Recently, we have seen the emergence and recognition of the role of chief risk officer (CRO). Generally, a CRO appears to be the person who has to assess all strategic, operational, financial or compliance-related risks that a business may be exposed to.
Now, I always thought in banking that ‘risk’ was to do with market risk, credit risk and operational risk – but the bank CROs I meet tend only to be concerned with the latter. That is why the general conversations with them focus on things such as pandemics and catastrophes.
