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 organisation is in full compliance with applicable regulations (chief compliance officer). They may also deal with topics regarding insurance, internal auditing, corporate investigations, fraud, and information security. CRO's typically have post-graduate education and 20+ years of business experience, with actuarial, accounting, economics, and legal backgrounds common.
The Rise of the CRO in Executive Middle East Magazine, http://www.executive-magazine.com/getarticle.php?article=14802
The Banker Video Series: The Role of the Chief Risk Officer
The changing role of chief risk officers and how SAS® can help them reduce risk exposure while increasing profitability. For more insight on how companies ar...
Chief Risk Officer Interview at Risk & Regulation USA 2013
A summary of the critical challenges, opportunities and skillsets required by financial risk professionals discussed in the CRO Opening Panel at Risk & Regul...
Managing Risk for Strategic Value and Competitive Advantage
Michael Hofmann, former chief risk officer of Koch Industries and board member of Calpine Corporation and the Global Association of Risk Professionals, and D...
Buffett Says "Chief Risk Officers" are a Terrible Mistake
One of the benefits of attending the Berkshire Hathaway (NYSE: BRK-B) shareholders' meeting is learning from the great value investors and Buffettologists wh...
Ch 6 of 6. The role of the chief risk officer – Enterprise risk management in the digital era
Ch 6 of 6. The role of the chief risk officer – Enterprise risk management in the digital era.
Insights: The chief compliance officer of the future: Embracing a Risk Intelligent view
Over the past decade, heightened regulations related to the Patriot Act, Sarbanes-Oxley and Dodd-Frank have elevated the importance and visibility of the chi...
UBS Names Philip Lofts as Chief Risk Officer
Philip J. Lofts, CEO UBS Group Americas (NYSE:UBS), resumes his former role as UBS's Group Chief Risk Officer. Philip J. Lofts was Group CRO between November...
AIG Appoints Sid Sankaran as Chief Risk Officer 11-8
Officials from American International Group, Inc. (NYSE:AIG) announced Monday that Robert Lewis will be succeeded by Sid Sankaran as the firm's chief risk of...
Chief Risk Officer, Luisa Evaristo Ice Bucket Challenge
We saw the news about a 12 year old boy name Baharudin Buhari who will be sitting for his UPSR in about two weeks, has been selling kuih door-to-door in Sung...
Interview with David Cadoux, AXA Group P&C Chief Risk Officer
In 2014, AXA asked c. 200 internal experts to determine which emerging risks would have the highest impact on the society at large in the next 5 to 10 year...
LA Daily News
Mon, 15 Dec 2014 12:37:30 -0800
Los Angeles Superior Court Judge Richard Fruin said there are not enough details in ex-LAUSD chief risk officer Gregg Breed's complaint to support all of his allegations, particularly in the areas of retaliation, breach of contract and unjust enrichment.
Wed, 26 Nov 2014 07:11:15 -0800
Two Harbors Investment Corp. announced today that there will be changes to the key management position of Chief Risk Officer, effective January 1, 2015. While I did not predict that this management change would occur, I am very pleased with the choice ...
Fri, 12 Dec 2014 05:30:00 -0800
IDC Financial Insights Reveals Chief Risk Officer Predictions for 2015 International Data Corporation (IDC) today hosted the IDC FutureScape: Worldwide Risk Management 2015 Predictions Web conference, which highlighted predictions based on a new ...
Thu, 11 Dec 2014 01:56:15 -0800
Therefore, moves at the top of the tree are now significant and the latest investment bank to hire in a new risk head is Morgan Stanley. Lee Guy, who spent 10 years working for Barclays' investment bank, joined Morgan Stanley as chief risk officer for ...
Times of Malta
Thu, 04 Dec 2014 01:33:45 -0800
He has held a number of key senior positions, the most recent being that of executive head risk management. Mr Borg will be responsible for the measurement and management of all financial and non-financial risk of the BOV Group including credit risk, ...
Thu, 04 Dec 2014 03:15:00 -0800
Hiscox's interim chief risk officer Hanna Kam is to take up the role on a permanent basis, subject to regulatory approval. Kam joins Hiscox from EY's Risk and Actuarial Services team, where her focus was on capital and risk management including ...
U-T San Diego
U-T San Diego
Sat, 20 Dec 2014 16:56:15 -0800
“We are believers in balancing risk among various assets in a portfolio over time,” said Ben Hunt, Salient's chief risk officer, at a meeting of the board of trustees last week. This winter, trustees are reviewing their investment strategy. I'm worried ...
Thu, 27 Nov 2014 02:03:06 -0800
Kleinwort Benson has hired Andrew Schiels as global chief risk officer. He replaces Letitia Smith, who recently left to join Lloyds. Schiels was most recently at Schroders, where he worked for 10 months as chief risk officer in the firm's wealth ...
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