Penny Shaw, Chaucer
Penny Shaw has been CRO at Chaucer since the start of this year, having joined the London insurer as risk director in 2014. She previous held the group CRO role at Hiscox and was head of risk management & capital at Ace European Group. A well-known figure in the Lloyd's and London market, she has consistently sought to bring together risk managers and provoke debate on the issues of the day. She is currently leading efforts to define and develop the role of the CRO with a newly formed committee.
What do you enjoy most about your role?
It makes me think about the bigger picture. I have an excellent team who I very much enjoy working and solving problems with. Together we focus on how the business manages its risk appetite. Crucial stuff! Risks and opportunities, strategies, regulation and governance have to all come together.
Who or what has inspired your work?
My Dad. Always believed in me and picked me up when I fell over. When I qualified as an actuary, I think my Mum was more ecstatic than I was! Having a career that I could be proud of and enjoy was always my personal aim.
What are the major challenges ahead?
The industry is evolving, in light of the complex economic environment, distribution channel changes, fin tech, emerging risks – keep up or become obsolete. It's important to devote time to understand the direction and strategic 'bets' being made in your firm and across peer firms so you can help your firm navigate the challenges.
What advice would you give to someone wanting to emulate your success?
Seek out challenging roles that give you the opportunity to learn. Build networks with people inside and outside your firm. Mentor and seek out mentors. Most importantly treat people how you would like to be treated, it builds long-standing respect between people no matter what happens in business.
What will be the next big development in risk management?
I can envisage insurers operating in an environment that is increasingly about real time "live" liability and asset portfolio optimisation; thereby fully harnessing the fast evolving digital world. Risk management needs to increasingly focus on longer term strategic risks.
What are your other interests?
Time with my family and friends, we spend a lot of time in the gloriously sunny South of France enjoying long lunches with our friends and walking our three dogs in the lovely hills and countryside. I love riding with my daughter, she is much better than me and she's just 11; skiing with my son, who at 9 has endless energy and increasing speed!