Drawing on the survey’s latest results, the discussion explores how banks are navigating an environment characterized by persistent volatility, regulatory complexity, and a widening mix of financial, operational, technological, and geopolitical risks. The guests reflect on how the role of the CRO has evolved over the past decade, the growing tension between resilience and competitiveness, and why risks such as operational resilience, cyber risk, and geopolitical uncertainty continue to feature prominently year after year. They also examine whether banks are becoming more effective at prioritizing among multiple risks—or still reacting to the latest shock.

The conversation further addresses the gap between strong frameworks and real‑world outcomes, including where banks may be overestimating their maturity in areas such as data, third‑party risk, and crisis response. Tom, Chris, and Jim discuss how institutions can move beyond a compliance‑driven mindset, whether existing supervisory tools are fit for today’s uncertainty, and what risk capabilities CEOs should be investing in now to remain resilient over the next three to five years. The episode concludes with reflections on what success should look like as global bank risk management approaches the next decade.

The discussion then turns to cross‑border coordination and international standard‑setting. Commissioner White walks through the NAIC’s work with the IAIS and the FSB as global bodies refine expectations around recovery and resolution planning, including the implications of the FSB’s expanded list of insurers subject to resolution planning standards. He also offers a detailed overview of progress on the Aggregation Method, recognized as comparable to the ICS in 2024, and outlines how U.S. regulators are addressing remaining issues such as interest‑rate sensitivity and supervisory intervention. The conversation also covers the NAIC’s broader capital‑framework modernization, including the RBC Guiding Principles adopted in 2025 and the ongoing gap analysis aimed at updating a framework that has not undergone major structural revision since the 1990s.

Finally, Commissioner White examines two areas drawing heightened global attention: alternative asset growth and asset‑intensive reinsurance, and the widening natural catastrophe protection gap. He discusses the supervisory responses underway, from enhanced review of asset‑backed securities and offshore reinsurance treaties to expanded market‑level data collection and mitigation‑focused consumer education. The episode concludes with a deep dive into the NAIC’s emerging AI oversight architecture, including the 10‑state pilot of the new AI Systems Evaluation Tool, and the regulatory tensions arising from federal proposals that would centralize or preempt AI governance across industries.

Drawing from insights from over 80 institutions across the insurance sector, the 2025 survey reveals that cybersecurity and geopolitical risks continue to intensify while organizations increasingly prioritize third-party risk management, AI governance, and regulatory compliance.

Our conversation explores this year's key findings and how they've evolved since the inaugural 2024 survey. We examine the expanding role of Chief Risk Officers (CROs) as they drive organizational transformation and embed risk culture throughout their institutions. Stu also contrasts the insurance survey results with findings from the Global Bank Risk Management Survey, highlighting sector-specific risk priorities.

The discussion covers how CROs are navigating emerging technologies like machine learning and artificial intelligence, balancing innovation with risk management while preparing their organizations for unforeseen challenges ahead.

The full IIF/EY Global Insurance Risk Management Survey can be found here.

Katie and Jean discuss a variety of timely topics within climate stress testing and climate scenario analysis. Jean reviews the key developments in the field – in relation to scenario development, data and metrics, and modelling techniques – over the past five years, what we have learned in that time and the key challenges and open questions for the next five years.

These topics include assessing the rate of transition and notable changes within the insurance sector under a presidential administration shift, key priorities for the newly launched Risk-Based Capital Task Force, challenges within property insurance-related markets as highlighted by events such as the Los Angeles wildfires of January 2025, amassing circa $30 billion in insured losses, how the NAIC coordinates with international regulators in an increasingly fragmented regulatory environment, NAIC approaches to artificial intelligence implementation via the AI Model Bulletin and review of the AI Systems Programs, analyzing risks, goals and industry growth potential and prospects from the point of view of the NAIC and much more.

The discussion begins by detailing the IFC's role within the World Bank Group before detailing the structure, composition and development of the MCPP, what role the insurance sector plays and how credit insurance is leveraged in the program, providing examples of projects supported by the MCPP, common challenges facing institutions looking to participate in the program and much more.

We are delighted to be joined by EY's Tom Campanile, the Global and Americas Financial Services Risk Consulting leader, Joe Mezzadri, a Financial Services Risk Consulting Leader, and Chris Woolard, Chair of EY's Global Regulatory Network to discuss the findings of this edition of the survey.

The discussion on the survey's findings focuses on underlying themes - such as increased volatility, widespread uncertainty, and a broadening range of risks - that Chief Risk Officers (CROs) face, the shifting risk landscape and how CROs navigate emerging challenges, how innovative technologies, including artificial intelligence and quantum computing, factor into risk analysis and strategies, how risk management teams are evolving through partnerships and talent acquisition, how organizations can proactively combat risk and much more.

The full survey in its entirety can be found on the IIF website and on the EY website.

After providing a backdrop of the current state of the securitization markets and recent trends, Richard, Carole and Ian discuss many present and future topics within the market, with a particular focus on the market in Europe. The discussion includes highlighting significant regulatory requirements and features and the impact and implications for relevant stakeholders, the health of the securitization market from a credit point of view, consequences and potential outcomes from the recent European Commission consultation on the Functioning of the EU Securitisation Framework, the particular importance of the securitization market in the development of the Capital Markets Union and much more.

The episode then shifts to a focus on insurance, as Scott gives a brief overview of the history of insurers in the private credit space before discussing the interrelation between private creditors and insurers and the mutual benefits of the relationship. Ana and Scott continue the duration of the podcast describing alternative asset managers’ work with the insurance sector, key findings from a recent Moody’s survey of life insurers in private credit, approaching risks and benefits investing in private credit, rating activity in private credit, bank relationships in the private credit space, macro implications for the financial system and much more.

The episode begins with Lauren providing an overview of the new SEC rule, centered around key implementation considerations for Fixed Income Clearing Corporation (FICC) clearing members and other market participants. Mary Frances and Lauren then discuss a number of topics surrounding the new rule, including expected changes to the FICC Rulebook, market implications both domestically and internationally, and challenges related to done-away trades.

The discussion centers around the five major takeaways from the survey, which included nearly 70 institutions in the insurance sector: • What Chief Risk Officers (CROs) can do to engage in transformation and enable responsible risk-taking • How strong risk management can set the foundation for advanced capabilities • Strategic investment in tech and talent top the investment agenda when resources are tight • What CROs can do to prepare for the full impact of AI - both across the insurance business and within their own operations • How the CRO role is evolving alongside the changing insurance business model and risk landscape

The podcast discussions also spans a number of other topics from the survey findings, including the importance of the CRO role in the C-suite; how to foster innovation while ensuring data security; approaches to combatting third-party risk; reflections on the findings from the inaugural Global Insurance Risk Management Survey compared to the Global Bank Risk Management Survey – another annual collaboration between the IIF and EY; potential blind spots in the industry, and more.

The full IIF/EY Global Insurance Risk Management Survey can be found here.

The discussion centers around the recent ECB/ESRB report titled “Towards Macroprudential Frameworks for Managing Climate Risk,” which introduces a surveillance framework for assessing the impact of climate-related risks on the EU financial system. Opening with an overview of the report's context, the podcast delves into comparisons with ECB/ESRB climate scenario analyses exercises and highlights key charts for listeners.

The discussion then explores the new surveillance framework, focusing on metrics and indicators, and delves into the report's key findings for the banking, insurance and non-banking sectors, respectively. The conversation extends to policy considerations, discussing the report’s menu of options for macroprudential authorities and the relationship with existing measures by financial sector supervisors.

The episode concludes with initial insights into nature-related financial risks, their significance compared to climate-related financial risks, and a glimpse into the ECB/ESRB Project Team's future plans.

The focus of the conversation revolves around findings of the joint IIF/McKinsey 2024 Report on Futureproofing Cybersecurity and Emerging Technology, titled: “The Cyber Clock is Ticking: Derisking Emerging Technologies in Financial Services.” Topics include the challenges and opportunities financial services firms face in adapting to the rapidly evolving technology landscape and the associated cybersecurity risks.

The episode delves into themes such as the changing cyber risk landscape, the benefits and risks of emerging technologies, the relevance of cloud and edge computing, the impact of generative AI and the importance of cyber risk management strategies. The group also discusses key questions for organizations to consider in enhancing their security posture. The podcast concludes with suggestions for listeners to enhance their own cyber resilience in the face of evolving technological landscapes.

The full survey report is available on both the McKinsey and IIF websites.

Topics include finalizing the long-awaited Insurance Capital Standard (ICS) and strategy behind its implementation, importance of climate risk in the approach of the IAIS, integration of consumer protection and protection gap issues, the evolving role of private equity in insurance markets, developments in AI and cyber risks related to the insurance sector and overall plans for Shigeru’s tenure as Chair.

We are pleased to be joined by Jan Bellens, Global Banking & Capital Markets Sector Leader, Tom Campanile, Americas Financial Services Risk Consulting Leader and Peter Davis, Americas Financial Services Markets & Solutions Leader.

Discussion on the survey's findings include leading risks such as cybersecurity, geopolitics, and climate risk, as well as the role of a Chief Risk Officer (CRO) in navigating volatility, the impacts on the risk management function, including challenges around talent acquisition, recommendations for how to support and improve organizational and operational resiliency, and much more.

The survey in its entirety can be found on both the IIF website and EY website.

The discussion hits on a variety of talking points, including notable recent bank failures, deposit insurance caps and their "moral hazards," stickiness of deposits and long-term loan approaches, potential changes in global standard-setting practices, the presence of social media and the future of crisis management and resolution.

The discussion revolves around many key points, including the continuous development of regulation, the variation of pace in technological advancements by worldwide jurisdictions, signs of potential volatility in cryptoasset markets and evolution in regulatory framework within the cryptoasset realm.