B.KaufmannBernhard Kaufmann,  Group Chief Risk Officer of Munich Re and Vice-chair of the CRO Forum in 2016,  has been elected CRO Forum Chairman for 2017. Bernhard joined Munich Re Group in 2000. He has been Chief Risk Officer of Munich Re (Group) since January 2014.

From 2008 to 2013 Bernhard was Chief Risk Officer for ERGO Insurance Group. Prior to this he held various positions including Head of Asset Liability Management of Munich Re (Group) and Head of Treasury Department for the Reinsurance Group. Between 1995 and 1999, Bernhard was a researcher in theoretical physics at the Technical University of Munich. He has a PhD in theoretical physics and a degree in economics. Commenting on his new role as Chairman in 2017, Bernhard said: ‘I look forward to chairing the Forum in 2017.   We will continue to work on risk management’s contribution to find solutions and build resilience in these times of higher uncertainty.’

The CRO Forum would like to thank Emmanuel Van Grimbergen, Chief Risk Officer of Ageas, for chairing the Forum in 2016. With Emmanuel as Chairman, the CRO Forum advanced the CRO agenda in key discussions on risk management. Under his chairmanship the CRO Forum published various papers, including on Low Interest Rate Environment, Cyber Risk, Water Risk, Deferred Tax Assets in Solvency Capital requirements and Big Data & Analytics.

P.JamesPenny James, Group Chief Risk Officer of Prudential plc and Patrick Raaflaub, Chief Risk Officer of Swiss Re, have been elected Vice-chairs of the CRO Forum for 2017.

Penny began her career with Coopers and Lybrand Deloitte, qualifying as a Chartered Accountant in 1994. She joined Allied Dunbar, now part of Zurich Financial Services, in 1995 and spent 12 years with the firm, ultimately as Chief Financial Officer of the UK General Insurance Business. Penny became Group Chief  Finance Officer of the FTSE listed Bermuda resident insurer, Omega Insurance Holdings, plc in 2007. In 2011 she joined Prudential  as Director of Group Finance. In this role Penny was responsible for financial reporting and business planning and leading the Group’s implementation of Solvency II. In 2015 Penny joined the Board of Prudential as Group Chief Risk Officer.  Commenting on her new role as Vice-Chair, Penny said: ‘I am delighted to be invited to become Vice-chair and look forward to working with Bernard and Patrick to shape the agenda for the Forum.’


Patrick began his career as an economist at Credit Suisse.       He then was founding member of a consulting start-up and research fellow at the University of St. Gallen. He joined Swiss Re in 1994 and was appointed Chief Financial Officer of Swiss Re Italia SpA in 1997, and then was Divisional Controller Americas Division from 2000. He worked as Head of Finance Zurich from 2003, then Regional Chief Financial Officer Europe and Asia from 2005. From 2006, he was Head of Group Capital Management, where he was responsible for capital management at Group level and global regulatory affairs. In 2008 he joined the Swiss Financial Markets Supervisory Authority FINMA as Chief Executive Officer. In  September 2014 Patrick returned to Swiss Re as Group Chief Risk Officer and member of the Group Executive Committee as of September 2014. Patrick holds a PhD in Political Science. In his new role as Vice-chair Patrick said ‘’it is an honour to become a Vice-chair of the CRO Forum and having the opportunity to work with Bernard and Penny in steering the CRO Forum over the coming year.’

With their broad experience, Penny and Patrick will further the CRO Forum’s impact to advance risk management practice in the insurance industry.

The CRO Forum welcomes the on-going co-operation with other industry stakeholders and the efforts undertaken to achieve a common industry position on open elements of the Solvency II framework and other regulatory developments. The CRO Forum is grateful to the European Commission and EIOPA for their willingness to continue engaging with the industry in a constructive dialogue. The CRO Forum looks forward to working with all relevant stakeholders in the coming year and contributing to topical areas risk management.

For further information please contact:

CRO Forum Office

Tel: +31 206 567890
E-mail: croforum.office@kpmg.nl
EU Transparency Register ID: 18352999806-60