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Powered by SRA Watchtower
Score Your Organization's Risk Maturity Across Ten Pillars
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The first answer that Insurance company executives give to the question “How well do you manage risk?” will likely be “we do that for a living – of course we’re good at it.” But when you follow that up with, “Yes, but what are your capabilities for managing your risks, all of your risks?” the answer will usually be a lot less certain.
That’s why we developed the Insurance Risk Maturity Framework, powered by SRA Watchtower. A digital evaluation tool that enables Insurance Companies to identify their risk management maturity across ten pillars and compare it to the Board and Senior Management’s performance targets. It addresses the 20 Key Principles defined by COSO in their Enterprise Risk Management framework – Integrating with Strategy and Performance. Now, Insurance companies have a framework to help them better understand their current capabilities, identify gaps in their processes and track their progress on their risk maturity journey.
Our process and digital tool for performing a Risk Maturity Assessment are flexible and scalable – you can either “self-assess,” or if you prefer not to grade your own test, you can have our Risk and Operations Consultants assist you. As the process unfolds, the data points are entered into the Risk Maturity Framework housed within SRA Watchtower for Insurance, which then compiles the information and creates visualizations and reports. These ratings enable Senior Management and the Board to prioritize improvement actions based on their approved risk appetite. Here are just a few benefits that our process delivers:
