7.3 Role of Chief Risk Officer
The Chief Risk Officer (CRO) is a senior executive responsible for overseeing an organization’s enterprise-wide risk management. Key aspects of the CRO’s role include:
- Leading risk management efforts across the organization
- Integrating risk considerations into strategic planning
- Developing and implementing risk policies and procedures
- Ensuring compliance with relevant laws and regulations
- Fostering a risk-aware culture throughout the organization
- Providing regular risk assessments to the board and executive management
- Managing crises and mitigating their impact
- Overseeing technology and cybersecurity risks
- Collaborating with other executives for comprehensive risk management
- Staying informed about emerging risks and best practices (Horvath, 2024; Strawser, 2023)
The CRO’s role has become increasingly important due to complex business environments, regulatory requirements, and the need for proactive risk management. Their work is crucial in helping organizations navigate uncertainties and protect their assets, reputation, and long-term viability.
