PwC re-iterates that ERM has become a priority at the board and senior management levels but more work must be done in order to embed ERM into strategic decisions and day to day risk taking. Additionally, risk appetite must be aligned with the business planning process and ERM is not being used to manage emerging risks.
Finally, they suggest that the pressure by ratings agencies in the US will drive ERM over the next few years, as will leveraging the efforts of IFRS or Solvency II. This is great news for risk practitioners like the Riskczar who are waiting for the tipping point.
Typical of all PwC publications, the documents are loaded with graphs and diagrams, and of course pretty colours.
A PowerPoint deck is found here: http://www.pwc.com/en_GX/gx/insurance/pdf/erm_highlights.pdf
The executive summary and complete report can be downloaded from here: http://www.pwc.com/gx/en/insurance/erm/index.jhtml
Amended 9/10/2009: There is a link to an additional PwC document called “Seizing Opportunity” at this link