They are the real reason our banks, insurers and pension funds remain the envy of the world. But being a CRO is often a thankless profession. When they head off danger, they get none of the glory. But when disaster strikes, they get all the blame.Those unsung heroes deserve their due because of the increasing complexity of risk management.
“Public confidence depends not just on knowing that financial institutions are and will remain financially sound, but also in knowing that they conduct their business with integrity and that they are addressing threats that seek to undermine the services they provide or compromise the data they hold,” he later added.
The scandal also engulfed JPMorgan Chase, because Mr. Epstein was a client of the U.S. bank when Mr. Staley worked there prior to taking the top role at Barclays. Last month,and resolved a second lawsuit with Mr. Staley. This slew of non-financial risks is contributing to increased workloads for CROs and their teams, according to a 2023 Thomson Reuters Regulatory Intelligence report. But that increased pressure isn’t necessarily translating into bigger budgets.
“There are always in a big organization multiple views on what things might be,” Mr. Agrawal told delegates at the Global Risk Institute’s annual summit in Toronto. “But for risk management to have the last word and have the stature to execute on beliefs is very important.”