Best practices in risk management

Minimum standards for operational risk loss reporting

Posted on by CRO Forum
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In 2014 the CRO Forum members have developed a recommendation for minimum data standards for reporting loss events to an operational risk (OpRisk) loss data consortium. Currently, different providers for loss database services use their own standards. The CRO Forum has an interest of compatibility of operational loss data at the level outlined is this […]


Operational Risk

Posted on by CRO Forum
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The 2014 White Paper on Operational Risk is an update to the 2009 CRO Forum White Paper. The primary objective is to highlight the development of operational risk in the insurance industry. The White Paper summarizes the important principles and considerations that should form part of the best practices for the management of operational risk […]


Working together: Insights into the Relationship between the CRO and CU/PO

Posted on by CRO Forum
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Over the last several years, there have been well publicized industry incidents linked to costly failures which could have been, in part, prevented by stronger relationships between the Chief Risk Officer (CRO) and parts of the organization that assume risk. Following a survey of nine key insurers, the best practices that characterize a strong relationship […]


Consumer Protection

Posted on by CRO Forum
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Insurance provides a valuable contribution to society by enabling customers to protect themselves from the consequences of risks that may otherwise be unaffordable. The aim of the industry is therefore to provide products that meet the customer’s needs. To ensure that customers indeed get delivered fair and appropriate outcomes, it is important for insurers to […]


Stress test and scenario setting

Posted on by CRO Forum
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The CRO Forum believes that scenario analysis and stress testing are valuable tools for (re-) insurers’ risk and capital management processes.  They provide important insight and complement results from internal economic models.  There is a wide range of current and potential applications for scenario analysis and stress testing.  We believe that a good risk management […]