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Encyclopedia > Chief risk officer

The Chief Risk Officer (CRO) or Chief Risk Management Officer (CRMO) of a corporation is the executive in charge of assessing and planning for potential risks in the various segments of a given business model, such as computer security, compliance, and lawsuits, to minimize the firm's liability and related management costs. A corporation is a legal person which, while being composed of natural persons, exists completely separately from them. ... Computer security is a field of computer science concerned with the control of risks related to computer use. ... A lawsuit is a civil action brought before a court in order to recover a right, obtain damages for an injury, obtain an injunction to prevent an injury, or obtain a declaratory judgment to prevent future legal disputes. ...


The CRO is a revolutionary position created in the wake of the Basel Accord, the Sarbanes-Oxley Act, the Turnbull Report and other pieces of legislation. The Basel Accord(s) refers to the banking supervision Accords (recommendations to laws), Basel I and Basel II issued by the Basel Committee on Banking Supervision. ... Before the signing ceremony of the Sarbanes-Oxley Act, President George W. Bush meets with Senator Paul Sarbanes, Secretary of Labor Elaine Chao and other dignitaries in the Blue Room at the White House July 30, 2002. ...


The main priority for the CRO is to ensure that the organisation is in full compliance with the regulations. Monitoring emerging risks, and integrating risk management principles, in the organisation strategic framework, is also emerging as a crucial role of the CRO. Generally, Risk Management is the process of measuring, or assessing risk and developing strategies to manage it. ...


[edit] CROs

This article or section may be confusing or unclear for some readers, and should be edited to rectify this. ... Official portrait. ... The Canadian Imperial Bank of Commerce TSX: CM NYSE: BCM, better known to most customers as CIBC, is one of Canadas major banks. ... Deutsche Bank AG NYSE: DB (German for German Bank) is a multinational bank operating worldwide and employing more than 67,500 people (Dec. ... Enron Corporation was an American energy company based in Houston, Texas. ... UBS AG (NYSE: UBS; SWX:UBSN; TYO: 8657 ) is a financial services company, headquartered in Zürich and Basel, Switzerland. ... Zurich Financial Services Group is a major financial services group based in Zurich, Switzerland. ...

[edit] See also


  Results from FactBites:
 
Chief Risk Officer, Internal Audit Training, Risk Management Training - Paisley Consulting (513 words)
A corporate Chief Risk Officer is generally responsible for assessing and planning for potential risks in the various segments of a given business model.
With modules for risk assessment, planning, scheduling, work papers, reporting, issue tracking and administration, it’s the most complete way to manage an audit department and is a must for Chief Risk Officers or others involved in internal audit training.
If your Chief Risk Officer is unable to provide this training, our professional trainers are standing by to asssit your auditors and controllers understand the risks and opportunities in every facet of every department in your corporation.
Financial Risk Management (FRM) (3983 words)
Risk management, as it is understood today, largely emerged during the early 1990s, but the term “risk management” was used long before this.
With regard to the market risk faced by derivatives dealers, the report recommends that portfolios be marked-to-market daily, and that market risk be assessed with both value-at-risk and stress testing.
Without risk limits, someone would have to track the risks being taken by individual traders and apply their own subjective judgment as to how much is too much.
  More results at FactBites »

 

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