On 10 October 2014, EIOPA published a speech given by its Chairman which commented on the position of Chief Risk Officer (CRO) in the insurance sector. Key points highlighted included that (a) CROs have been key to the development of a new risk-based regime in the insurance sector; particularly given that insurers must put customers to the forefront of business decisions and that CROs are instrumental in achieving this objective and (b) a CRO should be viewed not as a regulatory requirement but as a sound business practice and once which reflects strong governance.