Chief Risk Officer (CRO) Salary
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.
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Pay by Experience Level for Chief Risk Officer (CRO)
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Chief Risk Officers, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. New workers enjoy hefty six-figure paychecks when they take on this position — $140K per year is the median for people who claim less than five years' experience. After working for 10 to 20 years, Chief Risk Officers make a median salary of $188K. People who have worked for more than 20 years report a median income of $209K, which is barely higher than the median for folks with 10 to 20 years of experience.
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