Living with Fed supervision: AIG Q&A
Sid Sankaran, chief risk officer at global insurer AIG, contests the view that insurance is systemically important but says the firm welcomes Federal Reserve supervision all the same. Here he speaks to Insurance Risk about lessons from the financial crisis and the need to foster a corporate culture in which individuals take responsibility for risk management.
Insurance Risk: What is the objective of the risk function at AIG?
Sid Sankaran, AIG: The risk function’s mission is to help manage enterprise risk proactively in support of our goal to be the most valued insurance company in the world, balancing profitability, growth and risk. The key question is: how in practice do you achieve that balance? The first principle is around culture. You have to foster a corporate environment in which every employee at AIG feels empowered and obligated to think for
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