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The myth and reality of the corporate CRO

Published on: 01 Dec 2011

Risk management remains at the top of the corporate agenda for good reasons. The economic downturn is challenging existing business models while high profile risk events are raising questions about how businesses manage risk in an increasingly interconnected and volatile global economy. Companies and C-suite executives also recognise the need to deliver more value from risk management, and our research shows there is an increased focus on how greater risk capabilities can help build competitive advantage.

The Walker Report on corporate governance, in conjunction with regulatory and political pressure, has driven wholesale change in the UK financial services sector, not least highlighting the role of the Chief Risk Officer (CRO). However, to date there has been less focus on what the role of the CRO in corporates should be in the absence of similar regulatory pressure. This joint research by Deloitte (United Kingdom) and executive search specialists, Hedley May provided a fresh perspective on the role of the CRO in corporates and their current risk management approaches. 

The paper examines the critical questions relating to the appetite for a formalised CRO role in corporates in the context of a greater focus on corporate governance and ethical business conduct. We also explore the scope for further enhancing risk management to address emerging risks and embedding risk management in decision-making more effectively

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