On Wednesday 9 October 2013, EY FS Thought Gallery hosted a breakfast briefing for risk and compliance officers in the insurance industry. The purpose of the session was to give an impression of what a good risk organisation looks like and as such, allow those present to compare to their peers.
The role of the CRO continues to grow in influence as do the cost and requirements of their supporting organisations within companies. With this comes increasing responsibility on CRO’s and their risk functions to become more embedded in their organisation’s decision making processes and to refine and improve their operating models/modus operandi.
Now is an opportune time to step back and consider the following questions:
•How does my risk organisation compare to peer groups?
•What does “good” look like today?
•What are the current hot button issues for CRO’s?
•Is there an emerging view or consensus of what the risk organisation will look like?