Swiss Re’s recent business streamlining overcame a considerable operational threat, for which it received the OpRisk Insurer of the Year award.
In 2017, Swiss Re found its operational risk definitions and controls were mushrooming, and realised it had a problem. Each business unit had been developing its own customised risk registers and 9,600 controls were in place. The operational risk management (ORM) framework had not developed to provide a single view to the board.
“The administration of