The CRO Forum was formed in 2004 to advance risk management practice in the insurance industry. The CRO Forum member companies are large multi-national insurance companies. Our members are headquartered across the world with a concentration in Europe.
The CRO Forum has three core aims. By bringing together Chief Risk Officers of the various institutions, we are able to identify and benchmark good practice in risk management and share our ideas with the wider industry through publications – with the goal that these good practices encourage robust risk management within the industry, thereby advancing their business [Core aim #1].
In a shifting regulatory landscape, the CRO Forum seeks to promote alignment between regulatory regimes and industry best practice. The CRO Forum supports the development of risk-based regulatory systems which it considers to be in line with best practice risk management within the industry. [Core Aim #2].
Risk Management is also about looking ahead to risks that could develop, and as such, the CRO Forum runs an Emerging Risk Initiative [Core aim #3]. Emerging Risks consist of new or developing risks as well as existing risks that are difficult to quantify in terms of frequency and severity of potential losses. Emerging risks are extremely relevant for the insurance industry due to their accumulation potential, long-term exposure and the initial difficulties experienced with respect to establishing a clear causal link.
The CRO Forum’s Core Aims:
- Championing best practice in risk management to advance business;
- Alignment of regulatory requirements with best practice in risk management; and
- Providing insights on emerging and long-term risks.
The CRO Forum aims to share its views on topics related to these aims through publications and papers.