Businesses that consider risk management little more than a box-ticking exercise do so at their peril, Lloyd's head of risk management said yesterday.
Steve Manning stressed the importance of risk management telling businesses: “Do not put risk management in the compliance silo.”
Speaking at Lloyd's risk and reward conference, Manning unveiled the results of a Lloyd's risk management survey.
The survey showed that 78% of Lloyd's managing agents felt businesses benefit from good risk management, but half of those still made it the responsibility of the compliance officer.
“We are still a market that tends to be driven by compliance,” said Manning.
“If you see risk management as being a tick box exercise, you will not derive the true business benefit that risk management can offer.”
