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How to hire a great Chief Risk Officer An IRM guide, authored by SANDPartners founder Ulrich Seega, to the recruitment of great Chief Risk Officers and other senior risk professionals
With this publication The IRM has released new guidance on hiring for the most senior risk positions. A shortage of quality senior candidates requires increased professional development. Sophisticated succession plans and better assessments for fit and purpose are key to personal and corporate (risk) success.
All this is reflected in the new guidance which based on best practice in executive search and assessment combined with the IRM’s professional standards. Whilst it is aimed at organisations of all types seeking to recruit a Chief Risk Officer (CRO), it is also relevant for risk professionals who are keen to evaluate their career journey.
Recruiting and developing the best talent can also be approached as part of a process of maturing risk management, ensuring it adds value to the business.
The document gives guidance on:
- Understanding the context of the CRO appointment
- Identifying the key skills, competencies, and attributes
- The recruitment process and how to assess candidates
The result is a professional combination that delivers an understanding of risk management expertise paired with guidance on how to go about a modern recruitment process.
Socrates Coudounaris, BEng (Hons) MSc FCII CFIRM, Chair of the IRM explains:
“Effective risk leadership is an essential component of a healthy risk culture. Corporate governance codes around the world have underlined that you must have the right people and resources in place. Organisations face new risks and opportunities associated with digital disruption, geo-political and economic volatility, environmental responsibilities and social change. Ultimately, the responsibility for risk management rests with the board, but that board needs to have confidence that they are delegating day-to-day responsibility to a suitably competent person, who will also be responsible for giving them the highest quality advice to support risk based decision making. Risk management is changing fast and CROs must be up to the challenge. We are delighted to be able to offer practical guidance and advice to aid in the recruitment process – especially given the importance of this role”.
Recruitment expert Ulrich Seega, the main report author, added, “The aim of this guidance was to bring together today’s best practice in recruitment with the specialist technical knowledge about risk management offered by IRM. Organisations today are looking for CROs who display not only technical expertise at the highest level but also the appropriate behavioural characteristics relating to matters like change and leadership. This guidance will help organisations define what they need and how to go about finding it.
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- CEO Europe – First Continental European CEO for this international specialty lines insurance company
- COO/MD – privately owned UK retail insurance
- Chief Marketing & Communications Officer, International – Global tier 1 broker
- Chief Strategy & Communications Officer – Cutting edge reinsurer
Risk – We make your CRO hire a Business Success.
- Chief Risk Officer – An Independent specialist (re-)insurer wanted to use the retirement of one of their senior leaders as an opportunity to change direction
- Chairman of Risk and Capital Committee – International arm of US specialist (re-)insurance company replaced the risk chair who had been promoted to Chairman of the Board
- Head of UW Performance + Head of Risk Aggregation and Exposure Management – (Re) Insurance Marketplace
- Chief Information Security Officer, FTSE 100
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