Research Highlights

  • 60%
    Organizations believe that the volume and complexity of risks is increasing extensively over time1
  • 65%
    Organizations indicate that they have recently experienced an operational surprise due to a risk they did not adequately anticipate1
  • 36%
    Banks and financial services institutions reported that the CRO is responsible for IT risk management programs2

[1] The State of Risk Oversight – An Overview of Enterprise Risk Management Practices, 9th Edition | March 2018, [2] MetricStream Research - Moving Up the IT Risk Management Maturity Curve: An In-Depth Look at How Enterprises Are Managing and Mitigating Their IT Risks, [3] McKinsey Working Papers on Risk, Number 18 - A Board Perspective on Enterprise Risk Management

Key Objectives

With enterprise digitization and tectonic market disruptions taking place, the responsibilities of Chief Risk Officers (CROs) are evolving. Today’s CROs are expected to provide timely visibility into emerging and evolving risks, guiding the business towards risk-reward optimized decisions. They are also being relied on to protect the long-term value of the enterprise, as well as its reputation and integrity. Fulfilling these responsibilities requires CROs to provide credible challenge to business growth strategies, while also being invested in them.

As risks evolve in terms of their potential impact on business outcomes, CROs are seeking more agile approaches to risk management and mitigation. Their aim is twofold -- to ensure that business owners have better risk visibility, and to facilitate risk-aware decision-making across organizational echelons.

Measurable Outcome

Reduce variabilities in key performance indicators caused by unforeseen events or disruptions

Reduce the number of risk events and their impact in terms of monetary, reputational, and customer related losses

Reduce the cost of capital by increasing market and board-level confidence in enterprise performance

Improve shareholder perceptions of the enterprise brand

MetricStream Solutions Can Help

  • Provide insights to the board and executive management on emerging and evolving material risks
    • Present insights into the business’s emerging risk profile and its impact on business objectives based on market dynamics
    • Provide management with risk impact estimations and the business rationale for trade-offs
  • Embed risk insights into strategic decision-making processes to increase the probability of success in organizational “big bets3

    • Strengthen visibility into the dependencies between risk exposure, execution of strategic initiatives, and achievement of business objectives
    • Provide insights into the possible outcomes of various risk mitigation strategies
  • Safeguard the enterprise’s strategic value, brand, and reputation by protecting mission-critical assets

    • Build a framework to manage the risks around mission-critical assets and processes
    • Serve as custodian of the corporate brand and reputation in collaboration with other departments
  • Align organizational risk appetite and business strategies by facilitating collaboration across the three lines of defense

    • Provide central oversight of risk management while also accommodating individual risk process needs
    • Build a common risk taxonomy that incorporates business unit specificity in risk measurements

Learn more about how MetricStream can help CROs.

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