Welcome to the website of the Global Insurance Chief Compliance Officers Forum
The Global Insurance Chief Compliance Officers Forum (CCO Forum) is a group of Chief Compliance Officers from around the world who consider high level issues impacting the Compliance Function within an insurance or re-insurance group. The CCO Forum was formed in January 2015. Dr Thomas Loesler, Chief Compliance Officer of Allianz Group serves as the first Chairman and Lee Augsburger, Chief Compliance & Ethics Officer of Prudential Financial, Inc. was appointed Vice Chairman, both for an initial period of two years. There are 14 founding members of the group, all being large multinational insurance and re-insurance groups with numerous operations around the world. The Chief Compliance Officers of these Members come together regularly to discuss key issues.
This is the first time such a group has been formed with a truly global representation. The objectives of the Group are to share global best practices on a range of topics critical to Compliance Functions in (re)insurance groups. One of the key outputs will be to support the education of all stakeholders in the sector about the roles of Compliance Functions and to participate in the future development of compliance and the Compliance Function for the insurance industry.
The core objectives of the CCO Forum are:
- To share global compliance best practice;
- To educate stakeholders on compliance and the role of the Compliance Function; and
- To participate in the future development of compliance and the Compliance Function.
Why was the CCO Forum established?
- There is an increasing volume of regulatory and compliance change at international, regional and local level with increasing centralisation of policy making. Examples include the COMFRAME programme of The International Association of Insurance Supervisors, establishment of Federal agencies in the US and the creation of EIOPA in Europe.
- These developments have a significant impact on the role, expectations and activities of the Compliance Function.
- Without a clear industry voice it is likely that these changes will be designed and driven by external bodies. A structured industry response is required.
- The degree to which some domestic regulation is moving together varies and there are clear risks that inconsistency in regulatory requirements will increase inefficiency and cost for international companies.
- There are a number of industry bodies and trade associations who have a voice in policy matters but typically, given the emphasis on capital and accounting developments, compliance is not a priority for these groups.
- Many aspects of compliance are subjective in nature and there is an opportunity for a group with the credibility of the CCO Forum to establish or influence views of “best practice” and improve standards generally.
The CCO Forum will run a series of Working Groups allowing representatives from member firms to engage on key topics and where appropriate, respond to or enter into dialogues with policy makers and other stakeholders.
The CCO Forum will also produce publications that will be shared with the industry and interested parties via this website.
This is the 2nd year for the CCO Forum and we currently have 22 members. We are excited by the prospect of additional multinational groups becoming members in due course.
|AIG||Munich Re||Swiss Re|
|Allianz||NN Group||Talanx AG|
|Assicurazioni Generali||Prudential||XL Catlin|
|Aviva Plc||Prudential Financial||Zurich Insurance Group|