The convergence of risk management, compliance and governance processes is a challenge, but offers tremendous opportunities, according to New York-based Ernst & Young (E&Y). Looking at details from the advisory firm’s recently released study, “Managing Information Technology Risk—A Global Survey for the Financial Services Industry,” many insurance companies are recognizing the need to better integrate information technology (IT) risk management with their overall risk management programs and processes.
The survey, conducted by the Economist Intelligence Unit on behalf of E&Y, polled 145 senior executives whose roles incorporate both risk management and information technology. Life insurance executives comprised 34.5% of those polled, while 27.6% classified themselves as non-life and 16.6% as reinsurance.
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