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CRO RISK FORUM: The rise and rise of the CRO
18 August 2009
Chief risk officers are in the ascendancy but their role needs tying down, say PWC’s Ian Dilks and Paul Horgan*
Five to 10 years ago, the vast majority of insurance groups around the world did not have a chief risk officer (CRO), let alone a well-developed risk function. Ironically, although insurance is about taking on and managing other people’s risk, the idea of having a CRO to manage internal risk was relatively new.The role is more commonplace today – and became so even before global events conspired to put risk right at the top of boardroom agendas – but difficulties in recruiting suitable candidates point to a role that is still in its formative stages. For example at a recent industry event hosted by PricewaterhouseCoopers (PWC), the risk officers present came from all sorts of backgrounds – auditors, consultants, company secretaries, underwriters – and nobody had been in the CRO role for more than two years.We have yet to settle into any kind of norm as to what exactly the...
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