Elevated status: insurance CROs overshadowing investment peers

Europe’s risk-based capital approach is adding clout to the role of the CRO, while other positions have seen their influence atrophy. The shift has been good for risk managers but less so for their colleagues in investment

In times of war or domestic crisis the Roman Republic appointed a single leader and dissolved the senate. The objective of Rome’s approach was to reduce risk at a difficult time by dedicating responsibility to an individual.  

For insurance regulators in Europe, the question of how to protect policyholders and the wider economy has had a somewhat similar outcome – with policy-makers investing greater power in the chief risk officer (CRO).

Along with increased responsibility, Solvency II gives