TAL boosts risk management capability

Australia’s largest life insurer TAL ‎has strengthened its risk management by appointing a Chief Risk Officer (CRO) to its senior executive team.

Experienced risk manager Scott Mackenzie has this month started in the new role at TAL following an extensive career in financial services in the United States, Latin America and Canada.

TAL Group CEO Jim Minto said the appointment not only boosts TAL’s already strong risk management capability but elevates it to a specific executive management role.

“As a 140 year old life insurer, TAL obtains most of its earnings from effectively taking risk so we have strong risk management capabilities,” he said.

“Enhancing our risk management capability and approach reflects on the continuing growth of the company and helps underpin the promises we make to our customers and partners that we will be there when they need us.”

Mr Minto said creating value through effective risk management was at the heart of being a life insurer, and TAL has a long and proud history of providing peace of mind and financial support when people most need it in life.

Along with the CRO appointment, a dedicated TAL Board Risk Committee has been established along with a framework to share risk management expertise and best practice across the broader Dai-ichi Life Group of companies.

Mr Mackenzie was most recently CEO and founder of a risk consulting practice in Atlanta city in the US where he lived and practiced before taking up the new role at TAL.

Previous to this, the Canadian worked for almost 20 years in a variety of senior executive roles for ING, including as CRO and Chief Financial Officer for ING Latin America, and for ING Americas as Head of Corporate Planning and Secretariat as well as in a life product management senior leadership role.

‎The change at TAL takes place upon the retirement of Chief Corporate Governance Officer Peter Noble who has held the role for seven years.

“Peter has done a great job for TAL and been a part of our growth story over that time and both I and the entire team at TAL wish him the very best in his retirement,” Mr Minto said.

Mr Mackenzie said: “Throughout my over 30 years in the life insurance industry I have witnessed and experienced a great deal of change, both personally and professionally.  But what has never changed is my belief in the importance and the incredible value that our products and services bring to our customers.”