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FEATURE: Risk officers' increasing burden
03 August 2010
Risk officers are a busy lot, what with having to cope with complying with new solvency regulation, cross border risk management and complex internal models.
An increasing burden is being placed on the shoulders’ of chief risk officers at financial institutions. They have had to pick through the wreckage of the financial crisis in the past few years and, in Europe at least, insurers are now dealing with an impending overhaul of capital requirements in the form of the Solvency II project.
The forthcoming Solvency II directive, which comes into effect in 2012, has placed even greater emphasis on the need for risk officers to address capital allocation, compliance with new solvency regulation, cross border risk management and complex internal models.
With the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) having published the technical specifications for the all important fifth quantitative impact study (QIS5), attention has turned to the readiness of insurer’s internal capital models.
While the technical complexities of chief risk officers are rising, the more human qualities of judgement and...
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