
5 Things You Should Know About GAN Integrity
At GAN Integrity, we are reinventing the way compliance teams work. Here are the 5 things you should know about who we are and how we are changing the industry.
According to the 2020 State of Risk Oversight report published by the Enterprise Risk Management (ERM) Initiative at NC State, 54% of large organizations and 58% of public companies have now appointed a Chief Risk Officer (CRO) to identify, analyze, and mitigate risk.
This executive role is becoming more common as organizations perceive increasing risks related to talent acquisition, branding, innovation, technology, the economy, cybersecurity, and competition.
Chief Risk Officers are C-level executives within an organization, meaning they’re usually the head of a risk management or corporate compliance department. In this strategic leadership role, a CRO’s primary function is to identify and anticipate risks to the organization, analyze risks in terms of their likelihood and potential severity, and recommend strategic actions for mitigating risk in order to protect shareholder value and prevent financial losses.
CROs are primarily concerned with risks that fall into four broad categories:
The CRO role comes with mission-critical responsibilities that typically include, but aren’t limited to:
Risk and risk assessment have always been a part of business, but only recently has the CRO position become commonplace within large organizations. We identify three reasons for this shift:
Chief Risk Officers are important because they allow organizations to successfully navigate a business landscape that is increasingly fraught with risk. A skilled and experienced CRO helps their organization understand their risk exposure, mitigate the greatest risks, and leverage opportunities to generate value through strategic risk-taking.
In most firms that employ a Chief Risk Officer, that person reports directly to the Corporate Executive Officer (CEO) or President of the company. They may also report to a Corporate Financial Officer (CFO), the board of directors, or one of its committees—an audit committee, for example, or an executive risk oversight committee.
At GAN Integrity, we are reinventing the way compliance teams work. Here are the 5 things you should know about who we are and how we are changing the industry.