Recent turmoil in the global, economic, business and geopolitical environment has dramatically increased risk levels across the financial services industry. The need for companies to understand and quantify risk-at the top line aggregated level as well as at the product and division levels-has never been greater.Despite the need to quantify risk and allocate scarce capital resources, a majority of insurers (66%) are less than halfway through implementing holistic risk and capital management frameworks. This is a conclusion of a recent survey conducted by Ernst & Young's Insurance and Actuarial Advisory Services practice.

The most significant challenges, according to the survey respondents, are automation and streamlining, resources, data limitations and cultural buy-in.

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