So, what exactly is the role of a seemingly new role that has been created in the organisation. Riskpro LLP helps you to decode the vast discussions and global best practices and summarises as follows. 1. The CRO (together with his team) is the guardian of risk management in a company or organisation. 2. CRO should be positioned as a CHIEF at the top level of the organisation 3. CRO should be responsible for specific risk management aspects, separate from the responsibilities of the CEO 4. A key CRO role is identifying and assessing major risks in projects that are yet to be committed and then (effect others to) manage those risks such that either the impact of that risk is sufficiently reduced, or move to avoid the project being committed 5. The primary duty of the "Chief Risk Officer" is to control rather than simply mitigate enterprise risk 6. A CRO should actively promote engaging risks and engaging in risk management, in order to create a risk aware culture, in stead of a risk averse approach 7. The CRO is a valuable figure to facilitate and promote good risk infrastructure and processes, and provide the bridge between the two worlds of the best model* - Top down AND bottom up!! 8. I think the CRO also has additional value at board level. I note that boards have not done too well generally at managing risk previously 9. A CRO will be responsible for creating a cutlure of risk awareness throughout the organisation and more than likely will have various tools within his/her department/s such as market risk, operational, legal/contract risk, credit risk, insurance etc 10. CRO to ensure that proper focus and application is kept on the management of risk and the necessary authority to ensure that the Board/Executive actually follow through. 11. CRO to ensure that proper focus and application is kept on the management of risk and the necessary authority to ensure that the Board/Executive actually follow through. 12. The CRO is directly linked to the CEO. He provides the company with the knowledge and action plans to achieve the right culture, philosophy, strategy & processes. 13. Management of catestrophic risk is best accomplished by a CRO position which can see risk across the enitre organization and manage risk accordingly 14. Some organizations need a CRO in order to get risk mitigation and loss prevention into the operations planning and execution