"In the longer term, impacts will be seen throughout the U.S. industry as even U.S.-domiciled companies work to enhance their risk cultures and to shore up their ERM information technology capabilities to keep pace with industry-leading practices and rating agency expectations."

Outside the EU, regulatory agencies are seeking to gain Solvency II equivalency, Deloitte said. The National Association of Insurance Commissioners (NAIC) and the International Association of Insurance Supervisors (IAIS) in Switzerland are each working on frameworks and standards that share similarities with Solvency II in terms of emboldening regulatory oversight, according to the report.

U.S. companies should plan for changes in capital adequacy, risk management and disclosures, all of which will become a part of strategic decisions going forward, Deloitte said.

Deloitte added that longer-term impacts on risk culture are expected to increase. "Business performance and day-to-day decision-making will be done on a risk-adjusted basis, with risk exposure being monitored against risk appetite," the report states.

According to the study, a significant impact will also be seen in the area of technology, "as transformation of risk function comes into play, demanding new architecture that is capable of providing automated, timely risk analytics for use in strategic decision-making.