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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 organization is in full compliance with applicable regulations and to analyze all risk related issues, they may also be required to work alongside other senior executives such as with a chief compliance officer. They may deal with topics regarding insurance, internal auditing, corporate investigations, fraud, and information security. The responsibilities and requirements to become a chief risk officer vary depending on the size of the organization and the industry, however most CRO's typically have a masters-degree level of education and 10 to 20 years of business-related experience, with actuarial, accounting, economics, and legal backgrounds common. There are many different pathways to become a CRO but most organizations prefer to promote their own employees to the position internally.

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.

15424 news items

 
Reuters
Mon, 27 Jul 2015 10:03:45 -0700

July 27 Churchill Asset Management LLC appointed Christopher Cox as chief risk officer and a senior managing director, effective immediately. Cox, who is joining from The Carlyle Group, will report to Chief Executive Kenneth Kencel, Churchill said ...
 
Pensions & Investments
Thu, 16 Jul 2015 12:30:00 -0700

Eric Nelson, who had held the position since 2010 when the department of risk management and compliance was created, retired Oct. 1, 2014. Karen Chandler, who was named acting chief risk and compliance officer, has also continued in her role as ...

RTE.ie

RTE.ie
Fri, 17 Jul 2015 08:11:15 -0700

Permanent TSB has announced that Jerold Williamson, its Group Chief Risk Officer, will step down in the coming months. The bank said Mr Williamson intends to return to the UK for family reasons and to pursue other interests closer to home. PTSB's Chief ...

American Banker (subscription)

American Banker (subscription)
Tue, 30 Jun 2015 19:06:36 -0700

While hiring a chief risk officer is a given at the big banks, smaller institutions must weigh several factors and options in determining the risk leadership model that works for them. To continue, please sign in or subscribe. FREE 14-DAY. TRIAL. Full ...

American Banker (subscription)

American Banker (subscription)
Tue, 30 Jun 2015 19:03:45 -0700

How Crisis Transformed the Bank Chief Risk Officer. by Joe Adler. JUN 30, 2015 10:00pm ET. A role many people did not understand less than a decade ago has become integral to how banks navigate a new set of postcrisis hazards. To continue, please ...

Irish Times

Irish Times
Fri, 10 Jul 2015 17:00:00 -0700

Adrian Haines, head of credit for the RBS UK retail business, has been appointed as interim chief risk officer. With RBS planning to separate Ulster Bank's operations north and south of the border, a replacement is likely to be appointed for the ...

ThinkAdvisor

ThinkAdvisor
Thu, 09 Jul 2015 07:40:46 -0700

O'Connell Named Chief Risk Officer at Phoenix Cos. The Phoenix Cos., Inc. has announced that Gina Collopy O'Connell has been named chief risk officer. She will report to James Wehr, president and chief executive officer, and succeed Mark Griffin, who ...
 
OctaFinance.com
Fri, 24 Jul 2015 03:52:30 -0700

The Chief Risk Officer of Capital One Financial Corp. (NYSE:COF) 78.86 -11.91 -13.13% , Kevin Borgmann is in the stock market news today. It was revealed in a public form filled by Kevin Borgmann and submitted to the U.S. SEC on July 23, 2015, ...
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