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New research suggests a significant number of national and international American banks hired new Chief Risk Officers to mitigate risk but may have actually helped lead the industry into widespread insolvency.
Starting in the 1990s, many major banks hired Chief Risk Officers (CROs) in a response to new laws and regulations put in place following financial meltdowns in the 1980s. In an effort to comply, banking officials elevated risk analysts to corner offices to show they were serious about tackling risk.
Financial crises tend to have a long-lasting effect on societies. COVID-19 will be no exception given that its economic and social impact is fueled by a public-health emergency that is difficult to curb and that is putting tremendous pressure on healthcare systems around the world.