Businesses today are putting more emphasis on improving risk management than ever before. This is due in large part to increased regulation, emerging exposures such as cyber liability and supply chain interruption, as well as the associated escalation in financial consequences. According to a 2014 Price Waterhouse Coopers (PwC) global survey of approximately 2,000 business executives and risk managers worldwide, 75 percent are investing resources to create a more risk-aware company culture, with one in four identifying fragmented risk data as the largest capacity gap.
Over the next 18 months, 82 percent of the respondents plan to develop an in-depth process to continually identify and monitor risk, a trend corroborated by the Risk Management Society’s Excellence in Risk Management XI survey. Though 90 percent of C-suite respondents said risk management impacts business strategy, only 25 percent feel their companies use risk management to its fullest ability. Key areas in which the use of data and analytics can be improved, include risk identification, quantification and mitigation.
Implications for workers' compensation
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
