CROs explain how to boost diversity

Published in: Risk management, Corporate strategy, Regulation, UK, Rest of Europe, People

Companies: Financial Conduct Authority, Prudential Regulation Authority, Bank of England

Learn how major international insurers are creating and instilling a culture of diversity and inclusion (D&I) by attending InsuranceERM’s Insurance Risk & Capital EMEA virtual conference next week.

The two-day event on 1st and 2nd of December will feature a panel discussion with risk experts from across Europe explaining what insurers can do better on D&I. 

Speaking to InsuranceERM ahead of the virtual conference, the panellists said they were looking to improve D&I through accountability measures, thoughtful application and a proactive approach.

One CRO panellist said: “What gets measured gets done.” Another speaker suggested insurers need to introduce temporary recruitment quotes to boost the gender gap in the industry.

To achieve greater diversity, one panellist said their firm’s approach involves building communities to address diversity across a range of aspects including age, race and gender.

“Everybody has bias. You can’t unlearn your bias; you have to control it.”

The role of regulatory and legal intervention on D&I will also be discussed at the conference. This comes after the UK's regulators launched a discussion paper in July on policy options designed to improve D&I in financial services.

The paper sets out various D&I policy options including the use of representation targets, increased D&I accountability measures for senior leaders and linking remuneration to D&I metrics.

One of the experts speaking in next week’s panel discussion said it is now time to have regulation mandating what insurers need to achieve on D&I.

The experts will also explain how an increased focus on D&I improves insurers’ risk management.

To register for the event, click here. The agenda and full list of speakers can be found here.

Ronan McCaughey