- World Economic Forum(WEF) Global Risks Report 2019 highlights worsening international relations hindering action across a growing array of serious challenges
- Comments on Brexit vote impasse
- Allianz Risk Barometer highlights cyber and concerns around Brexit as as top risks in UK
- Willis Re's Summary of Natural Catastrophe Events 2018 report estimates insured losses from major natural catastrophes at around $71.5bn
- BIBA highlights opportunities for business in 2019 Manifesto
- UK Comprehensive car insurance prices fell by 6% in 2018 says Confused.com/ Willis Towers Watson analysis
- Insurance Europe concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers expired
- ArgoGlobal collaborating with broker Axieme and digital platform Jobby in Italy to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers expired
- LV= General Insurance successfully deploys Guidewire Core and Data solutions in the largest transformation the business has ever undertaken expired
- Marsh announces that it had placed more than 10,000 risks in 2018 through Placing Platform Limited(PPL)-over 15,000 in total expired
- ZhongAn and Grab to establish joint venture company to enter the digital insurance distribution business in Southeast Asia expired
- Greenlight Capital Re becomes largest shareholder in Chicogo-based MGU AccuRisk expired
14th January 2018
LMA publishes joint paper with Korn Ferry Institute on the evolving role of a Chief Risk Officer
The LMA’s Chief Risk Officer Committee has announced the publication of a joint paper with the Korn Ferry Institute. The report charts the rapid evolution of the CRO role since the financial crisis and its continued expansion in scope and importance, particularly for insurers.
While still relatively technical, the CRO role is becoming more strategic. The shift from technical expert to business advisor has propelled CROs into a world of complex stakeholder relationships, business navigation and regulatory expectations. This poses significant challenges for aspiring CROs in maximising the effectiveness of businesses risk functions.
The report concludes that managing ambiguity and conflict, cultivating innovation and situational adaptability are key competencies for CRO’s to develop, requiring substantial effort from them and significant support from stakeholders. It also states that finding the next generation of talent will prove difficult for many organisations. Those that succeed will establish CROs as senior executives who are close confidants of the CEO able to contribute positively to the strategy and operation of the business.
Alex Hindson, chair of the LMA CRO Committee and Chief Risk Officer, Argo Group, comments “This report is an important contributor to the evolving discussion regarding the nature of the Chief Risk Officer role and the personal qualities required to fulfil such a role in the insurance industry. Developing the risk management talent of the future and ensuring it is prepared to meet the threats and opportunities facing our industry is an important element of building the risk function of the future.”
Lloyd's Trends(2,575 articles)