While the insurance sector has largely recovered from the economic impact of the financial crisis, the risk management landscape remains forever changed. This is nowhere more evident than in the changing stature, authority and visibility of chief risk officers (CROs) across the industry. The crisis afforded CROs the opportunity to demonstrate their value—an opportunity many seized by helping to de-risk balance sheets and navigate their carriers through the turbulence.
Today, intensifying and constantly changing regulatory, economic and competitive challenges are keeping their skills in high demand. Indeed, there is a pervasive sense across the industry that risk management (and therefore CROs) is becoming more central to nearly all aspects of the business.
The recent release of Ernst & Young's fourth annual survey of insurance CROs highlights the evolution of the role. Survey results confirm that more CROs are reporting directly to the chief executive officer (CEO), serving on the senior management committee, and formally reporting to and having more interaction with the board. They are increasingly being asked to engage more frequently and directly with decision-makers across the business, and on a broader range of issues.
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