The Post Financial Crisis Chief Risk Officer: The Teenage Years
Writer and consultant
Published by Hedley May
Number of Pages: 16 |
Following the financial crisis and the recommendations of the Walker Report, the Chief Risk Officer now has unprecedented authority in financial institutions. But while the position is not more clearly established, there is still debate about the mature status of the role.
Should the CRO now take responsibility for compliance? What's the difference between a 'good' and a 'great' CRO? What role does the CRO have in driving efficiencies, and will that create tension with other executives? And given the complexity of the expertise required for the job, how can financial institutions implement coherent succession plans?
This report explores these questions and makes recommendations based on interviews with 30 Chief Risk Officers (CROs) and risk executives at leading UK and international banks, insurance companies and asset management companies.
Financial Times (full article):
The increasing importance of managing risk by financial institutions in the wake of the crisis has been underscored by research showing that chief risk officers are paid as much as £2m as they oversee a small army of as many as 20,000 people.