Strengthening Governance, Risk and Compliance in the Insurance Industry

The EIU’s report finds that insurers are managing risk within operational silos, and most have not invested in methods of managing all risk exposures throughout the company and to track interdependencies.

 

Findings include:

  • The biggest benefits insurers hope to gain from standardising and automating financial processes are improving data accuracy, eliminating error-prone manual processes, giving staff more time to focus on more valuable activities, and making speedier decisions.
  • Efforts to automate processes involve problems and risks of their own, many respondents believe. 
  • Insurers operating in the European Union will face pressure to refine and improve financial processes as part of the updated set of regulatory requirements, known as Solvency II. 
     

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