Operational Risk
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 [...]
Working together: Insights into the Relationship between the CRO and CU/PO
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 [...]
Consumer Protection
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 [...]
Stress test and scenario setting
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 [...]
Establishing and Embedding Risk Appetite: Practitioners’ View
Risk appetite has been at the forefront of risk management discussion, especially since the global financial crisis. We are therefore pleased to introduce our latest publication “Establishing and Embedding Risk Appetite: Practitioners’ view” which is [...]
Food and its impact on the risk landscape
Food risk, whether food insecurity or unsafe food, has wide ramifications for society and businesses, exposing risk managers and insurers both directly and indirectly to a large number of risks. Different areas of business and [...]
Diversification – Consideration on Modelling aspects & Related Fungibility and Transferability
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 [...]
Environmental, Social and Governance factors in Country Risk Management – a new horizon
This paper is the fourth blueprint in our series on managing environmental, social and governance (ESG) challenges in business transactions, focusing on the core functions of the insurance industry – risk transfer and investments. Environmental, [...]
NTNI from a CRO Forum Perspective
The International Association of Insurance Supervisors (IAIS) is participating in a global initiative, with the Financial Stability Board (FSB) and the G20, to identify potential global systemically important insurers (G-SIIs). As part of this initiative, the IAIS has issued a public consultation on proposed measures to identify any insurers whose distress or disorderly failure, because of their size, complexity and interconnectedness, would cause significant disruption to the global financial system and economic activity. The CRO Forum responded to the IAIS draft policy measures. This paper provides some additional background to the response provided.
CRO Forum Blueprint on Oil Sands
The purpose of this paper is to raise general awareness of the sustainability challenges related to the extraction of oil sands. In addition, the paper sets out possible ways of how (re-)insurance companies, from a risk management perspective, could address business transactions in relation to oil sands. It should be noted that the paper does not present any technical, legal, financial or underwriting views.