Evolving Role of Chief Risk Officers in Asia Pacific

This article is a report on the evolving role of chief risk officers (CROs) in the Asia Pacific financial services sector. It discusses insights from interviews with four CROs who highlight the expanding areas of risk management they face today. The report outlines how CROs are adapting to new technologies and the capabilities required for effective risk management. It emphasizes the shift from traditional financial risk management to a broader focus on enterprise risk, including nonfinancial risks. Key themes include the impact of geopolitical volatility, climate change, and regulatory scrutiny on risk management practices. The report also details the importance of integrating sustainability considerations into risk frameworks and the challenges posed by emerging technologies such as artificial intelligence and cloud computing. Furthermore, it discusses the evolving skill sets needed for future risk leaders, stressing the necessity for CROs to be adept in both traditional and emerging risk areas.