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Volume 32, Issue 2

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Tuesday, 19 March 2019 14:38

How the Chief Risk Officer’s Role is Changing in 2019

The stakes are getting higher for CROs and compliance officers. Brenda Boultwood of MetricStream details why it’s increasingly imperative that risk and compliance professionals work hand in hand to address ongoing risks and strengthen organizational GRC efforts.

While risk and compliance functions have run on parallel tracks for years, 2019 is likely to witness a new level of synergy between the two groups as they collectively seek to help their organizations drive performance while preserving integrity.

Partnering in this effort will be the Chief Risk Officer (CRO) who, by virtue of his or her bird’s-eye view of organizational processes and hierarchies, is well-positioned to understand how compliance ties back to risk, where key issues or concerns might lie and how risk frameworks can be integrated with compliance to optimize value.

Some large banks have organizationally integrated their operational risk management functions with their regulatory compliance functions (or are in the process of doing so), but this is less important than understanding the synergies.

With that in mind, here are four specific areas where I believe the CRO can impact compliance in 2019: