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 [...]
Casualty accumulation is the concentration of insured risks or insurance coverages that may be affected by events or circumstances that cause substantial losses under several insurance policies, and potentially over multiple years and geographies. In [...]
Risk culture is at the centre of attention in almost all industries. Leadership pressure, higher consumer protection standards, negative public reputation and regulatory requirements are driving risk culture up the organisational agenda. This paper aims [...]
The topic of risk appetite has exploded in recent years, especially since the global financial crisis. Risk appetite frameworks (“RAF”) and risk appetite statements (“RAS”) continue to evolve, and companies are at different stages [...]
The digital revolution is bringing many benefits to society and business, but the growing reliance on information technology and the internet is increasing the exposure to cyber risk. For insurers, this threat stems from the [...]
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 [...]
Insurance provides a valuable contribution to society by enabling customers to protect themselves from the consequences of risks that may otherwise be unaffordable. The aim of the industry is therefore to provide products that meet [...]
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 [...]
