By Alon Kaufman

Where are financial institutions today along their risk management journey? In the years following the 2008 financial crisis, the average bank has spent a great deal of effort and capital ensuring compliance with new and ever-changing regulations and breaking down organizational silos. The goal for most firms since that time has been to build a better view of risk across the enterprise in order to grow the business while avoiding the next crisis.

These efforts have moved most institutions and their risk groups in the right direction. However mounting evidence suggests that even this enterprise-wide approach to risk management is failing to deliver the desired results. This has been made even more apparent of late, as the increasingly complex risk landscape has been coupled with the COVID-19 pandemic, highlighting the need for further enhancement of risk management practices and technologies. What we’ve learned throughout this entire journey is that an enterprise-wide view of risk is not wide enough—what we need is an industry-wide view of risk.

Why? Let’s take a look at financial crime risk as an example. Today, even the largest financial…

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The chief risk officer of Citigroup is leaving his post at the end of the year, making way for the company to hire someone else to oversee its massive overhaul of risk management and internal controls.

On Monday in a memo to employees, Citigroup CEO Michael Corbat and his successor, Jane Fraser, announced the pending departure of Brad Hu, a 12-year Citi veteran who has overseen global risk management since January 2013. The pair said Hu has been “an outstanding CRO.”

“We respect his decision to align his own timing with the CEO transition and his desire for the function to reset as Jane leads the management team on the firm-wide transformation that lies ahead,” they wrote, adding that he has “been instrumental in reducing Citi’s risk profile and securing credit upgrades while helping guide [the] institution through significant geopolitical and economic disruptions.”

“At the same time, he prepared our firm to respond to emerging risk areas such as climate change and cyber security,” the two wrote. “He and his team have worked tirelessly to navigate through the pandemic, allowing us to support our clients while keeping credit costs at a reasonable level in an…

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WASHINGTON, Aug. 19, 2020 /PRNewswire/ — Trinity Cyber today announces that Thomas P. Bossert, a globally recognized security leader, has taken over as President to promote growth and deliver a fully managed threat prevention service to its clients, who face a rapidly growing threat online. Emerging from stealth mode last August, Trinity Cyber adds an active defense capability previously missing in the cybersecurity field. 

In addition to serving as President of Trinity Cyber, Bossert is the ABC News national security analyst and a Distinguished Fellow at the Atlantic Council. Bossert joined Trinity Cyber in 2019 as Chief Strategy Officer and previously served as homeland security advisor to two U.S. Presidents. While at the White House, Bossert served as the Nation’s chief risk officer responsible for cybersecurity, homeland security, counterterrorism and global health security. He also founded and led a management consulting business that supported commercial clients as they assessed and managed multifaceted, complex risk structures and compliance requirements.

“Tom’s appointment is another positive step for our company as we experience rapid growth and forge an…

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