In recognition of the fact that a sound capital and supervisory framework for the insurance sector is essential for supporting financial stability and protecting policyholders, IAIS committed to develop a risk-based global Insurance Capital Standard [...]
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 CRO Forum’s Emerging Risk Initiative is committed to continuously improve risk management and identify emerging risks within the insurance industry. The Emerging Risk Initiative identified the current emerging risk which are expected to have [...]
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 CRO Forum celebrated its 10 year anniversary in 2014. Keynote speakers were invited to the anniversary event, exchanges of views and information took place and discussions were held. Three interviews with individuals closely associated [...]
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 [...]
