A third of insurance risk executives globally are unhappy with the links between executive compensation and risk management, but have no plans to change the current approach, according to Towers Watson’s “Seventh Biennial Towers Watson Global ERM Survey.” The survey asked 539 senior insurance executives, including chief risk officers, CFOs and chief actuaries, about the progress and development of ERM activity within their companies.
“Insurers firmly believe that a stronger risk culture will add value to their organizations, but achieving full implementation requires a progressive approach over a sustained period,” said Mike Wilkinson, a director of the insurance management consultancy at Towers Watson. “Aligning remuneration to risk can only be introduced once expectations have been established. Underpinning progress through performance management techniques and appropriate incentives is an important part of the process.”
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