Risk culture has emerged as something of a hot topic since the banking crisis, resulting in major regulatory initiatives across financial services, such as Solvency II in insurance. It would seem that, for the insurance sector especially, risk culture and risk management has become a major compliance activity. But is this where corporate risk management should reside?
The CII joined several other organisations in supporting a major research project by the London School of Economics and the University of Plymouth to better understand the drivers and practices of risk culture in the insurance sector.
This Thinkpiece looks at some preliminary findings from a CII member survey, and draws some conclusions on how the trends are forming.