Quantification versus action

Sue Kean, a director in the business risk unit of UK insurance group Aviva, talks to Duncan Wood about her company’s pragmatic approach to risk management

Operational

risk has been on the banking industry’s agenda since the release of the first Basel Committee consultative paper in 1999. But it’s taken five years for regulators to begin reforming supervisory standards for the insurance industry to include op risk explicitly. While insurers say there is some value in assessing op risk separately, Sue Kean, a director in the business risk unit of Aviva – the UK’s largest insurance group – fervently hopes insurers will not be forced down the same