Key Skills required for a Chief Risk Officer

The key skills required for a Chief Risk Officer (CRO) include:

Technical Expertise: Familiarity with risk management principles, methodologies, and tools. Understanding the current operational, financial, strategic, and compliance risks, and the mitigation responses.

Data Analysis and Modelling: Use data to identify patterns, trends, and risks. Use data analysis to make informed decisions.

Communication and Stakeholder Management: Communicate risk exposures and complexities internally and externally, including with regulators. Risk management is devolved through the organization. Negotiation and relationship building skills would come with a client facing background.

Business Acumen: Current on industry trends and regulatory frameworks. Understanding the relationships between organizational strategies and risk exposures.

Leadership and Collaboration: Classic skill sets for any manager: teamwork, problem-solving, and building consensus for necessary action.

Adaptability and Continuous Learning: The risk landscape is dynamic, and risks are increasingly interdependent. The ability to adapt and continuously learn is crucial.

Strategic Thinking: The ability to think strategically in order to monitor and support Line Management on matters of significance to the Institution as a whole.

Presentation Skills: Excellent verbal, written and facilitation skills along with well developed presentation skills.

Organizational and Motivation Skills: The ability to organize and motivate others, some of whom may be in more senior positions. This includes the ability to chair and run meetings.

Data Interpretation: The ability to effectively interpret and aggregate significant amounts of data and information and distil it to key points in order to assist Senior Management to fully appreciate their risks.

Relationship Building: The ability to build effective relationships with other risk management performing functions, such as the functions concerned with disaster management, business continuity, health and safety, insurance, compliance, fraud prevention and the like.

Computer Skills: Good computer skills and ability to use risk management software.

Managerial Skills: Strong managerial skills to effectively run a risk management unit.

Knowledge of Governance Practices: Good understanding / knowledge of governance practices, internal control systems and ability to monitor risk management activities / programmes (and implementation thereof).

Behaviours: Energetic and self driven; Results / Output / deadline driven; Leadership; Team orientated; Change orientated; Decision maker; Assertive, self confident; Presentable, professional and confident; Good interpersonal skills; and Good communicator.