Industry View on Risk Reporting
Governance Institute of Australia’s Risk Management Survey 2020 identified the key pressure points for governance and risk professionals in the Australian market now, and into the future.
The survey included participation from 400 governance and risk management C-suite executives and senior leaders across different industries with a significant number from Insurance sector.
Key Findings specific to Risk Reporting and Why it’s critical for insurance companies to improve risk reporting
74% of respondents said their internal risk reporting is only quite effective and not very effective or at all effective
On the whole, risk reporting is seen positively and only 17% said that it’s very effective. There was another viewpoint to improve risk management culture and risk reporting was cited as the most common ways to do so.
52% respondents stated that the best ways to improve their organisation’s risk management culture would be through better reporting tools and raising “voice” of risk
This suggests there is a correlation between having the right structures in place and successfully communicating risk.
The cultural shift of risk ownership and delineation of first, second, and third line of defense roles and responsibilities makes risk reporting critical for insurance companies.
APRA regulated guidelines, such as Prudential Standards CPS 220, make it mandatory for senior management to identify, measure, evaluate, monitor, report and control or mitigate material risks.
Supplemented by EXL Analysis
Ongoing Impact of Ineffective Risk Reporting
What do Risk Organisations aim to achieve through an effective Risk Reporting?
HOW EXL CAN HELP
With a team of qualified professionals and a proprietary risk reporting framework EXL can help with the risk reporting transformation for your organisation.
EXL’s Risk Reporting Framework
Leverage Advance Tools and Techniques for Risk Reporting Transformation
EXL’s Solution Approach
Get in touch with our experts:
VP & Growth Lead, EXL Australia
Partner, EXL Consulting