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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.
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1235 news items

 
Money Management
Wed, 23 Apr 2014 17:22:30 -0700

Life insurer TAL has appointed a chief risk officer to its senior executive team to bolster its risk management sector. Risk manager Scott Mackenzie joins TAL after a long career in financial services in the United States, Latin America and Canada. It ...
 
Financial Standard
Tue, 22 Apr 2014 19:03:45 -0700

Australia's largest life insurer TAL ‎has appointed a chief risk officer (CRO) in a bid to strengthen its risk management. Scott Mackenzie, who has experience in the US, Latin America and Canada, started in the new role at TAL this month. Mackenzie was ...
 
Insurance Journal
Wed, 16 Apr 2014 08:22:30 -0700

As chief risk officer Cisneros' responsibilities include leading the risk management services division consisting of risk control, claims management, risk transfer and legal support management, benefits compliance consult services, human resources ...
 
Compliance Week
Thu, 10 Apr 2014 08:00:00 -0700

ICAP, a UK-based voice and electronic dealer broker and provider of post-trade risk services, has appointed Wendy Phillis as group chief risk officer, effective April 14. Phillis will assume the role from Colin Smith, who is retiring. She will report ...
 
Foster's Daily Democrat
Tue, 01 Apr 2014 00:18:45 -0700

PORTSMOUTH — Service Credit Union announced the recent promotion of Ana Foret as chief risk officer, a newly created position at the credit union. Foret previously served as the credit union's chief internal audit for the past 10 years, managing a ...
 
Compliance Week
Wed, 26 Mar 2014 06:19:09 -0700

Hamilton Insurance Group, a Bermuda-based holding company for property and casualty reinsurer Hamilton Re, has promoted Peter Skerlj to the position of chief risk officer for Hamilton Re. Skerlj, who is a founding member of Hamilton Re's management ...

National Mortgage Professional Magazine

Business Wire (press release)
Thu, 03 Apr 2014 07:26:15 -0700

GREENSBORO, N.C.--(BUSINESS WIRE)--United Guaranty Corporation has named Tom Parrent Chief Risk Officer (CRO). Parrent comes to United Guaranty from American International Group, Inc. (AIG), where he had been Senior Managing Director of ...

Trinidad Guardian

Caribbean360.com
Wed, 26 Mar 2014 07:14:49 -0700

... Banking, Insurance and General Workers' Union (BIGWU) has called for the removal of the chair of the state-owned First Citizens bank, Nyree Alfonso, after the financial institution confirmed it had parted ways with the group chief risk officer ...
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