This answer addresses planning of risks and opportunities by a Chief Risk Officer however it does not designate any responsibility to him/her about actions/tasks he has to carry out as part of resilience. In the first half of the answer the role of Chief Risk Officer has been limited to only the planning side of risks and in the second half it is restricted to the execution of all the plans in-line with the plans/objective of the Chief Compliance Officer. In the end of the answer Chief Risk Officer is detailed to execute the investigations, insurance, fraud and auditing as well which does not fit in the responsibilities of a Chief Risk Officer if you are limiting him to planning side only.
In this answer emphasis is placed on the importance of a Chief Risk Officer in an organization by stating it as an essential of today’s organizations. Here in this answer the role of Chief Risk Officer has been limited to the execution side of the resilience and nothing is mentioned about the planning, so the role of a Chief Risk Officer has been stated as strategic in nature. The responsibilities of a Chief Risk Officer have been categorized into seven broader categories which are related to risk in one way or the other. It is pertinent to mention here that the internal audit has been categorized as the responsibility of a Chief Risk Officer in some cases only.
This answer first builds up a background on the requirement of a Chief Risk Officer in a systematic way and then turns its focus towards the responsibilities of a Chief Risk Officer. This answer is quite well formulated to address the question and has all the information properly cited and referenced. Moreover it is evident from this answer that it does not simply focuses on the question but also give relevant information to the ones who have no background of the subject. This answer is found to be quite elaborative and self explanatory which takes its reader efficiently towards the answer. In the end of this answer a little concluding answer is also provided in order to summarize the answer in small concluding paragraph.
This answer seems quite hasty in which the answerer has directly jumped in to the answering mode. A major mistake in this answer is the use of first person sentences, which give the picture of non-formal response from the answerer. The answer has kept a good focus towards responding to the question according to the requirement but has lost its value due to informal language. This answer does not address the coordination required by the CRO within the organization to protect it from any potential risks (John, 2006). If the CRO keeps the employees busy in conducting various drills to avoid risks then won’t this have negative effects on the organization’s overall objective achievement?
References
John S. Webster. (2006). Skills: Chief Risk Officer. USA: Computerworld.
