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
The Banker Video Series: The Role of the Chief Risk Officer
The changing role of chief risk officers and how SAS® can help them reduce risk exposure while increasing profitability. For more insight on how companies ar...
9th CRO Assembly - Jo Oechslin, Group Chief Risk Officer, Munich Re
First innovate, then consolidate: that was one of the key messages about the state of risk management from Munich Re's Jo Oechslin, one of the participants o...
Chief Risk Officer Interview at Risk & Regulation USA 2013
A summary of the critical challenges, opportunities and skillsets required by financial risk professionals discussed in the CRO Opening Panel at Risk & Regul...
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
Philip J. Lofts, CEO UBS Group Americas (NYSE:UBS), resumes his former role as UBS's Group Chief Risk Officer. Philip J. Lofts was Group CRO between November...
Interview with David Cadoux, AXA Group P&C Chief Risk Officer
In 2014, AXA asked c. 200 internal experts to determine which emerging risks would have the highest impact on the society at large in the next 5 to 10 year...
Chief Risk Officer, Luisa Evaristo Ice Bucket Challenge
We saw the news about a 12 year old boy name Baharudin Buhari who will be sitting for his UPSR in about two weeks, has been selling kuih door-to-door in Sung...
Managing Risk for Strategic Value and Competitive Advantage
Michael Hofmann, former chief risk officer of Koch Industries and board member of Calpine Corporation and the Global Association of Risk Professionals, and D...
Royce Questions Former MF Global Chief Risk Officer
Former MF Global Chief Risk Officer tells Rep. Royce that MF Global lacked the sufficient amount of capital and resources necessary for the strategy they wer...
Thu, 23 Oct 2014 15:18:45 -0700
His appointment at the $337 billion-asset bank takes effect Nov. 24. He will report directly to Gerald Hassell, BNY Mellon's chairman and chief executive. He was also made a senior executive vice president at the bank. Weiner most recently worked as a ...
Scoop.co.nz (press release)
Thu, 23 Oct 2014 16:37:30 -0700
Oct. 24 (BusinessDesk) – Heartland New Zealand, 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.
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
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 ...
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.
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 ...
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 ...
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