This Asia-Pacific (APAC) Insurance Chief Risk Officer (CRO) survey from Ernst & Young (EY) has been undertaken with the aim of gaining insights into the role that CROs and risk functions play among insurers, and the key priorities of CROs in the shortand medium term.
The survey has been designed to qualitatively understand the changing dynamics in the outlook of the risk function and the manner in which the CRO role is evolving. To that extent, EY assessed CROs’ ability to contribute indirectly to value creation, identified the key challenges they face and their priorities as a result of changing regulatory requirements and unstable economic environment,and collected their views on the evolving role of technology in the industry and how they manage the risks associated with it.
The findings call for the continued empowerment of individual accountabilities in particular across the three lines of defense to manage risk. This includes enhancing the risk appetite framework and developing and implementing risk culture and conduct frameworks. The need for this is critical for insurers to be successful in transforming their business in response to numerous internal and external pressures. The results explore this further in the areas of emerging risks including cyber, the overabundance of regulatory change and the digital agenda already on the door step.
ey-apac-insurance-cro-survey-2017-2018.pdf
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