MANAGEMENT

Detailed explanation-1: -A CRO is a member of management assigned primary responsibility for enterprise risk management processes. The CRO is most effective when supported by a specific team with the necessary expertise and experience related to organization-wide risk.

Detailed explanation-2: -Top management is responsible for designing and implementing the enterprise risk management process for the organization. They are the ones to determine what process should be in place and how it should function, and they are the ones tasked with keeping the process active and alive.

Detailed explanation-3: -Duties/Responsibilities: Reviews and assesses risk management policies and protocols; makes recommendations and implements modifications and improvements. Recommends and implements risk management solutions such as insurance, safety and security policies, business continuity plans, or recovery measures.

Detailed explanation-4: -A CRO leads efforts to reduce business risks that can put an organization’s profitability and productivity at risk. They also spearhead efforts related to enterprise risk management. A Chief Risk Officer is responsible for implementing policies and procedures to minimize or manage operational risks.

Detailed explanation-5: -Enterprise risk management brings together executive-level risk owners to manage the entire scope of an organization’s risks more effectively. Typically, an ERM team cooperatively identifies and manages risks and their cross-functional impacts.