Corporate Risk Management Function Survey
When asked about the basic reporting structure within the corporate RM function, 71 percent of respondents said it is hierarchical (up from 64 percent in 2010 and 49 percent in 2006), while only 5 percent characterized it as team-oriented. Seventeen percent (down from 26 percent in 2010 and 33 percent in 2006) report having a hybrid system. For 87 percent of respondents, the reporting structure has not changed significantly in the past five years. In 56 percent of the companies, the organizational structure of the corporate RM operation is by function or RM program (up from 52 percent in 2010 and 51 percent in 2006). Another 16 percent reported a hybrid organizational structure (down from 18 percent in 2010 and from 23 percent in 2006).
When asked to identify areas of primary departmental responsibility from a list of activities, more than half of the respondents identified the following functions: insurance buying, general liability and property claims management, third-party administrator management, risk financing, risk assessment, workers’ compensation claims management, property loss prevention, contract review, mergers and acquisitions support, captive management, and litigation support.