Risk Management is an area of intense interest in the Insurance Market at present. With Solvency II having being a focal point for so long, Risk is now involved in Strategy and Business Planning. The CRO (Chief Risk Officer) position tends to sit on the board and is a highly visible and important role.

What a Risk Management function aims to do is to mitigate any risks or issues that a business may face in its yearly cycle. This can be anything from investments to the computers not working.

As the years progress, Risk professionals will need to continue to grow from a strictly second line regulatory function (which it perhaps was 5-10 years ago) to a function which continues to generate value wherever it can. After many years of playing catch up with the regulator, now is the time for Risk to start setting its own agenda. So in theory, it’s a great time to be involved in Risk Management.