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...
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...
Pat Kirscht, Chief Risk Officer - Building a Strong Business
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.
9th CRO Assembly - Jo Oechslin, Group Chief Risk Officer, Munich Re
First innovate, then consolidate: that was one of the key messages about the state of risk management from Munich Re's Jo Oechslin, one of the participants o...
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...
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...
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...
Wed, 26 Nov 2014 07:11:15 -0800
At the start of the new year the current Chief Risk Officer, Paul Richardson, will abdicate the position but will remain in his role as Partner and Chief Risk Officer for Pine River Capital Management, which is the parent of Two Harbors' external ...
Mon, 03 Nov 2014 09:57:05 -0800
Hampton Roads Bankshares in Virginia Beach has named John Marshall Jr. as chief risk officer. He succeeds Robert Bloxom, who retired from Hampton Roads at the end of September. Marshall will also serve as an executive vice president at the $2 ...
Mon, 17 Nov 2014 10:56:15 -0800
BOSTON, Nov 17, 2014 (BUSINESS WIRE) -- State Street Global Advisors (SSgA), the asset management business of State Street Corporation STT, -0.41% announced today the appointment of David Saulnier as chief risk officer. Saulnier, age 47, previously ...
The National Business Review (subscription)
Sun, 09 Nov 2014 12:45:10 -0800
Heartland New Zealand [NZX: HNZ], the bank formed through the merger of Canterbury and Southern Cross building societies with Marac Finance, has hired Kiwibank executive Richard Lorraway as its new chief risk officer. Lorraway has held the same ...
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 ...
Business Wire (press release)
Wed, 05 Nov 2014 06:26:15 -0800
NEW HAVEN, Conn.--(BUSINESS WIRE)--Higher One, a leader in providing financial services and data analytics to more than 1,900 colleges and universities across the U.S., today announced that Mark Archer has joined the organization as Chief Risk Officer ...
Thu, 06 Nov 2014 10:45:00 -0800
Target Corp. has named a General Motors executive to be chief risk and compliance officer as the retailer continues to overhaul its security department in the wake of last year's massive data breach. Loading… Post to Facebook. Target names chief risk ...
Mon, 24 Nov 2014 08:57:57 -0800
Tim Geithner said he realised Merrill Lynch's risk culture was not in great shape when John Thain, then chief executive, did not know the name of his chief risk officer – who at the time was sitting next to him. The anecdote demonstrates a truth that ...
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