A chief risk officer (CRO) reduces business risks that could put a company in danger. They implement policies and procedures to manage operational risks. Risks can be internal or external in nature, and they can be technical, regulatory, or competitive. A CRO must monitor all procedures that might cause risk exposure. For example, if a company collects data, the CRO must ensure that all data is kept confidential. They also develop budgets for risk-related projects, supervise the funding, and supervise the team that works on the risk factors.
To become a CRO you will need a postgraduate degree, preferably in business administration. You also need at least 20 years of work experience in economics, actuarial science, law, or accounting. You also need excellent knowledge of technology, networks, and systems. As the risk landscape becomes more complex, the position of CRO is becoming more important. As such as important person, you can make a median salary of $125,000.