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Chief risk and compliance officer
Arthur J. Gallagher (U.K.) Ltd.
Carol Richmond has played a huge role in transforming Arthur J. Gallagher & Co.’s U.K. operations from a collection of small broking houses and underwriting entities into one of the largest brokerages in the market.
Along with that growth have come the challenges of ensuring the brokerage complies with being more heavily regulated because of its larger size, and helping to steer it in a new strategic direction.
Transformational change is a challenge that Ms. Richmond relishes.
Having taken part in other transformational changes earlier in her career, “the sense of pride for the contribution made by my team has been the highlight every time,” said Ms. Richmond, chief risk and compliance officer for Arthur J. Gallagher (U.K.) Ltd.
Ms. Richmond has more than 30 years’ experience in the governmental and regulatory environment, and worked at the U.K. financial services regulator, the Financial Services Authority, before having roles at several insurance and brokerage companies.
Like many parents, creating a work-life balance that enabled her to devote time to her son was a priority for Ms. Richmond. “I was lucky to have a series of great bosses, all men, who allowed me to work flexibly during his childhood,” she said. “Being visible and accessible to my team was important, but so was making sure I never missed out on the important milestones and moments in my young son’s life.”
Creating an inclusive culture at Gallagher is also a focus. “We believe creating a truly inclusive culture will engage and empower our people to drive greater customer-focused innovation and further improve productivity,” she said. “So it brings big business benefits as well as fantastic career opportunities for our people, too.”
The introduction in the United Kingdom this year of Gender Pay Gap reporting may prove to be a game-changer and is improving the insurance industry’s overall diversity and inclusion credentials, she said: “While it’s a complex issue, with no easy one-size-fits-all solution, the requirement to report will focus the minds of organizations.”