JOB INSIGHTS
Chief Risk Officer (CRO)
LAST UPDATED 30 Jun 2022
106 active jobs

The role of chief risk officers today

 

As the job title name suggests, the chief risk officer (CRO) is primarily responsible for mitigating risks within a company. They evaluate potential vulnerabilities and similar activity that can influence decision-making. As risk can occur in many organisational functions, CRO's observe and analyse numerous factors: regulatory procedures, technical systems, and other competitive variables. 

As a c-suite, executive position, the CRO job in Malta or elsewhere works directly alongside other senior management and reports to the company CEO or a board of directors. In managing risk, CRO's evaluate the risk tolerance of a business, conduct diverse planning to mitigate risks, and produce relevant reports that describe strategic plans and similar risk management initiatives. These reports are then discussed with senior management, employees, and other relevant personnel.

 

Types of risk

 

Risk management can be a diverse finance job, especially when reaching a senior position in the field, which typically necessitates numerous responsibilities. As mentioned beforehand, there are areas of risk CRO's can specialise in or primarily focus on. In this article, we’ll describe the following risks CRO's manage:

  • Regulatory or compliance risks: whereby CRO's ensure a company abides by relevant compliance frameworks and similar legal regulations.
  • Technical risks: as we continue to rely on technology to support business growth, CRO's must be cautious of increased cybercrime measures to avoid potentially devastating cybersecurity attacks in a company.
  • Competitive risks: CRO's observe an organisation in a macro lens, meaning they analyse their current positioning in the industry and mitigate any risks that occur by competition. Importantly, CRO's ensure companies remain resilient among difficult circumstances.
  • Strategic risks: in the circumstances whereby certain strategies cannot be fulfilled properly, CRO's work to analyse any interruptions that don’t go according to plan.

Generally, the CRO profession can be a fruitful role in ensuring businesses stay afloat in terms of running smooth operations. Although challenges within risk may occur, CRO's must retain a positive attitude throughout and help build a resilient brand.

 

Duties and responsibilities of chief risk officers

 

CRO's combine their operational skills with leadership responsibilities in overseeing and supervising diverse internal processes. With this in mind, CRO's are able to effectively develop strategies and monitor progress over time. Whilst their specific duties and responsibilities will differ depending on the organisation’s size and industry, commonalities between them include:

  • Mitigate diverse operational risks,
  • Ensure the health and safety of employees in mitigating physical, occupational risks,
  • Consider various environmental and personal factors that can impact business operations and employee work,
  • Observe and solve any data breaches that occur as a result of cybercrime,
  • Collaborate with various personnel to identify any concerning internal procedures,
  • Monitor any changes within the risk mitigation landscape,
  • Develop risk maps and similar planning initiatives for mitigation purposes,
  • Monitor progress of risk plans over time,
  • Analyse progress reports and produce risk analyses to share with stakeholders and other employees,
  • Create risk plans specific to information technology,
  • Evaluate any incoming internal errors by employees or technology, and
  • Partake in discussions regarding business decisions to evaluate levels of risk involved.

Overall, the CRO job in Malta or elsewhere can be highly dynamic, for these individuals work with numerous personnel to ensure smooth business operations. Their role is integral within organisations and the demand for talent in this area is increasing, especially as organisations adopt novel technologies to conduct tasks. 

 

Salary expectations 

 

The demand for CRO's is rapidly increasing, leading the career with fast-paced growth capabilities alongside impressive salary raises. The Castille Salary Survey is based on the average gross basic salary ranges we have seen offered in the local market over the last 12 months. This survey is updated quarterly, remaining representative of current market trends.  

For a global perspective, it is worth keeping in mind that sources vary and are subject to change with time. Considering these variances, salaries for CRO jobs consistently reflect an average salary ranging from $85,000 to $160,000 a year. These numbers vary according to level of experience, specialisation, and other associated living costs. 

 

Education and qualifications of chief risk officers

 

Like many c-suite and executive jobs, CRO's are expected to possess numerous qualifications to successfully undertake their role. They typically own a bachelor’s and a master’s degree in business administration or a similar discipline. CRO's demonstrate extensive work experience, especially in areas related to accounting, economics, risk management, and legal. Increasingly, CRO's are also gaining skill sets within technical areas and cybersecurity.

The career ladder for CRO's can represent diverse backgrounds, depending on the industry the individual is looking to specialise in. For example, it’s common for CRO's to have worked as auditors, financial analysts, operation managers, risk managers, and similar titles before actualising this executive job. Certain organisations, such as in a bank, would require training and qualifications within compliance. Interested applicants for the CRO job should continue to research their options within this space. 

 

Trending technologies and skill sets 

 

As a collaborative job, it’s no wonder that CRO's gain their skills in ones such as communication and problem-solving. In working with various office functions, other trending technologies and skill sets include:

  • Leadership: CRO's provide guidance in business planning and evaluate risks associated with certain decisions.
  • Communication: CRO's communicate and collaborate with internal and external parties of a business. Communication skills are vital to ensure employees, stakeholders, and other senior management members understand the potential risks involved with certain decisions and how to prevent these.
  • Problem-solving skills: in working closely alongside internal teams, CRO's encounter diverse organisational challenges. It’s important that CRO's work to mitigate any risks associated with a business and help teams develop successful solutions.
  • Analytical skills: CRO's frequently devise plans and strategies that focus on short- and long-term business outcomes. With an analytical mindset, CRO's are able to carefully plan and promote business growth steadily over time.

The above illustrates the general skills of such a job that is focused around supporting business professionals whilst ensuring internal structures operate well. They understand current business objectives and help amend these during shifting workplace trends. 

 

Career prospects as a chief risk officer

 

CRO's typically work in various office environments, including a work from home job. They collaborate with diverse personnel frequently and facilitate internal and external communications. The consistent use of valuable hard and soft skills employed by the CRO is transferable across organisations, meaning these individuals are able to work in diverse workplace settings.

For jobseekers interested in pursuing a career path as a CRO, individuals should work to gain valuable work experience in any preferred industry. Applicants must consider their area of specialisation thoughtfully and apply for jobs that are relevant. CRO's can continue to improve their technical and soft skills through independent learning and keeping up with workplace affairs.

 

Begin your chief risk officer career today with Castille 

 

Now that you’ve critically assessed what working as a CRO is about and whether it is right for you, you are able to kickstart your career in this ever-growing field. As technology and the workforce continues to rapidly advance, the role of a CRO remains a career suitable for the long-haul.

Tags
Chief Risk Officer (CRO)
chaticon