MetricStream’s COO, Gaurav Kapoor, discusses how the Chief Risk Officer’s role is changing; CROs are finding themselves increasingly focused on enabling growth while simultaneously ensuring stability.
It’s a global trend: Consumers and investors are demanding better standards of corporate governance and integrity. This trend has effectively shifted the focus of the Chief Risk Officer (CRO) from traditional risk areas, such as financial risk, to conduct risk, reputational risk and ethical risks. Additionally, emerging technologies, such as artificial intelligence and machine learning, have introduced new concerns around data security and privacy.
In order to best address these nuanced challenges, CROs have a multifaceted role; they must help the organization protect its integrity and reputation while also maximizing business performance. A tricky balancing act, CROs are now required to not only provide credible challenges to the business, but also to encourage profit and growth.
Here are four key priorities that are becoming increasingly important to CRO success:
1. Fostering Innovation
According to PwC’s 2018 Risk in Review study, “adapters” – organizations with risk management programs that effectively manage innovation-related risk – were almost twice as likely as their peers to say…
