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Early this year, PwC issued the results of its 2012 U.S. Insurance ERM & ORSA Readiness Survey, highlighting significant gaps between insurers’ perceptions of their readiness for the National Association of Insurance Commissioners’ (NAIC) adoption of the Risk Management and Own Risk Solvency Assessment Model Act (RMORSA), and their actual, day-to-day enterprise risk management (ERM) practices. The PwC report emphasizes that despite some progress in adopting ERM, most insurers still “need to make significant investments in resources and organizational commitment in order to operationalize the process and facilitate filing a complete and comprehensive report on time.”

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