Implementation of the China Risk Oriented Solvency System (C-Ross), set for 2016, is forcing the country's insurers to take an enterprise risk management-based approach to their business. Devised by the China Insurance Regulatory Commission, which was concerned about risks accumulating with the rapid growth of the local market and the need to match global regulatory best practice, the new regime presents many challenges to insurance firms.
Insurers must create a new risk function with a chief
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