LMA - Chief Risk Officers Committee

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Chief Risk Officers Committee

The Chief Risk Officers (CRO) Committee brings together senior risk leaders from across the Lloyd’s market to uphold and advance technical standards in risk management. As a key voice within the LMA, the committee plays a pivotal role in shaping best practices and regulatory dialogue on behalf of its members.

Its core objectives include:

Championing technical excellence in risk management area within LMA member firms and the wider Lloyd’s market.
Representing the interests of risk management practitioners in this area with the Corporation of Lloyd’s (“Lloyd’s”), UK and international regulatory authorities, and the wider insurance industry.
Responding to requests from risk management practitioners in this area, the LMA executive, policy committees and other committees for advice and recommendations on risk management issues or other issues as defined within these Terms of Reference and, where necessary, raising such issues with other organisations or individuals
Fostering clear and effective communication between the CRO Committee, LMA groups, Lloyd’s, IUA and key external stakeholders.

Through collaboration and leadership, the CRO Committee ensures that the Lloyd’s market remains resilient, informed and at the forefront of risk governance.

CRO Committee Term of Reference

Committees » Risk

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Committee

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Alex Koukoudis

Senior Executive, Finance and Risk

Committee secretary

Tom Rivers

Chair

Key issues covered

The CRO Committee provides an authoritative voice and informed perspective on key topics shaping the risk landscape across the Lloyd’s and wider London Market. Its areas of focus include:

Best practice leadership: Championing excellence in risk management to support the long-term strength of Lloyd’s and London market insurance businesses.

Risk management priorities: Addressing critical risk management issues affecting both Lloyd’s and London Market insurance firms.

Regulatory developments: Monitoring and interpreting evolving regulatory requirements specific to Chief Risk Officers.

Emerging and long-term risks: Offering a forum for structured dialogue on forward-looking risks impacting the market.

Committee insights

Replay – UK Sustainability Reporting Standards & Transition Plan Implementation Routes Consultations

Video game and social media addictions: a growing trend with implications for insurers

Artificial intelligence and machine learning in actuarial and risk

Upcoming events

For events hosted online, joining instructions will be emailed to all registered attendees closer to the date of the event no later than 24 hours prior to commencement.

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Emerging Litigation Forum

The LMA invites you to an Emerging Litigation Forum concentrating on PFAS cases.

Understanding Hurricane Risk in a Changing Climate: The Hurricane Damage Index

Join us for a virtual presentation by Professor Ralf Toumi, co-author of the recent research article on the Hurricane Damage Index, published in the Journal of Catastrophe Risk and Resilience.

PICG Presents California Earthquake Claims Handling Certification, Session 2

This course satisfies the California regulatory requirements for earthquake claims handling certification that is required every three years for all insurance professionals who handle earthquake claims in California.

Notable projects

The CRO Committee continues to lead and support initiatives that address critical and emerging risks within the Lloyd’s and London market. For 2025, its focus areas include:

Geopolitical risk analysis: Collaborating with the LMA Underwriting team to explore insurance-specific implications of global geopolitical developments through a series of targeted emerging risk events.
Artificial intelligence risk response: Concentrating on risks arising from client use of AI technologies, rather than underwriter use. Building on the LMA’s AI loss scenario work, this initiative is jointly driven by the CRO Committee and the CRO Next Gen group.
Risk culture development: Supporting the implementation and integration of the risk culture framework developed by the Next Gen group.