The chief risk officer (CRO) or chief risk management officer (CRMO) of a corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. Risks are commonly categorized as strategic, reputational, operational, financial, or compliance-related. CRO's are accountable to the Executive Committee and The Board for enabling the business to balance risk and reward. In more complex organizations, they are generally responsible for coordinating the organization's Enterprise Risk Management (ERM) approach.
The position became more common after the Basel Accord, the Sarbanes-Oxley Act, the Turnbull Report
A main priority for the CRO is to ensure that the organization is in full compliance with applicable regulations and to analyze all risk related issues. They may also be required to work alongside other senior executives such as with a chief compliance officer. They may deal with topics regarding insurance, internal auditing, corporate investigations, fraud, and information security. The responsibilities and requirements to become a chief risk officer vary depending on the size of the organization and the industry, however most CRO's typically have a masters-degree level of education and 10 to 20 years of business-related experience, with actuarial, accounting, economics, and legal backgrounds common. There are many different pathways to become a CRO but most organizations prefer to promote their own employees to the position internally.
The Rise of the CRO in Executive Middle East Magazine, http://www.executive-magazine.com/getarticle.php?article=14802
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Daily Local News
Wed, 19 Aug 2015 13:26:15 -0700
Woolworth previously served as chief risk officer for First National Bank of Chester County and held audit director and manager positions at Ferris, Baker Watts, a full-service broker-dealer and investment banking firm, Citigroup Inc., Provident Bank ...
Mon, 17 Aug 2015 03:44:31 -0700
From 1 September, Penny James will succeed John Foley in the position, as he retains his role as group investment director and member of the group executive committee after taking on the additional role of group chief risk officer in June on an interim ...
Wed, 05 Aug 2015 12:01:31 -0700
WASHINGTON — The Office of the Comptroller of the Currency named senior bank examiner Linda Cunningham as its first chief risk officer on Wednesday. As the CRO, Cunningham will lead the Office of Enterprise Risk Management and will be in charge of ...
Mon, 10 Aug 2015 02:37:54 -0700
Prudential Plc, the U.K.'s largest insurer by market value, appointed Penny James as chief risk officer, replacing John Foley. James, who starts on Sept. 1, was previously director of group finance, Prudential said in a statement on Monday. Foley, who ...
The Straits Times
The Straits Times
Thu, 13 Aug 2015 22:10:21 -0700
SINGAPORE - Mr Tan Hak Leh, AIA Singapore chief, has been appointed group chief risk officer of AIA Group, and will move to Hong Kong in his new role, said the insurer on Friday. He reports to group chief executive Mark Tucker, and will become a member ...
Fri, 14 Aug 2015 03:09:57 -0700
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Wed, 12 Aug 2015 08:56:15 -0700
COLUMBUS, Ohio, Aug. 12, 2015 /PRNewswire/ -- American Electric Power AEP, +1.27% has named Stephan T. Haynes senior vice president - Strategic Initiatives and Chief Risk Officer effective Aug. 3. Haynes, 54, was promoted from vice president ...
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