The CRO Committee welcomed discussions on committee membership, including a planned review and refresh to ensure balanced representation and effective governance. Lloyd’s provided updates on oversight, highlighting enhanced cooperation with the PRA to reduce duplication and align supervisory approaches, including thematic reviews and SMCR approvals. The committee also discussed the 2026 objectives, covering topics such as the integration of ORSA with three-year plans, underwriting controls, geopolitical risk, and stress testing. Updates were shared on the LMA Risk Next Generation workstreams, including AI risk management and risk culture surveys, as well as ongoing initiatives around combined assurance frameworks. Members explored regulatory developments and confirmed that current culture oversight at Managing Agent level remains effective.