IICJ Paper Enterprise Risk Management and the Role (and Life) of the In-House Counsel Pete Maloney, Chief Legal Officer and Corporate Secretary, QBE Reinsurance, USA

Over the past decade, the financial services industry has adopted the language of enterprise risk management, e.g., ERM. Although it can seem otherwise, the mass production of checklists, heatmaps, and risk appetite statements was not ERM’s original purpose. Rather, ERM’s intended upshot was to effect “culture change” within organizations, for it to be embedded with staff, and eventually leave the fold of the assurance functions and run itself. Industry boards and CEOs are still considering ERM’s value and some question whether its reach exceeds its grasp. Meanwhile, regulators have seized on ERM as a powerful vector for monitoring the financial services industry. Rating agencies have likewise made ERM an essential rating component. ERM sits now as a valued monitoring and oversight mechanism -- the question is whether ERM can find its end state and achieve its original purpose of establishing “risk culture.”
Author
Pete Maloney
Pete Maloney
From January 2004 to this past April, Pete Maloney served as the Chief Legal Officer and Corporate Secretary of QBE’s North America division. At QBE, he managed 65 legal and compliance professionals and acted as Chairman of QBE’s agency division. He practiced insurance and reinsurance law for 11 years in New York firms before his tenure at QBE. He may be reached on Linkedin and at petemaloney@live.com.
Company
QBE Reinsurance
QBE is a global insurance and reinsurance carrier with operations in over 45 countries.
Country
USA More
Area of Law
Risk More
Business Sector
Insurance More
Month Published
July 2014 More
Edition
Vol. 7, No. 28, Summer 2014 More
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