CRO's 'Jack of all Trades'
Antony Williams
UK Managing Director at Arthur Financial - 0203 587 7207 aw@arthur.co.uk
Thinking on my train journey into the office this morning about yesterday's event at the Insurance Risk & Capital EMEA conference in London, it was fantastic to hear directly from industry leaders about how the role of Chief Risk Officers (CROs) is evolving in insurance. A key takeaway was that today’s CROs must be true "jack of all trades," blending expert risk management skills with a broad understanding of business operations and strategy.
The challenges CROs face are more complex than ever, ranging from increasing regulatory issues and cyber threats to climate risks and geopolitical pressures like shifting trade policies and global conflicts. This means CROs need diverse skills, including actuarial expertise, strategic leadership, investment knowledge, and operational resilience. They’re also expected to align risk strategies with wider business objectives while staying agile in a fast-paced and changing world.
The conference also focused on how CROs are breaking down silos within their organisations, leveraging data and embracing technologies like AI to anticipate risks, and keeping ahead of trends. The role is clearly moving beyond simply mitigating risks—it’s about becoming a strategic partner, actively shaping the company’s growth and stability, as long as you fully understand what that company's vision and strategy is!
One speaker nailed it with the remark: “You get to not only see it all but be in it all.” It’s great to see how far risk leadership has come, with CROs recognised as crucial in many organisations (though there’s still progress to be made). To keep evolving, businesses will need to focus on innovation, fresh thinking, and attracting and retaining diverse talent to ensure continued success.
#ERM #Insurance #Riskmanagement #CRO #enterpriseriskmanagement
Professional, passionate senior leader in financial industry, Chief Risk Officer, Qualified Actuary
1dI agree completely and I doubt if it will become better next year
Risk Management Director and CRO | Strategic Advisor | Global Speaker | Thought Leader and Published Writer
3wGood insights Antony
Operational Risk & Resilience Specialist & Trainer | Helping Organizations Navigate Complex Risk Landscapes, Achieve Operational Excellence, Reduce Costs and Deliver Strategic Success.
4wI like to think that CROs are like CEOs with a Risk lense. Adopting a strategic mindset that aligns closely with the CEO’s vision while incorporating risk considerations into every decisionq
Manager | Risk Management at Arthur | London Market Insurance | harrison.callen@arthur.co.uk
4wWell said 🙌🏼 ….. Being able to spin many plates efficiently seems imperative for the modern CRO! Was also interesting to see and hear the shift in hot topics from Sustainability and Climate to Cyber and AI, along with what is being implemented to tackle the subject. Plenty of takeaways!