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In order to study and analyze the evolution of CRO function, TCS and Chartis undertook structured research, working with CROs and risk unit staff across institutions with a focus on technology and operating processes. The report examines the increased centralization, externalization, and the broader role of the risk function. While the context for much of the CRO’s evolution is credit risk, the evolving role of the risk function aggregates a range of processes, providing value to the organization through integrated risk strategy, risk management processes, risk infrastructure, and risk culture.

Key themes in the evolution of the CRO are:

  • Quantification of emerging risks with a structured model and framework
  • Development of risk strategy as the risk function evolves into a strategic resource
  • The risk function is moving from compliance to broader responsibilities
  • The changing role of the CRO requires a new set of tools
  • Structural change is occurring in the risk function