Chief risk officers assess key threats to insurance industry
April 27, 2017 by Joe Gardyasz
What emerging issues are insurance companies’ chief risk officers most concerned about? Cyber threats and new regulatory standards are high on the list.
For Brent Mardis, vice president and chief risk officer for Sammons Financial Group in Des Moines, regulatory risk has been a theme for at least the past five years. Mardis was part of a panel a panel discussion at the Global Insurance Symposium on Wednesday at Veterans Memorial Community Choice Credit Union Convention Center.
“The Department of Labor’s fiduciary rule has taken a lot of our time over the last 18 to 24 months, and will continue to do so for the next 18 to 24 months,” he said. The prolonged low-interest rate environment and cyber risk are also top of mind for Sammons, which specializes in life, annuity and securities sales.
The fourth annual insurance conference, which began Tuesday and ends today, has drawn a record 540 industry leaders, regulators, entrepreneurs and other insurance and technology professionals from across the country as well as globally.
Joining Mardis on the chief risk officers panel were Reddy Pakanati, vice president of credit, collections and analytics at Sherwood Management Co., a California-based jewelry retailer with nearly 100 stores; and Alessandrea Quane, chief risk officer for multinational insurance giant American International Group, and a graduate of Drake University’s actuarial science program. Jeff Lorenzen, chief investment officer of West Des Moines-based American Equity Investment Life Holding Co., moderated the panel.
Not surprisingly, cyber risk is a threat that each of the organizations has in common. Sammons, for instance, now has a dedicated team that assesses cyber risks on a daily basis, Mardis said.
Continue reading to see how the panelists are dealing with risks. Full Insider Story.
