is of an industry poised for change...as soon as economic conditions return to normal.
Other key findings include:
Retained claims are the single greatest concern for risk managers. As companies retain more and more of their exposures, risk managers are looking for help from their risk management consultants and insurance brokers.
Most risk managers tolerate or are resigned to contingent commissions paid by insurers to insurance brokers. Opposition to the sometimes controversial commissions comes mostly from larger companies.
Slightly more than half of respondents have implemented ERM. Despite its demonstrated ability to reduce the cost of risk, ERM is still not getting management support.
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