Today’s business owners know the importance of identifying, analyzing and addressing internal and external risks that may threaten profitability. The chief risk officer (CRO) is responsible for creating strategies that will help mitigate these risks and build capital. Other titles used for the CRO position include chief risk management officer and risk management officer. Additional executives, such as the chief accounting officer, chief technology officer, chief financial officer and chief marketing officer, may work alongside the CRO and possibly help perform certain CRO duties.
One educational path toward a rewarding career as a chief risk officer is the online Master of Business Administration (MBA) in Accounting program from Florida Institute of Technology. This convenient and flexible program offers professionals the ability to continue working, growing their experience and building job prospects while earning a career-advancing, specialized MBA degree.
CRO Job Outlook
While many of today’s CROs work in the healthcare and banking industries, those seeking a position as a chief risk officer may also consider the technology sector. The rise of large tech firms and the accounting risks and challenges of increasing AI integration will likely grow demand for CROs in the technology industry.
As part of the C-suite, the chief risk officer is a chief executive position. The U.S. Bureau of Labor Statistics (BLS) projects that employment of chief executives will increase by 5% between 2023 and 2033.
Chief Risk Officer Job Description and Duties
The CRO plays a crucial role in a company’s strategy by participating in decision-making and policy implementation to mitigate company risk. Within the chief risk officer job description, a central responsibility is to ensure that business strategies align with the risk management expectations of company regulators, shareholders, elected officials and attorneys general.
An additional responsibility of the chief risk officer is fostering and maintaining a risk-aware company culture. This includes overseeing the business’ risk assessment, familiarizing employees and shareholders with the enterprise risk management (ERM) program, implementing a risk management framework, managing operational risks of the framework and developing strategies to lessen risks within the company’s business strategy. The chief risk officer works across several corporate areas, many focusing on accounting and compliance. Examples include internal auditing, insurance, investigations, information technology, fraud and government compliance.
In large organizations, the duties of the CRO may be too numerous and complex for a single person to carry out. In this situation, the chief risk officer may work with professionals such as mid-level company risk managers, technical accounting managers, and those in various other accounting and auditing positions. The CRO also works with employees throughout the organization in senior management, finance, legal and human resources.
Chief Risk Officer Salary Potential
According to 2023 Occupational Employment and Wage Statistics from BLS, the median annual pay for chief executives was $206,680. ZipRecruiter data from January 2025 shows that the chief risk officer salary range is $99,000 to $384,000 per year.
Clearly, chief risk officer salaries vary widely. This variance depends on factors like the organization’s size and pay structure and the CFO’s experience level and education. In addition, many chief executives receive substantial performance-based compensation, bonuses and profit-sharing opportunities.
How to Become a Chief Risk Officer: Education and Training
To become a chief risk officer, determined professionals must generally acquire a combination of experience, education and certification. Along with most accounting and finance positions, chief risk officer jobs usually require at least a bachelor’s degree. Employers may also require or prefer that applicants for high-level, accounting-related positions have their Certified Public Accountant (CPA) designation.
As competition for chief executive positions is fierce and the job responsibilities are complex, most CROs also have advanced degrees and a minimum of 10 years of experience in a related corporate role. For example, an MBA with a focus in accounting or finance would be appropriate to qualify for top jobs in this field.
Important Qualities for Chief Risk Officers
The chief risk officer job description should also outline important qualities, traits and skills beyond essential accounting and finance acumen. A CRO should have the ability to be a strong leader, use modeling tools, and gather and analyze large quantities of information. Communication skills are also crucial, as effective communication is crucial to lead employees and to convey ideas and results to other corporate executives.
Most importantly, a CRO should have a thorough understanding of all aspects of the business, be able to maintain strong professional relationships and effectively lead a team to project completion. The online MBA in Accounting program from Florida Tech provides aspiring leaders in the field with advanced accounting and finance expertise as well as comprehensive knowledge of business functions across departments. This breadth of both specialized and generalized knowledge and skills is crucial to finding success as a chief risk officer.
Learn more about Florida Tech’s online MBA in Accounting program.
