Many companies are aiming to achieve added value through governance, risk and compliance initiatives that embed rules, processes and controls aligned with the organisation’s operating policies and strategic objectives. Automation of risk and compliance processes is crucial for staying current in the changing environment.
Opportunities exist for those insurance companies with the capacity to turn risks into rewards. However, tighter controls need to be in place for their overall risk portfolio to deal with the emergence of new and yet-to-be-understood risks, such as those associated with financial markets, rapid change in laws and regulations, information security threats and market instability.