North America Risk Governance and Culture

Submitted on 25th June 2015

The North American CRO Council (“Council”), representing 30 insurers across North America, seeks to develop and promote sound practices in risk management. This paper, which was developed in collaboration with Oliver Wyman, is intended to highlight key considerations that we hope will assist the industry in further strengthening risk governance and culture. Importantly, we acknowledge that there are many approaches to implementing sound practices in risk management; business requirements and implementation may differ meaningfully across organizations due to factors such as business complexity and strategy, organizational size, risk tolerance and target risk positioning. Indeed, in our research we find that practices vary considerably across the industry. 


Notwithstanding these differences, looking ahead, we believe there are several principles which serve as a guide for our industry, each essential for ensuring effective risk governance and building and sustaining a healthy risk culture.

North America CRO Council
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