From the course: Introduction to Risk Management

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The chief risk officer

The chief risk officer

From the course: Introduction to Risk Management

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The chief risk officer

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- [Narrator] The Enterprise Risk Management Framework is a bank's critical roadmap, describing its risk management and governance approach. However, an ERM Framework will not run itself. Banks require a strong risk leader with the expertise and experience to implement the ERM Framework effectively. The Chief Risk Officer, or CRO, is the senior executive at the bank, responsible for implementing the ERM Framework. The CRO's role and responsibilities depend on the bank's business model. For example, investment banking, versus retail banking, size, and the complexity of the bank. The CRO is not expected to get involved in the day-to-day implementation of the bank's risk management policies and processes, but rather oversee risk management and drive the development of internal controls to minimize internal and external risk. As the most senior member of the organization's risk management function, the CRO guides other risk personnel so they can effectively identify, analyze, and address…

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