A new committee of chief risk officers (CRO) set up by the Lloyd’s Market Association (LMA) will promote efficient operation and the very highest technical standards in risk management for Lloyd’s managing agents.
As part of its programme, the committee will examine the evolving regulatory requirements for CROs, consider emerging and long-terms risks and champion best practice. The committee will also determine and define the skills and knowledge required to fulfil the CRO role within a Lloyd’s insurance business.
The committee’s formation is a response to the growing significance of the role of CRO in the Lloyd’s insurance market and comprises around 20 CROs drawn from across the Lloyd’s managing agency community.
Chaucer’s CRO Penny Shaw is the inaugural chair supported by Beazley’s CRO Andrew Pryde as deputy-chair. The LMA’s director of finance and risk Ken Curtis is also on the Committee.
Ken Curtis said: “The founding of this committee has been driven by the market, recognising the increased profile of, and reliance on, the CRO and partly in response to the Prudential Regulation Authority’s decision to make risk management a senior insurance management function under the revised Approved Persons Regime.”
The new committee will meet six times a year and will report directly to the LMA board.