Opportunities and challenges for a CRO in China | FinTech ... [PDF]

January 4, 2018

Opportunities and challenges for a CRO in China By Allan Tan | 2017-12-05 Share Email

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Caption: Jason Qian, Assistant General Manager & Chief Risk Officer, Lloyd's Insurance Company (China) Ltd

According to EY’s Global Insurance Trends Analysis 1H2017 (http://www.ey.com/Publication/vwLUAssets/ey-global-insurance-trends-analysis-1h2017/$FILE/ey-global-insurance-trends-analysis-1h-2017.pdf), improving prospects in the US and China are partly to be responsible for the recent rebound of global growth. Specific to China, the CIRC’s crackdown on dubious, high-return life insurance policies offered by large unlisted players has had a positive knock-on effect on the business of listed Chinese (mainland) life insurers. PwC noted that economic crime continues to be a serious challenge for business leaders, the government and society. In a 2016 survey 28% of respondents from China reported having experienced some form of economic crime over the last 24 months. In the EIU report titled Evolving Role of the CRO (https://erm.ncsu.edu/library/article/role-risk-officer) lists the responsibilities of the CRO as including the need to balance risks and inventory decisions to obtain an optimum level for stakeholders. The importance of being cautious when using their expertise in risk management to avoid being estranged from other managers. The EIU also said the goal of the CRO is should be to communicate, coordinate and administer policy for risks. Finally the EIU noted that new product developments and the risks associated with these will become increasingly important.

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