Vitality's group chief risk officer Kirsty Leece reviews the key ERM developments of 2022 - and her outlook for 2023
What was the most positive ERM development of the year?
The agility and strength of UK insurance companies across a very volatile year, partly supported by agile and responsive ERM frameworks that can help identify and support the changing landscape.
What was the biggest ERM disappointment of the year?
I don't have a big ERM disappointment – there are always ways we can improve, but given the environment, I think the industry has not disappointed.
What emerging risks are you most concerned about?
Assessing the interconnectivity of risks, for example how emerging political risks impact operational (resourcing constraints, cyber threats) and financial risks (market, business and strategic risks) and how one emerging risk can lead on from another.
How concerned are you about geopolitical risk in 2023?
While I think we are facing choppy waters, economically and politically, we have faired well over the last couple of years against an economically and politically volatile backdrop. I have confidence we can tackle the challenges ahead.
What's your favourite part of the Christmas holiday season?
Fun and laughter with friends and family.