Nonfinancial risks top concerns for financial institutions: Deloitte

Cybersecurity was named by 67% of respondents as one of the three risk types that would increase the most in importance, including 40% who named it as number one — far more than any other risk type. (Photo: Shutterstock)

Risk management in today’s global marketplace is much like being a juggler — except the objects being juggled continue to increase with no end in sight. Even when a groove is established and everything is seemingly under control, something can spring up and cause the objects to come crashing down.

The risks of today have been fermenting for some time. Nonfinancial risks like cybersecurity, third-party and conduct risk, in particular, continue to erode at the stability of those in the insurance industry. The rise of chief risk officers (CRO) and enterprise risk management (ERM) programs are two clear ways the industry has responded to the changing times, but it can’t stop there.