Sound Risk Culture in the Insurance Industry

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Risk culture is at the centre of attention in almost all industries. Leadership pressure, higher consumer protection standards, negative public reputation and regulatory requirements are driving risk culture up the organisational agenda. This paper aims to convey the importance of a sound risk culture within the insurance industry, answers the question why it matters and considers risk culture as an element of a holistic risk management framework. To provide insight into the importance of risk culture, results from a survey among CRO Forum and CRO Council members are reported and consideration is given to how risk culture can be developed, managed and conveyed within an organization.

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