With a broad consensus among insurers that the environment has become riskier and the regulatory atmosphere more complex, greater and more systematic attention is being afforded to the state of enterprise risk management. As improvement areas in the ERM framework are identified, leading insurers are taking this opportunity to move beyond plugging the gaps. Commanding new capabilities and techniques, they are defining a target state for ERM and cultivating an organization-wide risk culture that could become sources of real competitive value.

http://www.mckinsey.com/business-functions/risk/our-insights/transforming-enterprise-risk-management-for-value-in-the-insurance-industry?cid=other-eml-alt-mip-mck-oth-1608