Chief Risk Officer (CRO) Salary
|Salary||$90,050 - $246,395|
|Bonus||$7,250 - $88,000|
|Profit Sharing||$0.00 - $30,913|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$90,612 - $303,342|
Job Description for Chief Risk Officer (CRO)
A chief risk officer usually oversees a region for a company to identify all sorts of risks the company might face or is currently being subjected to. The chief risk officer wants to make sure that company profits are a priority while policies and regulations are being adhered to. Some areas that the chief risk officer will oversee are risks relating to investment, credit, operations, and things that may be happening on the market. The chief risk officer must also be familiar with company policies and the law. The officer should make sure that various departments are complying with these regulations.Read More...
The chief risk officer will also identify areas that the public may view as questionable in order to reduce risk to the company reputation. When problems are discovered, the chief risk officer must work with the appropriate departments in order to correct the risk and keep it from reoccurring. This job also requires carrying out research and analytics in order to gain an understanding of what is happening in the market. Then potential risks can be identified and prevented from coming to realization. This job may require working in the field with some travel in order to carry out risk evaluations. These risk evaluations may also be something that needs to be developed by the risk officer in order to create objective standards..
Generally, a minimum of a bachelor’s degree is required, along with many years of experience in a related position. The position may involve overseeing a group of risk management officers, so leadership experience may be necessary.
Chief Risk Officer (CRO) Tasks
- Coordinate with senior management to develop, evaluate, and implement risk management policies.
- Evaluate and report on compliance with governance and financial regulations.
- Identify key areas for improvement and recommend changes.
Pay by Experience Level for Chief Risk Officer (CRO)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Chief Risk Officers with a lot of experience tend to enjoy higher earnings. The average beginner in this position makes around $122K, but folks who have been around for five to 10 years see a markedly higher median salary of $162K. People with 10 to 20 years of experience make an average of about $198K in this role. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $214K.
Pay Difference by Location
Home to some of the best pay for Chief Risk Officers, New York offers exceptional salaries, 50 percent above the national average. Chief Risk Officers can also look forward to large paychecks in cities like San Francisco (+24 percent), Seattle (+23 percent), San Diego (+18 percent), and Des Moines (+17 percent).
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Key Stats for Chief Risk Officer (CRO)
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