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Carol Ann Richmond
Company: Arthur J. Gallagher & Co
Job title: Chief risk and compliance officer
2015: International chief risk and compliance officer,
Arthur J. Gallagher
2010: Chief risk officer, Aon UK
2008: Customer and operations director, AXA Insurance
2003: Risk and compliance director, AXA Insurance
2002: Director of risk management UK and Europe,
1998: Compliance director, Prudential Assurance
1989: Head of committees, head of monitoring, head of
major UK banks, FSA (and its predecessor regulatory bodies)
solution, the requirement to report will focus the minds
of organisations. We all need first to fully understand any
underlying reasons contributing to a gender pay gap, then
devise the most effective countermeasures and support
programmes to address it.
At Gallagher we believe that fostering greater diversity as
part of an inclusive culture will engage and empower our
people to drive greater customer-focused innovation and
further improve productivity. Independent studies are finding
mounting evidence about such performance enhancements,
which will of course benefit everyone within an organisation.
Has the profile of women in re/insurance been raised in
The increased visibility of powerful women attaining top
executive roles—across all sectors—based on their operational
experience, ambition, leadership and expertise is helping to
create some fantastic and influential role models for younger
women embarking on their careers.
In the past, when the issue of gender imbalance arose, all too
often this was addressed by appointing female non-executive
directors, often in their 50s or 60s. What we lacked were the
aspirational role models of younger women, in their 30s and 40s,
becoming executive board members while still moving forward
in their careers. That’s changing and it’s brilliant to see.
Why did you choose to work in this industry?
The industry is so diverse and I’ve had the privilege of working
in many of its fields—the life sector, wealth management,
general insurance and broking—so there has always been the
opportunity to learn something new.
What has been the highlight of your career so far?
I’ve been lucky enough to have several pivotal opportunities
to help turnaround businesses and deliver transformational
change. I’ve relished my roles in large, complex organisations
wrestling with challenging change programmes or altering
their strategic direction. The sense of pride for the contribution
made by my team has been the main highlight every time.
What has been the biggest challenge you have encountered?
Creating a genuine work/life balance. I was lucky to have
a series of great bosses (all men) who allowed me to work
flexibly during my son’s childhood. He’s now at university
and I’m incredibly proud of everything he’s achieved while
feeling privileged to have had the opportunity to shape his
life while progressing my career.
What was the most significant development you’ve seen
over the last 12 months?
This year’s introduction of Gender Pay Gap reporting
could prove to be a real catalyst for change in enhancing
our industry’s overall credentials on diversity and inclusion.
While it’s a complex issue, with no easy one-size-fits-all
“We believe that fostering greater
diversity as part of an inclusive culture
will engage and empower our people.”
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