Managing ambiguity: Changes in the role of the Chief Risk Officer in the UK's financial services sector

In the wake of the 2007–2009 financial crisis, continuing corporate debacles, and ongoing corporate governance calls for the appointment of chief risk officers (CROs) and risk management committees, it is important to understand what role risk officers do or may play. The signals are mixed. The compliance imperative requires banks and insurers to implement a firm-wide risk management framework complete with analytical models for measuring and controlling quantifiable risks, while corporate-governance guidelines advocate a ‘business partner’ role. How are senior risk officers to strike a balance?