The Highest Demand For Chief Risk Officers We’ve Seen In Years

Balancing financial, non-financial and regulatory compliance with strategic business initiatives, CROs are increasingly recognised as trusted, integral leaders within their organisations, and are naturally in high demand.

Odger’s Robin Farley, Emily McGonigle, Bram Tijsseling and Martine Klutz examine the advancement of the CRO.

The CRO’s Role Evolution

UK

We have seen the role of the CRO evolve significantly since the 2008 financial crisis, and the pace of that evolution has only increased in the past five years. While expertise in key financial and non-financial risk disciplines is important, the ability to adapt to change, navigate an increasingly digital landscape, and support commercial decision making are seen as essential skills. 

“There seems to be significant risk in the system at the moment. The geopolitical landscape has become more complicated, the world more polarised, economic nationalism more commonplace and the ensuing risks more unpredictable. The skills required for these key executive committee level roles are evolving as are the mandates,” said Robin Farley.

The role is incredibly varied as some CROs are brought in to help support remediation, while others position organisations for growth. We look for multi-faceted leaders who are equally adept at building relationships with regulators as they are with providing strategic guidance on commercial decision-making. 

Canada

After the 2008 financial crisis, the focus was on managing financial risks like credit and market risks. While models in this area are now well developed, there has been a huge shift towards managing non-financial risk in recent years. The issues facing CROs are constant, and risks are volatile, potent and continuously moving; the risk function needs to advance and mature to handle these effectively.

Commented Emily McGonigle: “A CRO must be skilled in managing technical and financial risks but also influential in areas like cyber security, third-party, geopolitical and operational risk. Given the large-scale market disruptions in recent years - including political issues, cyber-attacks, COVID and environmental disasters - it is key that organisations ensure they can withstand disruptions to critical services and processes.”

A strong risk culture is essential to supporting an effective control environment as it sets expectations for behaviours and fosters adherence to controls. It is important for risk leaders to be embedded within the organisation by ‘being at the table’ to discuss and manage risk and ultimately deliver shareholder value and preserve trust. 

Netherlands

Initially, the CRO function was relatively straightforward, concentrating primarily on financial risks and reporting to the Executive Board without holding full membership. Following the financial crisis, the scope of the CRO expanded to encompass additional responsibilities, including non-financial risks and regulatory compliance.

“The role expanded and regulatory initiatives further influenced its evolution, elevating the CRO to an Executive Board position. This transition placed greater emphasis on aligning risk management with broader organisational objectives and fulfilling statutory obligations. For financial institutions operating across multiple business lines and countries, this shift necessitated CROs who possess substantial cognitive agility and a comprehensive understanding of the interplay among various business segments in order to accurately assess impacts on the organisation’s risk profile,” said Bram Tijsseling.

In light of current technological advancements, the CRO is increasingly required to adopt a business-oriented approach, providing real-time risk analysis to support informed decision-making. This expanded mandate demands not only a thorough knowledge of products, services, and underlying processes, but also an understanding of emerging technologies and their associated risks, as well as the expertise to effectively implement these technologies within the organisation.

Belgium 

The CRO role in Belgium has grown rapidly in strategic importance. CROs are now expected to master both financial and non‑financial risks while operating in an environment shaped by fast‑moving regulation, technological acceleration and a higher degree of interconnected risks. 

“Beyond technical expertise, the most effective CROs demonstrate sound judgment, agility under uncertainty and the ability to guide senior management through a continuously shifting landscape. Strengthening the first line of defence has become a defining feature of the Belgian context: banks are investing in a more mature risk culture, enabling the first line to take greater ownership of traditional risks. This evolution allows CROs to focus more on emerging and correlated risks, improving collaboration across risk, operations and business teams and embedding risk considerations earlier in decision-making,” said Martine Klutz.

Non‑financial risks remain central to the agenda, particularly cyber security, operational resilience and regulatory compliance, while increasing supervisory expectations challenge institutions to maintain robust governance and documentation. 

At the same time, the rise of artificial intelligence is reshaping the risk profile: AI offers efficiency gains but introduces new vulnerabilities, requiring strong model governance, transparency, and careful oversight of its interactions with cyber threats, fraud and core processes. The role has therefore become more technical, with heightened expectations around data, modelling and understanding cross‑risk dynamics.

Overall, the CRO role in Belgium has evolved into a broader, more strategic leadership position that combines regulatory mastery, technological fluency and the ability to anticipate fast‑evolving risks while remaining a trusted partner to the business.

International Demand For CROs 

UK 

Demand for the best risk leaders remains exceptionally high, and succession planning for these roles continues to challenge many organisations. Critical leadership positions, particularly those requiring a blend of strategic judgment, risk awareness and operational discipline, are proving increasingly difficult to fill. 

“Against this backdrop, we are seeing Chief Risk Officers emerge as some of the most versatile and sought‑after executives in the market. CROs are now stepping not only into Board roles, but also into CFO and CEO positions, reflecting the growing recognition of the strategic value they bring. Their ability to navigate complex regulatory environments, anticipate emerging risks, and provide a balanced, enterprise‑wide perspective has become indispensable, especially in large, highly regulated institutions,” added Robin Farley.

At the same time, the career pathways into the CRO role itself are broadening. Leaders from the business – those with deep operational experience and P&L responsibility – are moving into risk leadership roles, often bringing a more commercial, front‑line understanding of how risk shapes strategy and performance. 

Together, these shifts reflect an increasingly fluid leadership market, where risk expertise is seen not as a narrow technical discipline but as a core component of well‑rounded executive capability and organisational resilience.

Canada 

CROs now need to bring different skills to the table. Technical skills used to be the key focus, and are still essential, representing a core part of the role, but soft skills are increasingly more important. Persuasiveness and influencing skills are key to gaining buy-in from the business and respect for the function - successful integration results in a stronger ability to manage risk collaboratively. 

“The most successful CROs need to be able to build followership and be strong, respected leaders in the organisation. Building a strong risk culture is key to success, especially with the speed at which macro-economic factors have been impacting organisations over the last year,” added Emily McGonigle.

Organisations have shifted from looking within their organisation to develop CROs, to looking out in the market to bring in new skillsets and experience. The priority on having a strong risk function and the increased complexity of the role has put focus on bringing top talent to lead this area.  

Netherlands

The developments outlined above have led to significant and evolving requirements for contemporary CROs, resulting in heightened demand for these professionals. Research shows that the average tenure of CROs is shorter than that of CEOs or CFOs, which underscores both the challenges associated with achieving success in this role and the opportunity to select a CRO whose experience and skills align with the organisation’s short- to mid-term objectives. 

Additionally, it is promising to observe that some financial institutions are prepared to advance relatively junior professionals into the CRO role. 

“This trend may be attributed to the maturity of the risk function, which has been established for over two decades, and the recognition of risk management as a viable career path for graduates. As a result, high-potential individuals are able to progress rapidly within the organisation,” said Bram Tijsseling.

Belgium 

In Belgium, the demand for strong CROs continues to rise in parallel with international trends. What was once seen as a less attractive career path has become a critical leadership role, driven by growing supervisory expectations and the broadening scope of risk oversight. Institutions increasingly value CROs who can operate confidently across non‑financial risk domains such as cyber security, operational resilience and regulatory compliance, while maintaining a clear commercial lens.

The profile sought in the Belgian market has also evolved. Organisations are looking for leaders who combine technical mastery with strong values, sound judgment and the ability to navigate a rapidly shifting regulatory landscape. Purpose‑driven leadership and ethical alignment are becoming more important as candidates increasingly choose employers whose mission reflects their own. 

CROs in Belgium are expected to build constructive relationships with supervisors, guide the business through uncertainty and help define the ‘safe operating space’ for growth. The ability to balance regulatory expectations with commercial decision‑making remains essential, but the role is becoming more strategic and more visible at executive and Board level.

“A defining specificity of the Belgian market is language: CROs must operate fluently in Dutch or French, and most senior Belgian CROs master both national languages, given the complexity of supervising teams, engaging with regulators and working across national business units. This linguistic versatility contributes to their growing mobility and attractiveness in international markets,” explained Martine Klutz.

Overall, the CRO has become a highly sought‑after profile: technically strong, ethically grounded, commercially aware and equipped to handle an increasingly interconnected risk environment. Demand continues to rise, and supply remains limited.

Read part two of this article, The Importance of CROs as Primary Risk Managers, exploring how CROs deal with regulation, the influence of technology and the main challenges they face.  

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