by Michael Arbow, MBA
Partner, RSD Solutions Inc.
Before:
“The risk chief used to be like the human resources leader. You had to have one, but generally speaking, the risk guy was never going to be CEO of the company,” Tom Flannery, managing director for the Pittsburgh office of executive search company Boyden said.
After:
“The value of the job has gone up because people have seen how badly things can go if you aren’t paying attention,” said Kevin Blakely, chief risk officer at Huntington Bancshares Inc.
A few months ago I wrote a blog entitled “Was Rodney Dangerfield once a Risk Management Consultant?” in response to some research I did surrounding the US government’s job title classification list which in its over 250,000 words excludes the work risk. Well perhaps that will change now that some risk managers on Wall Street are pulling in 7 figure incomes and at least one topping out at $10,000,000. To me this is a sign that risk management and managers is coming of age, pity it took the financial collapse of the Western economies through the Great Recession to make it so.
So has your firm brought on a risk manager or risk consultant yet? It is only a matter of time,… for as I like to say, “The train has left the station”.
For more on this subject, click on this link to Bloomberg: http://tinyurl.com/6b7uxcf
To see my original blog of April 3, 2011 click on the link: http://tinyurl.com/626aqvo
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