Discuss the typical roles and responsibilities of a Chief Risk Officer within a financial institution and...

Discuss the typical roles and responsibilities of a Chief Risk Officer within a financial institution and why this position has become more important to firms in recent years specifically due to cyber risk.

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Expert Solution

Roles and responsibilities of a chief risk officer within a financial institution are as follows:

• Risk assessment: The chief risk officer can address all possible financial risks of the organisation. He evaluates the existing financial capability of the organisation and finds out the flaws in the financial strategy of the organisation, which helps to assess all possible risks.

• To address the financial forgeries: the chief risk officer cam quickly track the financial fraud, cheque forgery and money launderings. The chief risk officers have the capability to identify the forgeries by analysing both the existing money and dispatched money.

• Financial clarity: The chief risk officer finds out financial risk in an organisation to maintain a clear and transparent exchange of money. The chief risk officers can easily address all possible risks which can affect the operational activities of the organisation.

The position of chief risk officer has become an integral part of organisations these days to maintain clarity in the business. Apart from that, it is the most effective way to control cyber crimes related to financial frauds and various fraudulent activities. The risk officers track all the online monetary transactions to reduce the number of online financial crimes.

keosha answered 1 year ago

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