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Wealth Management Risk Managers

History

Businesses have utilized risk management strategies ever since the first product or service was created. In the 1950s, risk management emerged as a specialty due to the growing complexity of business operations and manufacturing processes.

In the wealth management industry, demand for chief risk officers (CROs) grew rapidly after the Great Recession (December 2007-June 2009) as a result of increasing government regulation of the financial sector and escalating concerns by investors regarding risk factors that could affect their investments. In 2014, 92 percent of financial services organizations surveyed by professional services firm Deloitte reported that they had a CRO or equivalent position on staff—a sharp increase from the 65 percent of companies that said so in 2002.  

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