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.
The Rise of the CRO in Executive Middle East Magazine, http://www.executive-magazine.com/getarticle.php?article=14802
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Chief Risk Officer Interview at Risk & Regulation USA 2013
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Pat Kirscht, Chief Risk Officer - Building a Strong Business
Role of CFO is becoming one of CRO, the Chief Risk Officer
Brief interaction with Sujit Sircar, CFO, iGATE Corporation, Bangalore (www.igate.com), May 21, 2009, 2.30 pm.
UBS Names Philip Lofts as Chief Risk Officer
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Interview with David Cadoux, AXA Group P&C Chief Risk Officer
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Royce Questions Former MF Global Chief Risk Officer
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Wall Street Journal
Thu, 23 Oct 2014 07:30:14 -0700
Bank of New York Mellon Corp. has named a new chief risk officer to replace retiring Brian Rogan. James S. Wiener, the head of the North American Public Policy Practice of the Oliver Wyman Group, will lead the trust bank's global risk and compliance ...
National Business Review (subscription)
Thu, 23 Oct 2014 16:37:30 -0700
Heartland New Zealand [NZX: HNZ], the bank which formed after the merger of Canterbury and Southern Cross building societies and Marac Finance, has lost its chief risk officer Mark Mountcastle. Mountcastle has resigned after four years with the ...
Mon, 20 Oct 2014 08:11:26 -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
Thu, 09 Oct 2014 13:48:45 -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 ...
Tue, 07 Oct 2014 01:22:32 -0700
LONDON Oct 7 (Reuters) - Insurance company RSA said on Tuesday it had appointed William McDonnell as group chief risk officer with effect from Dec. 1, 2014. McDonnell will replace David Weymouth, who retires in May 2015, RSA said in a statement.
Thu, 30 Oct 2014 14:22:30 -0700
Mr. Fitz Gibbon joined the Company and the Bank in September, 2005 starting as Senior Vice President, Chief Financial Officer, Secretary and Treasurer and advancing to Executive Vice President, Chief Operating Officer, Chief Risk Officer, Secretary and ...
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 ...
American Banker (subscription)
Thu, 02 Oct 2014 07:40:35 -0700
United Community Banks in Blairsville, Ga., has announced a series of executive changes following the retirement of its chief risk officer. David Shearrow will retire from the $7.4 billion-asset company on Jan. 31. As part of his retirement, United ...
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