Technology is front and centre in the minds of chief risk officers in Bermuda, a survey has found.

The second annual survey of island-based insurance CROs by professional-services firm EY found that the risk functions within companies are playing an increasingly important role in supporting the board in driving their strategic agenda.

One of the report’s authors, Chris Maiato, principal and advisory services leader in the EY region of Bahamas, Bermuda, British Virgin Islands and Cayman Islands, said: “Technology continues to be top of mind for CROs.

“Those we surveyed are using advancements in technology to streamline their processes as they monitor for how it will affect the larger business.

“Insurance CROs are ideally positioned at the nexus of risk and technology, and can help organisations adapt to the changing business landscape.”

Highlights of the survey included:

• Risk management as a stand-alone function: a clear trend in the risk functions increasing their footprint within their organisations, with CROs extending their influence beyond the traditional risk processes.

• Approach to cybersecurity: while cybersecurity is clearly on CROs’ agendas, different approaches are being taken to understand and mitigate the impact of a cyberthreat.

• Automation: CROs are closely monitoring how technological developments across the organisation may impact the overall risk profile.

• Looking ahead: success of the risk function will depend on its ability to continue to be perceived as a valued partner by business stakeholders.

“It’s good to see that it is often a business need that leads firms to better formalise and structure their risk management frameworks in Bermuda, which is testament to the value risk functions can bring to their organisations,” Paolo Fiandesio, senior manager at EY and principal author of the survey, said.

• A digital copy of the report is available on this webpage under the Related Media heading