Ensuring chief risk officers (CROs) are fit for the future will involve increasing time improving their skill sets in operational risk management.
This was one of the key points made by industry experts in preparation for a panel discussion on this topic at InsuranceERM’s Insurance Risk & Capital EMEA virtual conference this Wednesday and Thursday.
One CRO panellist told InsuranceERM: “I spend increasing amounts of my time trying to understand operational risks. It can be a lot more complex than financial risk and it is not always transparent as you are dealing with third parties.”
Insurers previously discussed the challenges in complying with the new operational resilience rules in a June InsuranceERM roundtable with consultancy Crowe.
Another panellist said a key challenge for the risk function in future will be ensuring a steady pipeline of new talent. In the post-Covid world, the panellist added the issue will be whether insurers should look to recruiting new talent in their home market, or much more widely.
Commenting on the new normal working environment, a CRO said: “We will have to be more thoughtful in future to stay connected. Remote working is here to stay.”
Another panellist stressed that CROs will need to adopt a holistic approach to risk management and building resilience for insurers will be vital.
To see the virtual conference's agenda and to register your attendance click here.