A Composite Sketch of a Chief Risk Officer
The purpose of this briefing is to provide readers with a composite sketch of a Chief Risk Officer and to give them a basic understanding of how the position is evolving and where it is heading.
Briefing by
Karen Thiessen
The Conference Board of Canada, 9 pages, September 2001
Document Highlights:
The Chief Risk Officer (CRO) concept is catching the interest of several industries, but its true value is being witnessed more often in the financial services, utility and energy industries. Not surprisingly, CROs in these industries generally have high academic qualifications and related industry experience. They require mathematical, accounting and financial expertise, as well as communication and management skills. Clearly, the CRO’s major task is co-ordinating and establishing integrated risk management, but at the same time, many organizations recognize that a senior financial executive can be equally responsible and skilled at this task. Ultimately, the decision to create a CRO position will be made only after an in-depth assessment of the unique needs and objectives of an organization, during a given, respected time period, is conducted.
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