Chief risk officer
The Chief Risk Officer (CRO) or Chief Risk Management Officer (CRMO) of a corporation is the executive in charge of assessing and planning for potential risks in the various segments of a given business. Risks are commonly categorized as strategic, operational, financial, or compliance-related. CRO's help minimize the firm's liability and related management costs. In more complex organizations, they are generally responsible for coordinating the organization's Enterprise Risk Management(ERM) approach.
The CRO is a revolutionary position created in the wake of the Basel Accord, the Sarbanes-Oxley Act, the Turnbull Report and other pieces of legislation. A main priority for the CRO is to ensure that the organisation is in full compliance with applicable regulations. 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, and legal backgrounds common.
[edit] External links
- The rise and rise of the chief risk officer (article by Sheila Allen)
- Send in the Chief Risk Officer (article by Sandra Pundmann and Bill Kobel)
- Chief Risk Officers emerging as key to helping CIOs accomplish goals (by IT Business Edge)
- The Expanding Role of Chief Risk Officer: From Risk Cop to Decision-Maker (article by Alex Krutov)
- The Chief Risk Officer (article by C.R. Lee and P. Shimpi)
[edit] References
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