The growing importance of Risk management practices is leading to appointing of CRO

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Risk management practices leading to appointing CRO



Given the increased complexities in the way financial services firms conduct business in the global marketplace, along with more opportunities for surprises, it is imperative that organizations have effective board risk oversight. The Chief Risk Officer (CRO) is responsible for executing the risk program and providing another line of defense in protecting enterprise value. No other individual, function or group in a financial institution is charged with viewing performance exclusively from a risk perspective. The impact of the Covid-19 pandemic has seen chief risk officers take their rightful place in the boardroom. The CRO has become an indispensable part of the C-suite as a result of far greater overlap between risk and the commercial interests of the wider business. It is now a open secret that, as the ransomware attacks surged by 150% in 2020 with the average extortion amount doubling, leaders are more concerned than ever that employees are educated and know how to avoid these kinds of issues.

Using data analytics to inform risk modelling allow executives to see into the future and plan for any likely eventualities. Anticipating problems in advance of seeing them realise allows organisations to plan ahead and manage and reduce the costs of issues when they do arise. From anticipating increasing demand for hybrid working culture, to understanding the challenges presented by rolling out devices to remote workers, data feedback from across the business informs companies on these eventualities before they happen. Risk has now moved beyond insurance and the broader Financial Services market and most organisations – particularly the larger ones – will have a risk department headed up by a CRO. Yet the principals remain the same. A report reveals that, while security leaders have a high level of confidence in staff knowledge, a recent repo

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