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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 it's 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 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.
CROs
- AllianceBernstein - David Martin
- Atradius - Dr. Peter Ingenlath
- AXA - François Robinet
- Bank of America - Amy Woods Brinkley
- Barclays Global Investors - Terry Watson
- Canadian Imperial Bank of Commerce - Wayne Fox
- Capital One - Peter A. Schnall
- Chrysler Financial - Darcy Walker
- Citigroup - Brian Leach
- Deutsche Bank - Hugo Bänziger
- Enron - Richard Buy, Vince Kaminski
- Fidelity Investments - Joseph Iraci
- FirstEnergy - Kathryn Dindo
- GE - Konrad J. Sobolewski
- Irish Life & Permanent - Hilary Flood
- JP Morgan Chase - Barry Zubrow
- Merrill Lynch - Noel B. Donohoe and Edmond N. Moriarty
- MetLife - Robin Lenna
- Morgan Stanley - Thomas Daula
- Morgan Stanley Investment Management - Kenneth Winston
- TIAA-CREF - Erwin Martens
- UBS AG - Walter Stuerzinger
- Wachovia - Kenneth J. Phelan, Don Truslow
- Zurich Financial Services Group - Andreas Grünbichler
External links
- The rise and rise of the chief risk officer (article by Sheila Allen, May 12, 2005)
- Skills: Chief Risk Officer (John S. Webster, Computerworld, April 17, 2006)
- The Chief Risk Officer: What Does It look Like and How Do You Get There? (article by C.R. Lee and P. Shimpi, Risk Management Magazine)
- 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)
References
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