Insurers have some work ahead of them in their risk management efforts—integrating risk responsibilities into compensation goals, establishing integrated risk management processes and systems and improving model validation, according to a Deloitte & Touche LLP survey.
The sixth edition of the report, “Risk Management in the Spotlight,” surveyed chief risk officers (or equivalent senior risk officers) from 111 financial institutions, with combined total assets of more than $19 trillion. Also included in the survey were insurers and asset managers. Less than half of the financial institutions surveyed (49%) have incorporated risk management responsibilities, either in whole or in part, into the performance goals and compensation decisions for senior management.
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