How do insurers manage and mitigate their own risk? Up until 2007 the economy was booming, return on investments was high and, arguably, risk taking prevailed over risk management. Chief Risk Officers (CROs) meanwhile, were left fighting for attention and usually remained unheard. Oliver James Associates (OJ) decided to speak to these CROs within Insurance and Reinsurance companies to find out about the evolution of the CRO and Risk Management Strategy since 2007.
The general consensus highlighted two key challenges; Solvency II, and managing the financial (Euro) crisis. Another important influence was the speed of new developments.
This article outlines how the role of the CRO has changed since 2007 to become an integral role within financial services.