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James Lam, the nation's first chief risk officer, talks about how a CRO fits into the Enterprise Risk Management process

By Pat Wechsler | Updated on November 01, 2006

Treasury & Risk: What are key trends in the role of the CRO and risk management in general?

Lam: First, the appointment of CROs is now a global trend. CROs were originally appointed in North America and Europe, but now companies in Asia and the rest of the world are creating the position. Second, boards are becoming much more engaged in the risk management process, encouraging a logical integration between strategy and risk management. Finally, CROs are more involved in key executive decisions as risk management becomes integrated into business processes. A good barometer of the strategic importance of risk management would be CROs being promoted to CEOs, something I think you will begin to see in the next several years.

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