This document provides information about several risk management job positions, including Chief Risk Officer, Director of Enterprise Risk Management, and Director of Financial Risk Management. It includes descriptions of responsibilities, required experience, competencies, and typical reporting structure for each role. The Chief Risk Officer oversees all aspects of an organization's risk management and ensures communication of risk information to stakeholders. Directors develop risk management tools and frameworks to identify, evaluate and monitor operational and financial risks according to policies.

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Job Title: CHIEF RISK OFFICERS Job Category: EXECUTIVE LEVEL
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Job Description
CHIEF RISK OFFICER (CRO)
Most people view risk as a bad thing. But managing risk w ell can create value for a business and provide distinct advantages over
the competition. We call this Risk Intelligence.
Many factors have pushed risk management to the f ront burner. Intense scrutiny f rom investors and regulators. Increased potential
for losses. And a business environment that is increasingly complex and global. Here are some ideas to help you take the right risks
and make better strategic and operational decisions.
Explore risk from every angle
Risk can be a maddeningly tough business management concept to pin dow n. Theoretically, everybody gets it.
But practically? That’s w hy w e created the interactive Risk Intelligence prism andaccompanying video – to help guide your
thinking.
ADJUSTING TO THE NEW WORLD OF RISK MANAGEMENT
Follow ing the latest economic crisis, organizations of all types are still operating in a volatile, highly changeable risk environment.
How are companies making sense of this new world of risk management? We have compiled some resources below to help tackle
this issue.

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CHIEF RISK OFFICER SKILLS & COMPETENCIES
Sample Manager's Guide: Chief Risk Officer
The Manager's Guide to the Chief Risk Officer Role
This Manager's Guide includes:
 The complete set of 37 Competencies expected f rom the role
 154 Interview questions for determining a candidate's skill level in each of 37 Competencies
 161 Coaching tips for helping incumbent to advance their skills in each of the 37 Competencies
 139 Development goals to help measure incumbents' progress in each of the 37 Competencies
 476 Recommended resources for progressing education in each of the 37 Competencies
View PricingBUY
Roles and Responsibilites
The primary responsibility of the Chief Risk Of f icer is senior and executive business management for corporate functions whic h are
not aligned w ith a specif ic job family.
The Chief Risk Of f icer oversees the risk identif ication and assessment process for the entire organization and ensures
communication of appropriate risk information to relevant stakeholders.
A typical job description for the Chief Risk Of f icer role may include:
 Oversees all aspects of an organization's risk management function.
 Responsible for planning and directing business analysis, risk modeling, and loss prevention programs.
 Requires a bachelor's degree w ith at least 15 years of experience in the f ield.
 Familiar w ith a variety of the f ield's concepts, practices, and procedures.
 Relies on extensive experience and judgment to plan and accomplish goals.
 Performs a variety of tasks.
 Leads and directs the w ork of others.
 A w ide degree of creativity and latitude is expected.

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 Typically reports to top management. .. purchase to view all
Organizational Role
The Chief Risk Of f icer typically serves as member of executive management. As such, the Chief Risk Of f icer provides vision, policy,
strategy and direction setting. The organization w ill depend on this person's enterprise and industry view. The Chief Risk Of f icer
generally is responsible for driving organizational goals. .. purchase to view all
Chief Risk Officer Job Responsibilities
The Chief Risk Of f icer generally has the follow ing responsibilities:
 Implementing or enhancing a consistent risk management f ramew ork to be applied across all business organizations.
 Leading the adoption of an organization-w ide risk management program; integrating consideration of risk into strategic
decision-making.
 Identifying key risk areas for the organization; evaluating and quantifying their potential impact.
 Developing a center of excellence for managing risk, draw ing on the expertise of highly skilled individual risk
managers. .. purchase to view all
Chief Risk Officer Competencies
The complete Chief Risk Of f icer Manager's Guide includes the 37 key competencies expected of Chief Risk Of f icer. The report
def ines each Competency in detail. The report also explains w hat level of prof iciency Chief Risk Of f icer should have in that
Competency, as w ell as how important that Competency is to performing the role w ell.
Among the 37 Competencies for Chief Risk Of f icer is... purchase to view all
Audit and Compliance Function
You may observe several behaviors in a person that could be strong indicators of his or her capabilities in the Audit and Compliance
Function competency. The Chief Risk Of f icer is expected to demonstrate Extensive experience in the Audit and Compliance
Function competency. To demonstrate Extensive experience in the Audit and Compliance Function competency, one should
demonstrate know ledge of and ability to manage the major responsibilities, accountabilities, and organization of the audit and
compliance (A&C) function or department.
 Manages one or more A&C functions or units.
 Contributes to development of A&C strategies and plans.
 Facilitates compliance-related business process implementation or improvement initiatives.
 Contributes to the establishment of best practices for A&C.

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 Implements specif ic organizational changes made in response to the Sarbanes-Oxley Act.
 Improves key relationships and dependencies among Audit, IT and other business functions. .. purchase to view all
Chief Risk Officer/Vice President - Risk Management
Description of Responsibilities: Responsible for and has the authority to make all decisions on risk management issues that directly
impact the strategic direction of the company. Sets the strategic risk management vision and is charged w ith delivering that strategy
to the company using exceptional leadership skills, netw ork of internal and external alliances and highly developed business skills.
Possesses an intimate know ledge of internal business processes and the organization's industry. Exhibits business process
know ledge, possesses a broad based operational perspective and provides solutions for non-insurance related business risk issues.
Recognized risk leader, w ho is a dynamic, proactive and decisive person. Adapts well to and initiates change in the organization.
Seeks w ays to optimize risks in the organization as a competitive business advantage. Key traits for the individual in this position
are: highly developed communications, team player, change agent, strategic and creative, excellent project management skills and
the ability to drive performance f rom all areas w ithin their company.
Position level/Reporting Structure: This person typically reports to the Executive Director, President or CEO. They are identif ied as
the top Risk Of f icer in the company and may be the CFO or COO if these positions are identif ied as the person responsible for all
activities relating to risk w ithin the organization.
Director - Enterprise Risk Management (ERM)
Description of Responsibilities: Responsible for the leadership, innovation, governance, and management necessary to identify,
evaluate, mitigate, and monitor the company's operational and strategic risk. Develops Enterprise Risk Management tools,
practices, and policies to analyze and report enterprise risks, and to manage risks according to an enterprise risk management
f ramew ork. Ensures the organization's risk management policies and strategies are in compliance w ith applicable regulations, rating
agency standards, and strategic imperatives of the organization. Establishes the Enterprise Risk Management architecture for the
company. Oversees or monitors all operational risk management activities of the organization. Monitors and analyzes risks within
the company's business units and reports on these risks to the Board. Chairs or provides key inputs into the company's enterprise
risk or other committee that oversees the enterprise risk management process and ensures alignment w ith organizational
objectives. This position also may have responsibilities for Insurance and Risk Management and / or Business Continuity Planning
activities for the organization.
Position level/ Reporting Structure: This person may be a liaison for reporting f indings and status to senior executives and/or the
organization's board of directors/audit committee. The position typically reports to the Chief Financial Of f icer, Chief Risk Of f icer, or
other corporate level of f icer designee.
Director - Financial Risk Management (Commodity, Credit, Interest Rates, and/or For eign Currency)
Description of Responsibilities: Responsible for the leadership, innovation, governance, and management necessary to identify,
evaluate, mitigate, and monitor the company's f inancial risk. Develops f inancial risk management tools and practic es to analyze and
report on f inancial market risks and to manage risks according to a f inancial risk management f ramew ork and relevant policies .
Ensures the organization's f inancial risk management policies, limits, and strategies are in compliance w ith applicable regulations,
rating agency standards, and strategic imperatives of the organization. Oversees or monitors all f inancial risk management ac tivities
of the organization. Monitors and analyzes f inancial risks w ithin the company's business units and on a corporate basis. Chairs or
provides key inputs into the company's f inancial risk management committee.
Position level/ Reporting Structure: This person may be a liaison for reporting f indings and status to senior executives and/or the
organization's board of directors/audit committee. The position typically reports to the Chief Financial Of f icer, Chief Risk Of f icer,

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Treasurer or other corporate level of f icer designee.
Director - IT Risk Management
Description of Responsibilities: This is a senior information technology risk management position in an organization, w ith authority to
make decisions on major IT risk management issues af fecting the organization. This person is usually not the CEO, CFO or COO
unless they spend more than 50% of their time directly involved in, and accountable for IT risk management activities/issues
af fecting the organization. Accountable for implementing IT policies, plans and procedures, and organizational structures des igned
to provide reasonable assurance that 1) IT is aligned w ith the achievement of business objectives 2) Undesired events are detected,
prevented and corrected and 3) IT risks are managed appropriately
Position level/ Reporting Structure: Reports f indings on IT risk exposures to senior executives, and implements IT risk controls.
Operationally reports to the Chief Technology Of f icer, or other corporate level of f icer designee.
Director - Insurance and Risk Management
Description of Responsibilities: This is a senior insurance and risk management position in an organization, w ith authority to make
decisions on risk management issues af fecting the organization. This person is usually not the CEO, CFO or COO unless they
spend more than 50% of their time directly involved in, and accountable for, risk management activities/issues af fecting the
organization. Accountable for achieving strategic objectives, ensuring ef fective hazard (typically insurable risks) risk management
for the organization and supervising, leading and/or directing key risk stakeholders. This person typically ow ns the process of
identifying, measuring and managing insurable or hazard risks, developing reports and plans, and analyzing risk/insurance problems
and def ining and/or overseeing the implementation of the risk solutions that help optimize operations.
Position level/ Reporting Structure: Reports f indings on risk exposures to senior executives and/or the organization's board of
directors, and implements strategies to manage insurable and/or hazard risks. Operationally reports to the Chief Financial Of f icer,
Chief Risk Of f icer, or other corporate level of f icer designee.
Manager - Insurance Management
Responsibilities include directing the purchase of insurance programs, management of claims and loss control activities,
management of relationships w ith third party service providers including brokers, insurers and other TPAs, preparing loss analyses
and budgets, identifying exposures, recommending solutions, implementing approved programs, promoting loss prevention,
updating and monitoring compliance w ith insurance procedures and managing safety/risk management manuals.
Employee Benefits Manager
Responsible for the direction and management of the organization's employee benef its program. Develops and administers plans
through coordination w ith professional consultants and technical experts in the legal, medical, actuarial, accounting, f inancial,
economics, labor relations, and communications disciplines. The benef its program administration includes designing and f inanc ing
the plans, controlling costs, communicating benef its to employees, and keeping abreast of government legislation af fecting
employee benef it plans.
Claims Manager
Mitigates an organization's exposure to risk by formulating, developing, and coordinating all claims -related activities, as w ell as
resolving bona f ide claims at the least possible cost through various risk transfer techniques. Directs a program to ensure the proper
and ef f icient handling of claims, gathering data on claims for both record keeping and loss forecasting purposes , and estimating the
f inancial value of claims. Is also responsible for post loss reduction techniques such as salvage, subrogation and rehabilitation.
Workers' Compensation Claims Manager
Manages accountabilities in the administration of f irst and third party w orker's compensation claims. This role manages domestic
and/or international claim management strategies critical to the organization's success. Understands and operationalizes programs,

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policies, and procedures for: reporting, investigation, and analysis; litigation management; resolution/outcome management; and the
delivery of claim information. Manages litigated and moderately complex claims and is entrusted w ith signif icant settlement
authority. Understands and communicates claims management philosophy and strategy to business unit and regional management.
Builds, maintains, and manages relationships w ith claims adjusters, insurers, outside legal counsel, and other claims related parties.
Ensures external reporting requirements are met. Operationalizes the design, analysis and delivery of claim information w hich
inf luences risk management behavior through performance metrics and benchmarking.
Business Continuity Manager
Leads corporate w ide contingency planning/business continuity ef forts. Establishes a f ramework and methodology for completion of
contingency plans by internal business units. Coordinates training, communication, and testing of plans. Frequently has a
background in IT, audit or control and either has earned or is w orking toward certif ication in business continuity planning. Drives and
delivers Business Continuity commitment, support, ow nership, accountability and results. Designs, builds, and implements standard
Risk Assessment, Business Impact Analysis, and other Business Continuity tools and capabilities. Drives and delivers ef fective
Business Continuity strategies to support and, in time of disaster, recover the company's critical business functions. Directs the
continuous and regular validation and testing of documented Business Continuity plans
Safety Manager
Formulates, develops, and coordinates safety and loss control functions of the organization. Designs and directs a program to
reduce accidents, occupational illnesses, and exposure to long-term health hazards through safety-training of supervisors and
managers, planned inspections, skill training, f irst-aid care, emergency preparedness, proper job instruction, new employee
indoctrination, physical protection, planned job observation, rules and practices, job analysis/procedures, disposal procedures, and
protective equipment. Maintains compliance w ith governmental regulatory agencies. Responsible for identifying causes of past
accidents.
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Risk Management Analyst (Enterprise-Wide)
Supports the risk manager regarding all aspects of the enterprise-wide risk management program. Responsibilities include
facilitating the identif ication of risks throughout the organization, developing, reporting and monitoring formats on risk management
issues and developing methodologies for the assessment of risks throughout the organization.
Risk Management Analyst (Financial risk -- Commodity, Credit, Interest Rates, and/or Foreign Currency)
Supports the risk manager regarding all aspects of a f inancial risk management program. Responsibilities include the development,
implementation and application of risk metrics and methodologies and the monitoring, analysis and reporting of f inancial risk
exposures. Supports organizational compliance w ith risk policies through regular risk exposure monitoring and reporting.
Responsible for documenting and reporting risk policy exceptions to risk committee.
Risk Management Analyst (Insurance)
Supports department manager regarding all aspects of corporate insurance programs. Responsibilities include compilation of
underw riting information and coverage placement, claims administration, loss forecasting, and analysis to assist in loss reduction.
Claims Analyst
Review s f irst and third party claims for irregularities, accuracy and completeness. Requests additional information, w here
necessary, for completion of claim processing. Review s claims for eligibility. Maintains updated records and prepares required
reports. Assists in claims cost control. Performs the design, analysis and delivery of claim information. Contacts individuals about
claims and coordinates the handling of benef its. This role focuses on operational ef fectiveness in support of claims management
strategies. Understands and performs domestic and/or international claim programs, policies, and procedures for: reporting,
investigation, and analysis; litigation management; resolution/outcome management; and the delivery of claim information. Handles
mostly routine non-complex claims but, may handle litigated and moderately complex claims w ith limited settlement authority.

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Reviewed By: CHIEF INFORMATION OFFICER Date: October 30, 2014
Approved By: C.E.O Date: October 30, 2014
Last Updated By: CHIEF INFORMATION OFFICER Date/Time: 30TH/OCTOBER/2014