Insurers are developing and deploying increasingly complex Big Data tools, first for post-sales purposes such as claims handling and customer service, but also potentially for sales, pricing and underwriting. These Big Data and AI tools [...]
In a world increasingly subject to digitalisation and the use of technology, an ineffective IT strategy and failing IT are amongst the most significant risks facing the boards of most organisations. The purpose of this [...]
Regulators are taking a heightened interest in organizations’ risk management and underlying cultures, with the spotlight shifting somewhat from banks to insurers. Organizations with mature risk cultures are more likely to make decisions that [...]
There is model risk associated with every model. Although this is a well-known fact and extensively covered in the literature, recent developments in insurance regulation, information technology and insurance product design have raised the awareness [...]
The smart phone checking your blood pressure, your car’s navigation system, your web navigation - just three examples of solutions that, in addition to making your daily life easier, produce data representing your health and [...]
In 2014 the CRO Forum members have developed a recommendation for minimum data standards for reporting loss events to an operational risk (OpRisk) loss data consortium. Currently, different providers for loss database services use their [...]
The 2014 White Paper on Operational Risk is an update to the 2009 CRO Forum White Paper. The primary objective is to highlight the development of operational risk in the insurance industry. The White Paper [...]
Over the last several years, there have been well publicized industry incidents linked to costly failures which could have been, in part, prevented by stronger relationships between the Chief Risk Officer (CRO) and parts of [...]
The CRO Forum believes that scenario analysis and stress testing are valuable tools for (re-) insurers’ risk and capital management processes. They provide important insight and complement results from internal economic models. There is a [...]
Diversification is at the heart of insurance business and risk management. The CRO Forum continues to believe that recognising diversification benefits provides a key tool in meeting policyholder protection and financial stability objectives. This paper [...]
