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Roles of a CRO (Part 2)
A Chief risk officer must identify, assess, measure, manage, monitor and report every aspect of the risk function of new implementations of the firm. This Task is important when translating business requirements of the firm into business/reporting and system specifications. Also, the CRO`s assistance is necessary when it comes to new developments. Risk Chiefs must be leaders in developing and improving management reporting as well as providing user training for in-house developed systems. In addition to developing policies and framework, the CRO is responsible for training and supervision of employees. Another important task is managing the development of new risk policies and procedures and participating in local and global discussions to enhance security processes and standards. The role of the CRO is still evolving as the scope of task is constantly changing. The increasing regulatory and legislative requirements of organizational compliance makes the CRO to one of the most important member of the management team. To be able to view risk in the context of the whole company and to organize different risk functions and task through the different entities of the organization, is inevitable to the success of any structural planning.