Conduct risk and PBR questions for Allstate CRO
Conduct risk and corporate culture are live issues for Steve Verney, chief risk officer at Allstate, but he also sees the need for risk involvement in business decision making – and preparation for possible reform of capital rules
Mis-selling and price-rigging scandals have brought conduct risk into the spotlight for UK institutions this year, but it's not an issue limited to the UK financial markets. For insurers in all countries, conduct risk is nothing new. Steve Verney, chief risk officer (CRO) at US insurer Allstate, points out that there have been mis-selling issues going back two decades with some companies in the sector. The 2013 creation of the Financial Conduct Authority has brought conduct risk within financial
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