Regulatory pressure is the top challenge facing financial services companies, including insurers, according to “Expectations of Risk Management Outpacing Capabilities—It’s Time For Action,” a survey from KPMG International. In fact, regulatory pressure was consistently one of the biggest threats companies across many industries; in health care, 50 percent of respondents cited government pressure to contain spending as the top risk.
Across all industries, 70 percent of C-suite executives said regulatory changes over the past two years have caused substantial or moderate changes in their risk management and reporting processes, according to the report, and 59 percent of C-suite executives at financial services companies identified regulation as their top threat.
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