Chief Risk Officers (CRO) Committee
The CRO Committee has the following roles:
- to promote the highest technical standards in the risk management area for LMA members and within the Lloyd’s market;
- to represent the interests of risk management practitioners in this area with the Corporation of Lloyd’s (“ Lloyd’s”) regulatory authorities and organisations in the UK and overseas; and within the wider insurance industry;
- to respond to requests from risk management practitioners in this area, the LMA executive, policy committees and other committees for advice and recommendations on risk management issues or other issues as defined within these Terms of Reference and, where necessary, raising such issues with other organisations or individuals;
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to promote good communications between the CRO Committee and the LMA and its other committees, Lloyd’s, the IUA, UK and overseas regulatory authorities, and other interested parties.
Click here for a list of
current Committee members and
Committee Terms or Reference.
Key activities
The Committee will provide a recognised voice on:
- key risk management issues impacting Lloyd’s but also London Market insurance firms
- evolving regulatory requirements for CROs
- discussion forums to consider emerging and long-term risks
- championing best practice in risk management to advance Lloyd’s/London Market insurance businesses.
The Risk Next Generation Committee is a sub-committee of the LMA CRO Committee. The main purpose is as follows:
- Providing assistance on topics to be identified to the wider CRO committee;
- identifying topics which may be of interest to the CRO committee and the wider market; and
- Build awareness of what other LMA groups and committees are focusing on, on risk-related topics to avoid any duplication of efforts.
For 2023 / 2024, the committee members worked on the following workstreams:
- People Risk;
- Emerging Risks;
- Risk function engagement with the Business.