The meeting received updates across key risk workstreams, including stress and scenario testing, risk culture, AI risk management and cycle management. The stress and scenario workstream is engaging NEDs to understand board perspectives on the usefulness of stress testing, with outputs to be consolidated into a broader view for CRO-level discussion. Risk culture work highlighted inconsistent market definitions and measurement approaches, with agreement on the need for clearer frameworks to enable comparability and progress tracking. The AI risk management toolkit, developed through market engagement, has been published and focuses on governance, risk tiering and responsible AI adoption, with further feedback expected for future iterations.

Members discussed delaying cycle management work pending further Lloyd’s strategy guidance, with potential alignment to future ORSA and planning cycles. ORSA submissions continue to be challenged by difficulties in quantifying geopolitical risks, leading to reliance on high-level scenario narratives. Preparations for the PRA DyGIST exercise were discussed, including LMA drop-in sessions and coordination to support market participation and manage workload during the live phase.

The group also reviewed support for the wider risk community, including upcoming geopolitical risk insights from Control Risks and development of a market framework covering key risk indicators and transmission channels. A forthcoming market-wide survey will assess risk function structures, skills and assurance models, supporting benchmarking and identification of capability gaps. Finally, members expressed interest in enhancing LMA Risk Academy content with more advanced, practical training aligned to emerging risk themes.