The clout of risk managers within insurance organizations is growing, a new survey shows, with the majority of chief risk officers (CROs) now reporting directly to either the CEO or CFO.
Additionally, the staffing and budget size of risk offices has either remained the same or increased from 2011 to 2012.
Seventy percent of CROs now work under the CEO or CFO of their insurance organization, with a quarter reporting directly to the CEO, says an Ernst & Young survey of 19 North American and Bermudan insurance companies. Fifty percent of respondents predict more direct involvement with their respective boards in the coming three-to-five years, a practice that is more widespread within the financial and banking sectors than in the insurance industry.
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