According to PricewaterhouseCoopers’ 13th Annual Global CEO Survey, released in early 2010, insurers are determined to sharpen their focus on all aspects of risk management to a greater extent than CEOs in any other sector.The first step in sharpening the focus on risk management is to understand your base camp.

Start with a comprehensive review of the structure, roles, and responsibilities of the risk management function. A couple of key questions that need to be asked:

• Why did we not see the crisis coming?
• How did we underestimate the risks to such a significant extent?
• What must we do differently?