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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. CROs 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.

James Lam, a noted risk professional, is credited as the first person to coin the term. Lam is the first person to hold that position at GE Capital in 1993. 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]


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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19376 news items

International Business Times UK

New York Times
Fri, 29 Jan 2016 09:00:43 -0800

Barclays said on Friday that C. S. Venkatakrishnan, the head of operational risk at JPMorgan, would join the British bank as its chief risk officer in May. In his new role, Mr. Venkatakrishnan would become a member of the executive committee at ...

Sydney Morning Herald

Sydney Morning Herald
Thu, 28 Jan 2016 14:50:51 -0800

One of the Commonwealth Bank's most senior executives, chief risk officer, Alden Toevs, is stepping down from the role, to be succeeded by head of corporate affairs David Cohen. Chief executive Ian Narev on Friday said Mr Toevs would retire from the ...

Benefits Canada

Pensions & Investments
Wed, 03 Feb 2016 09:48:45 -0800

AIMCo recruits chief risk officer. By Rick Baert | February 3, 2016 12:40 pm | Updated 12:42 pm. Reprints · Print. Remco van Eeuwijk was named chief risk officer at the Alberta Investment Management Corp., Edmonton.
Insurance Journal
Tue, 26 Jan 2016 04:22:30 -0800

London-based RSA has appointed Doug Stewart to the new role of chief risk officer for the UK and western Europe. Stewart will be responsible for the governance of significant risks to the UK and Western European businesses, including strategic ...


Sun, 31 Jan 2016 23:52:30 -0800

Barclays has appointed C.S. Venkatakrishnan as Chief Risk Officer. Venkatakrishnan joins Barclays from JP Morgan Chase where he has been the Head of Model Risk and Development since 2012 and Head of Operational Risk since September 2013.

Charlotte Business Journal (blog)

Charlotte Business Journal (blog)
Mon, 25 Jan 2016 13:11:15 -0800

LPL Financial has tapped Tracy Calder as the firm's new managing director and deputy chief risk officer. Calder is based in Charlotte and reporting to Michelle Oroschakoff, managing director and chief risk officer, as of Monday. Calder will be ...
Business Insurance
Mon, 25 Jan 2016 07:22:30 -0800

RSA Insurance Group P.L.C. has appointed Doug Stewart to the newly created role of chief risk officer for the United Kingdom and western Europe, the insurer announced Monday. Based in London, Mr. Stewart will be responsible for governance of risks to ...
Canada NewsWire (press release)
Mon, 18 Jan 2016 13:00:00 -0800

WATERLOO, ON, Jan. 18, 2016 /CNW/ - Karen Gavan, president and chief executive officer of Economical Insurance, is pleased to announce the appointment of Elaine Lajeunesse as senior vice-president and chief risk officer (CRO) effective January 25, ...

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