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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.

External links[edit]

References[edit]

The Rise of the CRO in Executive Middle East Magazine, http://www.executive-magazine.com/getarticle.php?article=14802



Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Chief_risk_officer — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

935 news items

 
Buffalo News
Fri, 22 Aug 2014 12:15:09 -0700

Financial Institutions, the Warsaw-based parent of Five Star Bank, is making a change at chief risk officer. The bank on Friday announced the departure of Kenneth W. Winn. David G. Case was appointed interim chief risk officer of the company, in ...

Citizen

Citizen
Sun, 17 Aug 2014 03:07:30 -0700

No comment on Abil's former chief risk officer remarks. FILE PICTURE: Tami Sokutu, Executive Director at African Bank. (Photo by Gallo images / Financial Mail / Robert Tshabalala). Tom Winterboer, the curator handling African Bank Investments Limited ...
 
MarketWatch
Wed, 13 Aug 2014 08:39:40 -0700

"We are fortunate to have a professional of Blake's caliber on board as Chief Risk Officer," said Frank Holding, chairman and chief executive officer of First Citizens Bank. "His substantial expertise in risk and credit and his extensive leadership ...
 
American Banker
Thu, 14 Aug 2014 07:15:00 -0700

Coules will be in charge of risk management across the entire $22 billion-asset company, overseeing compliance, credit risk, operational risk and analytics functions. Coules is taking over for Donald Geaslen, who became chief risk officer last August ...
 
MarketWatch
Mon, 04 Aug 2014 05:31:19 -0700

"Todd is perfectly suited to the responsibilities of the Chief Risk Officer, primarily due to his extensive experience dealing with RGA's financial reporting and capital management issues. He has also been intricately involved in new-transaction risk ...
 
Reuters
Tue, 26 Aug 2014 07:48:45 -0700

He was chief risk officer at Deutsche Schiffsbank until it merged with Commerzbank, Hypo said. Austria is breaking up Hypo, which it had to nationalise in 2009, and shifting 18 billion euros ($23.8 billion) of assets into a "bad bank" while selling off ...
 
Business First of Buffalo (blog)
Tue, 02 Sep 2014 03:41:15 -0700

According to a recent regulatory filing, chief risk officer Kenneth Winn exited Financial Institutions in August and David Case, chief commercial credit officer, was appointed to Winn's post. Case will handle both roles, at least on an interim basis ...

Canadian Underwriter

RTT News
Mon, 01 Sep 2014 06:06:49 -0700

Hancock has spent his entire career in financial services, including 20 years at J.P. Morgan, where he served as the firm's chief financial officer and chief risk officer. Last month, the insurer reported a better-than-expected increase in second ...
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