How YOU can shape the future of the industry
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We have been working with Protiviti , a leading global business consulting firm, for their Top Risks Report, which focuses on identifying global top risks for 2022 and beyond. This is actually a great collaboration between Protiviti and NC State University’s Enterprise Risk Management (ERM) Initiative. So please VISIT HERE and take the survey! It only takes 10-15mins... Remember the survey results will be released in December, and we'll be sharing them here! An important fact: this survey doesn't just capture the trends for next year but insights to a 10-years out view, which I find very interesting!
It is vital for any insurance professional to develop a global, multi-faceted perspective when analyzing their most pressing challenges and promising opportunities. This report analyzes 36 macroeconomic, strategic and operational risk issues likely to affect our organizations,?and the industry, and also makes recommendations to help us act and respond to these risks and opportunities. We also asked Protiviti's top leaders about their thoughts on the matter, see their comments below.
Michael Pisano , CPA,?Managing Director – Insurance Risks & Controls, said "2022 will be a year of converging themes for the insurance industry.?The impacts of COVID will more fully matriculate into experience, pricing, and reserves, interest rates will likely continue to remain flat, and insuretech will continue to shape the industry."
Shawn Seasongood ,?Managing Director – Business Performance Improvement,?added “Making smart and informed decisions to stay relevant in the insurance market has never been more important.?Our Top Risks survey shows the world has altered through COVID but changes around digital data, organizational resilience along with the importance of data and security will be a focus for Insurers for the next decade. I think that the earlier adopters of Insurtech who deploy deep capabilities in data and analytics, may threaten traditional industry leaders’ market share sooner than expected.”?
Brennan Warren , Managing Director – IT Audit “While many risk factors shape the Insurance landscape, I see risks associated with human capital as a top concern - beyond retention of key talent, how that talent will be developed and deployed in the future. COVID has brought a variety of unique challenges, including significant advancements in automation, work from anywhere considerations for resources, and a very real war for talent (more so than any other time in memory). How the Insurance industry handles those challenges will shape its future in more ways than people realize.”
Last year's results were interesting: uncertainties around insurance business, challenges triggered by a once-in-a-century pandemic, and other risks, such as growing social unrest and polarization, and ever-present challenges associated with technology and digital innovations, and other emerging risks... You can see last year's full report here , but in a nutshell, these were the top risks identified for 2021;
Last year's report also identified the 2030 top risks, and I'm curious how this list will change after the survey this year;
Dennis Toomey , CFE Director – Risk and Compliance Counter Fraud Analytics, said “The ongoing public health crisis and economic pressures have drastically impacted the way business is conducted across industries.?Fraudsters have become more innovative and sophisticated; the global fraud landscape is evolving at a pace faster than we’ve ever seen.??I predict we’ll see an increased focus on risks related to emerging technologies and controls for new threats brought on by digitization, fraud, financial crime, and data & conduct risk.?Mitigation strategy and global collaboration for fraud identification and regulation will prove necessary to reduce vulnerabilities.”
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Tom Luick , Managing Director – Technology Consulting, commented "The insurance industry is under significant transformation to improve customer experience, modernize the workplace, and protect margins.?Protiviti’s Top Risk Survey highlights the key challenges board members and executives foresee as their organizations’ adopt new technologies and processes, retain and attract talent, and address key risks related to the adoption of emerging technologies and cyber threats in an increasingly competitive industry."
So, this survey is designed to identify the top risks likely to affect businesses in 2022, with a particular focus on differences in risk perceptions across industries and geographic regions, and you'll be able to answer questions about risks over a longer time horizon (to 2031).
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About Protiviti
Protiviti is a global consulting firm that delivers deep expertise, objective insights, a tailored approach and unparalleled collaboration to help leaders confidently face the future. Our consulting solutions span critical business problems in technology, business process, analytics, risk, compliance,?transactions and internal audit.?We are committed to attracting and developing a diverse workforce of professionals that share the common value of collaboration.?As an organization, we believe that by teaming together, with each other, and our clients, we can see beyond the surface of changes and problems organizations face in this fast changing world to discover opportunities others might miss and face the future with greater confidence.
Our more than 7,000 people serve clients through the network of Protiviti and independently owned Member Firms in more than 85 offices in over 25 countries. We have served over 60% of FORTUNE 1000? companies and 35% of FORTUNE Global 500? companies.?Our people and organization have consistently been recognized by FORTUNE and Consulting Magazine as a best company to work for.?
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