New York — New research shows that enterprise risk initiatives are becoming increasing established at insurance companies. Of the 53 insurers queried by New York-based PricewaterhouseCoopers in the second half of 2007 and first quarter of 2008, 90% have ERM programs in place.
Moreover, ERM is viewed a board priority across the industry, as 40% of respondents say their firm has a board-level ERM committee, and nearly one-quarter are considering establishing one. The study also found that the role of chief risk officer (CRO) is gaining in stature. In about 60% of firms, the CRO communicates directly with the board on at least some risk management issues.
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