Will Chief Risk Officers (CRO) outrank Chief Legal Officers?
A survey in the spring of 2005 by the Economist Intelligence Unit found that 45 percent of the responding companies had appointed a Chief Risk Officer or equivalent, although the majority of these were in the financial services sector (Fin. Times, Oct. 18 at Spec. Rpt. 2).
Egg, the UK-based online financial services provider, hired a CRO in November 2003. Now, all the risk functions of the company – legal, audit, risk and compliance – report through the CRO to the board.
Will this be the fate of law departments over time; or, stated differently, are they at risk of reporting to a CRO?
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