Q&A: Steve Haynes, LV= chief risk officer
LV= chief risk officer Steve Haynes is pushing through a new risk management framework aimed at bringing the risk function closer to the business. He tells Michael Faulkner how the changes will add value and make the mutual insurer more entrepreneurial
Life & Pension Risk: Why did the risk management framework at LV= need to be updated?
Steve Haynes: LV= has developed really significantly during the past few years. In 2010, underlying profits more than doubled, while net earned premiums grew by more than 40%. There have also been a couple of significant acquisitions: [personal lines insurer] Highway and Tomorrow [formerly GE Life]. The number of staff has increased from 1,300 in 2007 to 5,000 now. So the business itself had been going through
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