CRO Forum changes chairmanship into 2010

22 dec 2009 - by CRO-FORUM

The CRO Forum has elected a new Chairman and Vice-Chairman for 2010.Jean-Christophe Menioux, AXA's Chief Risk Officer was elected as Chairman for 2010, and Chief Risk Officer of Zurich Financial Services Group, Axel Lehmann, was elected Vice-Chairman of the CRO Forum for 2010. In 2009, Mr. Menioux served as Vice-Chairman of the Forum.

The CRO Forum would like to thank Tom Grondin, Chief Risk Officer of Aegon, for his excellent job as chairman during the year of 2009 and for his decisive efforts to strengthening and converging views of the industry on Solvency II. Under his leadership, the CRO Forum's released important contributions on the calibration of Solvency II, one of the most crucial element of the new Framework. The CRO Forum also demonstrated thought leadership with its 'Insurance Risk Management Response to the Financial Crisis' published in April 2009.

In 2010, the CRO Forum will continue to develop and promote industry best practices in risk management. Solvency II, and in particular its 5th Quantitative Impact Study on course for the Summer 2010, will remain at the top of the agenda of the group. Another important initiative led by the CRO Forum focuses on emerging life and non-life risks. Examples of such risks include climate change, asbestos liabilities, genetic engineering and nanotechnology.

Upon their election, Mr. Menioux and Mr. Lehmann declared:'The CRO Forum has always been deeply committed to the Solvency II project, which is on the top of the CRO Forum's agenda. We continue to support an economic, risk-based solvency system as laid down in the Solvency II Framework Directive, which is built on commonly agreed principles, empirical insights and the economic realities in the financial markets. 2010 will be a decisive year to develop the measures necessary for the implementation of the Framework Directive and we would like to encourage the European Commission and Regulatory Authorities to strike the rigth balance and avoid setting overly conservative and detiled requirements just to be on the safe side. We look forward to actively working with all stakeholders during the year to come.'