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Chief Risk Officer (CRO) Programme
This course is being offered as a hybrid course with delegates able to attend virtually via Zoom or in person in London. If you'd like to book on the virtual course, you can do so here.
This course is designed to help participants understand the best-practice essentials of undertaking modern and strategic, executive-level risk management (i.e., Chief Risk Officer duties). In the course we learn how risk management should be defined and structured—both conceptually and functionally—so that a CRO can offer the best support to his or her business colleagues, CEO and board. In particular, we focus on how it is essential for the CRO to establish an effective, enterprise risk management (ERM) function that acts as a “strategic enabler”: focusing principally on addressing the challenges that impact the overall, corporate strategy and the achievement of business objectives. We explore everything from the tools and methods that a CRO must make part of his or her toolkit to the human resource and psychological challenges that he or she is likely to face in defining and establishing his or her CRO role.
Key Course Highlights Include:
- Step-by-step guidance in how to design, develop, establish and implement an entire, enterprise-wide risk function from the board-level down to detailed operations
- In-depth discussion of the roles and responsibilities of the CRO, the executive team colleagues, the CEO and board
- Exercises in how the CRO is to implement the ERM Process Steps and align his or her risk function with the company’s strategic objectives
- Introduction of various tools and methods for developing a risk strategy for the purpose of embedding risk within the organization and catalyzing oversight
- An outline of the ideal reporting framework for a CRO, that is principally more strategic and forward-looking than traditional, backwards reporting
- Guidance in how to address internal political as well as practical challenges in establishing an effective risk function and executing the CRO role
- In-depth discussion of how to guide and instruct the board in the formation or restructuring of the risk committee, its agenda and purpose, in conjunction with its dependence upon the CRO
- Learning how to develop the personnel and management structure of a risk function, from hiring, tooling and training to the equipping of risk analysts with the appropriate systems
- Course Overview
- Key Takeaways
Fitting Into the Role
- What CEOs, Boards and Stakeholders want from the CRO
- Challenges facing the CRO
- Defining the CRO Role and championing “risk” in the organization
- Making risk strategic
- Executing the role
- Dealing with Major Challenges
- “Framework-First”: COSO ERM
- The Problem with Strategy
- The CRO’s Value Proposition
- The Problem with Risk Management
- Fixing Both Problems: A Personal Case Study
- Developing Strategic Risk Management for a Digital Transformation/Direct Banking, Channels Strategy
- Positioning the CRO
- Defining the CRO Role
- Distinguishing the CRO from traditional “Head of Risk” roles
- Forward-, not backward-looking
- Strategic, not remedial
- Tooled and professional, not merely experienced and conservative
- Why capital and provisioning aren’t useful for CROs
- Avoiding the traps:
- Reviewing past exposures
- Confusion with audit
- Preoccupation with the irrelevant
- Behaving like a policeman instead of a colleague
- Failing to heed ignorance of risk
- Case Study: The Humble CRO
- Case Discussion
- Steps to defining the CRO role
1. New Definitions: Defining risk management
2. New Concepts: Enterprise Risk Management (ERM)
a. What is enterprise risk management (ERM)?
3. New Design: Establishing a collaborative, executive role
4. New Purpose: Purely strategic focus
5. Defining the risk-related roles of the other executives, CEO and Board
- Making Risk Strategic
- Understanding how ERM is strategic
- Performance and cascading of performance
- Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs)
- The ERM Process
- Developing a “risk strategy”
- Quantification of Risk Management Strategies (Spreadsheet examples)
- Controllable, Uncontrollable and Residual Risks
- Quantification of Causal Analysis and Risk Forecasts (Spreadsheet examples)
- Stress Testing and Scenario Analyses (Spreadsheet examples)
- Identifying Key Risk Indicators (KRIs)
- Case Studies:
- Event Risk
- Managing Residual Risk as an EXCO, guided by the CRO using a SWOT analysis
- Gaining Buy-in
- Cognitive Biases
- Illusion of Validity in Forecasting and Strategy-setting
- Fighting Executive Pushback
- Good Governance
- Understanding the extremes of Group Decision-making
- Case: Cognitive bias in groups
- How to address the biases
- Weak Risk Culture and Conduct Risk
- The importance of Risk Culture
- Gauging risk culture in your institution
- Improving Risk Culture through understanding Psychology
- Biased Risk Perception
- What it means
- Biased views
- Cognitive biases and the psychology of bad thinking
- Major problems biases lead to
- Understanding undesirable Risk-Taking
- Case Study: The Psychology of Fraud
- Structural Challenges
- Bad Strategy and Poor Execution
- Evaluating Good versus Bad Strategy
- Evaluating Good Execution
- KPIs or Non-KPIs?
- Building the Right Risk Function
- Structuring of the function
- HR-related issues
- Interaction with the business
- Interaction with the board
- The Board-Level Structures (Optional discussion)
- Developing the Board Risk Committee
- Who should be on the committee?
- How should the committee work?
- Acting as secretary to the Committee
- Duties and exceptions
- Creating a charter
- Powers, voting powers and structure
- Enlisting input from other directors
- Responsibilities of executives to the Board Committee
- Creating a board-level meeting agenda
- Summaries and market dynamics
- Connecting risk exposure to what director’s need to know
- Guiding risk profile, risk appetite and risk tolerance-setting
- Establishing an effective structure for board-level oversight
- Developing a Reporting apparatus
- Content of a solid, risk strategy report
- Case Exercise
- The Biggest Challenge: You!
- Non-Cognitive Skills the CRO needs
- Leadership quality
- Teamwork abilities and teamwork orientation
- Attention to detail
- Tireless, goal-centeredness
- Emotional intelligence
- Appreciation of the “Big Picture”
- Rapport with difficult, business executives and the CEO
- Conscious attitude to rooting out self-biases
- Higher Cognitive Skills the CRO needs
- Risk professional status
- FRM, PRM other certifications?
- Statistics and analytical orientation
- Value-at-Risk (VaR) and Tail Loss Essentials
- Analytical abilities
- Ability to review technical work
- Sufficient understanding of technical aspects of the business
- Predictive analytics
- Performance analytics
- Data and systems knowledge
- Case Exercise and discussion of readings
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – 10/10 of the world’s largest banks have chosen us as there training provider and we have delivered training across the largest banks and have trained over 25,000 professionals.
- Knowledge – our 100+ strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 25,000 events both in person and online, using simultaneous translation to delegates from over 99 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 4.2/5 on service and 4.7/5 on Coursecheck
BiographyMaurice holds a PhD, is an experienced executive, Chief Risk Officer (CRO), board member and consultant. He is the founder and CEO of Conquer Risk, a consulting firm that conducts investment due diligence of corporates and banks, specialising in emerging and frontier markets. Until recently, the instructor held the group CRO role for one of Africa's largest banks for which he developed the entire enterprise risk management (ERM) and risk oversight functions, sitting on the board and managing over 400 people within 10 departments, spanning 5 countries. He is a sought after speaker on risk oversight, strategy and corporate governance but has also trained numerous management teams in predictive analytics, market intelligence acquisition and internal model development for Basel II & Basel III purposes. He previously taught Executive-MBAs on the full-time finance faculty of the Kellogg-HKUST business program and, before that, worked as a regulator for both the New York Federal Reserve and the Board of Governors. A former dissertation advisee of Ben Bernanke, the US Federal Reserve Chairman, the instructor holds a PhD and MA in economics from Princeton University and a BA in Economics and Mathematics from Northwestern University. He was recently selected out of over 50,000 candidates to the prestigious board of the Professional Risk Manager's International Association as a Subject Matter Expert on ERM. He is also a certified Financial Risk Manager (FRM) with the Global Association of Risk Professionals.