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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.

561 news items

ITWorld Canada

ITWorld Canada
Mon, 20 Oct 2014 08:11:15 -0700

“Something that important shouldn't be left to the techies.” says computer security prof and researcher. Organizations must take IT security away from the information technology department and put it in the hand of a chief risk officer if they want to ...

Rochester Democrat and Chronicle

Buffalo News
Thu, 09 Oct 2014 13:57:14 -0700

Five Star Bank's parent company named William L. Kreienberg as executive vice president, general counsel and chief risk officer. Kreienberg, a Rochester resident, is a partner at Harter Seacrest and Emery. He will retire from that role to take his ...

The Chattanoogan

The Chattanoogan
Tue, 23 Sep 2014 06:07:30 -0700

BlueCross BlueShield of Tennessee has promoted Ralph Woodard to the position of treasurer and chief risk officer. He previously served as controller and chief accounting officer. In this role, Mr. Woodard will oversee investment management, operating ...
 
Business Insurance
Tue, 07 Oct 2014 08:00:00 -0700

RSA Insurance Group P.L.C. has appointed William McDonnell as group chief risk officer, it announced Tuesday. Mr. McDonnell currently is group risk director at London-based RSA and will take up his new post on Dec. 1, subject to regulatory approval.

Washington Times

Washington Times
Fri, 26 Sep 2014 12:43:32 -0700

The National Security Agency has hired its first “chief risk officer” in an attempt to quell public fear that it operates outside the rule of law. Anne Neuberger, the former director of the agency's Commercial Solutions Center and aide to the NSA ...
 
The Insurance Insider (subscription)
Tue, 07 Oct 2014 01:26:15 -0700

Global insurer RSA has promoted its group risk director William McDonnell to group chief risk officer, with effect from 1 December. McDonnell's appointment comes in the wake of the retirement of existing group chief risk officer David Weymouth ...
 
PR Newswire (press release)
Wed, 17 Sep 2014 13:03:45 -0700

BUFFALO, N.Y., Sept. 17, 2014 /PRNewswire/ -- Richard S. Gold was named a Vice Chairman of M&T Bank and Chief Risk Officer (CRO) of M&T Bank Corporation (NYSE: MTB)("M&T") and M&T Bank. Current CRO Donald K. Truslow announced his ...
 
Insurance News Net
Wed, 24 Sep 2014 20:45:00 -0700

NSA/CSS Director Admiral Michael S. Rogers recently announced the creation of a new Chief Risk Officer position at the Agency. "I've given considerable thought to the way we do business, both in terms of the complexity inherent in carrying out our ...
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