Under Solvency II, insurers need to establish a risk management function and are required to appoint a Chief Risk Officer. 

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Interim measures for Solvency II - Preparing the risk management function

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By Jim Murphy, Kevin Manning | 31 October 2013

Based on EIOPA’s final guidelines to regulators for the implementation of the System of Governance requirements, insurers will need to establish a Risk Management Function with Solvency II responsibilities, perhaps as early as January 1, 2014. In addition, the current Central Bank of Ireland consultation on the Corporate Governance Code for Credit Institutions and Insurance Undertakings requires insurers to appoint a Chief Risk Officer. This note analyses the implications for insurers, setting out the key issues to address.