The Chief Risk Officer is a senior management position responsible for identifying, analyzing, and mitigating events that could threaten the business. These risks can be internal or external in nature. The CRO reviews different factors that could adversely impact the company’s investors or the performance of its business units.
What Does a Chief Risk Officer Do?
A chief risk officer is responsible for managing a variety of risks that can be classified into three groups: technical, regulatory and competitive. A CRO must also monitor processes that may lead to risk. For example, if a company collects data from its customers, suppliers or other third parties, it must ensure that all such data is secure and confidential. If there is a security breach, the customer service representative must resolve the issue to ensure it does not happen again.
How to become a CRO?
The position of chief risk officer requires significant work experience in all functions and industries of the company. It also requires excellent knowledge in the fields of technology, finance and corporate risk management.
The Institute of Risk Management (IRM) is the world's leading professional body in ERM, offering an ideal path (from Level 1 to Level 5) to becoming a risk leader with an accredited fellowship in ERM at Level 5, and is globally recognized in 143 nations. The titles awarded by IRM are the most prestigious in the world for Enterprise Risk Management.
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