mckinsey -非常成功的首席風險官的六個習慣 The six habits of highly successful chief risk officers 2024

Mcsey

&company

Risk&ResiliencePractice

Thesixhabitsof

highlysuccessfulchiefriskofficers

OurinterviewswithtopCROsrevealpracticesriskleadersatfinancial

institutionscanusetoexpandtheirinfluenceandbuildgreaterresilienceintheirorganizationsamidunrelentingchange.

byIdaKristensen,MarcChiapolino,MaríadelMarMartínez,andRiteshJain

December2024

Injustthepastfewyears,aseriesof

unprecedentedandfast-movingthreatshave

disruptedorganizations.Howcompanies,

particularlyfinancialinstitutions,respondto

thesecomplexriskshasprofoundimplications.

TheCOVID-19pandemicwreakedhavoconcredit

models,andsocialmediahasplayedaleading

roleinacceleratingbankrunstorealtime.Thelatterexposedasystemicriskthathasrequiredbankstorethinktheirliquidityandinterestratemodels.

Noonefeelsthesechangesmorethanthechiefriskofficers(CROs)atfinancialinstitutions.Traditionally,theseCROsfocusondealingwithfinancialrisk

andlimitingcreditandmarketlosses—bothcritical

forkeepinginstitutionssafeforcustomersandthe

economyatlarge.Butovertime,aneweraemergedinwhichCROsfacedgreaternonfinancialriskamidpressuretoboostthebottomline.Today’sevolving

riskenvironmentonceagainputsnewpressuresandrequirementsonCROs.

Tobesuccessfulthesedays,CROsneedtoexert

moreinfluenceandmanagemorerisk.Theyneedtodosoamidmountingscrutinyfromsupervisorswhilebuildingthebusiness.Mostimportant,theyneedtoembedfuture-readyresilienceintheirinstitutions.

AsRichardTreagus,CROofOldMutualLimitedtoldus,resiliencehasbecometheNorthStarguidingtheCROofficeandleadershipsuite:“We[asCROs]reallyneedtodemonstratethatorganizationalresilienceisrespected,healthy,andahighpriority.”

TounderstandjusthowmuchtheCROrole

ischangingandwhichmindsets,skills,and

bestpracticesarenowrequiredforexcellentriskleadership,McKinseyconductedin-depth

interviewsandsurveyedmorethan30currentandformerCROsofmajorfinancialinstitutionsworldwide;eachoftheseindividualshasspentatleastfiveyearsintherole.

Throughthesediscussionsandourowninsights,weidentifiedsixessentialhabitsofsuccessful

CROstoday:

1.Theyareexplicitabouttheirriskand

resiliencepurposeandvisionandchampionarisk-awareculture.

2.Theyinvestin,empower,andcreatethenextgenerationofrisk–andother–leaders.

3.TheyleadbeyondriskbyengagingdeeplywithotherC-suiteleadersandtheboardtoaccomplishbusiness,resilience,and

riskobjectives.

4.Theytreatsupervisorsaspartnersandarefullytransparent.

5.TheyfocusonwhatonlytheCROcando

byintegratinginsightsacrosstheorganizationtoanticipatefuturethreatsandstrengthen

resilience.

6.Theycontinuallymonitortheirpersonal

effectivenessandtakestepstomanagetime.

Manyofthesehabitsmayseemfamiliar,buthowwellCROsutilizethemvaries.CROstoldusthey

shouldbeappliedacrossalldecisions.Indeed,

CROswhofollowthesehabitsaremorelikelythantheirpeerstomanageriskmoreeffectivelyand

embedresilienceintheorganizationstheylead.

‘We[asCROs]reallyneedtodemonstratethatorganizationalresilienceis

respected,healthy,andahighpriority.’

–RichardTreagus

CRO,OldMutualLimited

Thesixhabitsofhighlysuccessfulchiefriskofficers2

Habit1:Beexplicitabouttheriskandresiliencepurposeandvisionandchampionarisk-awareculture

Giventheexpandingscopeofpotentialrisks,nowmorethanever,employeesinfinancialinstitutions’riskfunctionsneedaNorthStar.Thisguiding

principleisanunderstandingoftheorganization’slong-termvision,mission,andobjectivesrelatingtoriskandresilience—andariskculturetomatch.ThemosteffectiveCROsrelentlesslypursuetheNorthStarandcontinuallyevaluatewhetheran

organizationisfollowingitornot.

TodevelopthisNorthStar,CROswillneedtothinkbeyondregulatorycomplianceandsafeguardingthebank.Whilebothremainessential,theyarenolongersufficientasthefocusfortheriskfunction.

AgoodfirststepforCROsistoreflectonthe

followingquestions:Whatisthecompany’s

overarchingstrategy?Howdoesourorganizationdifferentiateitselfthroughourbusinessmodel?Whatareasaremostimportanttous?Whatdoourstakeholderscaremostabout?Whatdoes

successlooklike?ACROwhoregularlyhelpstheriskorganizationanswerthesequestionscansignificantlyboostinstitutionalawarenessandengagement.

ForsomeCROs,theNorthStarisarticulatedina

missionstatement.Oneriskteamused360-degreefeedbackfromC-suiteleaders,businessleads,andtheriskteamtocomeupwithone.AnotherCRO

toldushisorganizationintentionallyseparated

itsmissionstatementintothreesections:toset

standardsforthewholeorganization,topartner

withtheboardandtheCEOtomaximizethereturnoncapitalinvestedinresources,andtomeet

regulatoryandexternalstandards(includingfor

shareholdersandcommunitiesserved).StillanotherCROreportedthattheirinstitution’srallyingcrycanbesummedupinoneword:trust.Everythingthey

domustreinforcecustomers’andemployees’trustintheinstitution.

Gettingbuy-inonthevaluepropositioncanyieldbenefitstoariskfunction.AveteranCROwe

spokewithsaidaligningvalueswithmanagement,

shareholders,andthecommunitiesthebankserves

notonlydemystifiesriskandprovidesgreater

understandingbutalsohelpstoprovideamarginforerror.Stakeholderswill“giveyoualotoflatitudetomakemistakes,tomanagethroughdifficulttimes,

iftheyseethatyourvaluesandtheirvaluesarealigned,”hesaid.

Withthevisioninplace,CROscanchampionriskcultureacrosstheorganizationandfosterarisk-awarecultureinlinewiththeirpurposeandvision.AsFrankRoncey,CROofBNPParibas,explained,“Oneofmyprimaryfocusesistopreservetheriskcultureofthebank,whichhasservedusquite

wellsofar.Thisdoesn’tmeanwearenecessarilyconservative;itmeanswearedisciplined,

demanding,andthorough.”Ronceyconsiders

himself“guardianofthetemple,”andhischairmanseestheriskteamas“angelsofthebank.”

“Amongotherthings,”Ronceysaid,“Iamtaskedtoensurethatthiscultureiskeptacrossgenerations.Thisisdonethroughstrong,principles-based

riskdecisionmakingatthehighestlevelofthe

organizationandthroughclearcommunication

aboutthedecisions,drawingandsharinglessons

fromriskeventsorourmistakes,andexplainingourdecisionstoyoungercolleagues.”

OneCROwouldencouragetransparencyandtimelyescalationbylettinghisteamknowthat“ifyoutell

meaboutariskissueandthatissuesubsequently

blowsup,thenthat’smyproblem.Ifyoudon’ttellme,thenit’syourproblem.”

Establishingamission,vision,andriskculture

won’thappenovernight;norisiteasy.OneCRO

describeditasa“culturaljourney”inwhichriskandresilienceprinciplesslowlypermeateintoalllevelsoftheorganization.LorieRupp,whohasbeenthe

CROatFirstCitizensBancSharessince2017,usedacreativewaytochampionriskculture.“WefoundapictureofoneofthetellerstationsinSmithfield

wheretheyhadbarsonthetellerwindows.That

wasriskmanagementbackin1898.Wehavebeenmanagingriskasacompanysincethebeginningoftime.ThenIstartedtellingthatstoryandeverybodyinvitedmetodothatwiththeirteams.Itbecamea

littlebitofaroadshowtomakethepointthatriskmanagementiswhatwedoeveryday.”

Thesixhabitsofhighlysuccessfulchiefriskofficers3

Havingmergedriskintotheorganization’s

vision—andcontinuallynurturingit—CROshave

elevatedtheirrole.It’smovedfromtraditionalrisk

managementtooneinwhicharesilientculturefuelsand,inmanyways,leadsgrowth.Butthischange

doesn’thappenwithoutateambuilttomeettoday’sunprecedentedchanges.

Habit2:Investin,empower,andcreatethenextgenerationof

risk–andother–leaders

Thedemandsofmanagingintoday’sincreasingly

complexriskenvironmentrequireCROstobuilda

benchthatmeetsthemoment.That’swhyCROs

createthenextgenerationofriskleaders—and,

ultimately,theorganization.Theydosobybuildingadiverseteam,delegatingtoandempoweringtheteam,andplanningforleadershipdevelopmentandsuccessionfromthebeginning.

TheCROstoldusthatthemostcriticalaspectofdiversityisdiversityofthinking.Achieving

thisinvolvescombiningdifferentbackgrounds,experiences,andskillsets.

CROsalsosaidthatasnontraditionalprofessionalslearnrisk,theybringtheirexperienceandpoint

ofviewonboard.Manyleaderspurposelyshift

workersinandoutofriskandbetweenthefirstandsecondlinesofdefense.Indoingso,theygaina

broaderperspectivewhilemakingexternaltalent

attractioneasier.Roleshiftsneedtohappeninsidetheriskfunctionaswell.Thesameprincipleappliestogeography.Byrotatingriskprofessionalsarounditsgeographicfootprint,anorganizationcreates

opportunitiesforteammemberstoshareinsightsandaddsaboots-on-the-groundperspectivewhilealsoreinforcingtheriskculture.

Anotheressentialcomponentofbuildingafuture-

ready,resilientriskteamisdirectlyinvestinginthem.CROstoldustheyspendanaverageof34percent

oftheirtimewithmembersoftheriskfunction.Inthisway,theygettoknowateam’sstrengthsandweaknessesanditsnaturalleaders.

ForMaheshAditya,CROatSantanderGroup,

stayingclosetoleadersinhisorganizationduringa

crisisprovidesimportantinsights.Adityasaidthat

instabletimesleadersoftenseemstrong,butin

acrisis,someshowweaknessandindecisiveness.

“Dotheyinstinctivelyleadorlookforsomeoneto

blame...forme,thisisthefirsttruetestofaleader,”hesaid.

It’saprocessoflearninganddevelopment.ManyCROstoldustheyconsistentlycheckinwiththeirpeopletogivefeedback.Theywantemployeestonotjustacceptfeedbackbutaskforit.SuccessfulCROsmodelthisbehaviorbyaskingforfeedbackthemselves.“Thatsetsatoneofdeliberate

vulnerabilityandbeingopentogrowth,andthat

makesitOKforotherpeopletodothesame,”saidaformerCRO.

Or,asformerAllyFinancialCROJasonSchugelputsit,“Wehavesomeuncomfortableconversations[asaleadershipteam].That’sOK.Butifwedon’thave

thoseconversations,wewon’tgetanybetter.”

CROsculltopperformersamongjuniorrisk

professionals.Theypreparethemforfuture

growthandcareerelevationwithinoroutside

theriskorganization.Day-to-day,thiscanincludeshowcasingthemwithanorganization’sexecutive

team,businessleaders,and,insomecases,theboard.

AswithotherC-suiteroles,meetings,dinners,andothereventsareplaceswhereCROsintroducethenextwaveoftalent.CROsallowtheirtoppeopletoshine,present,andanswerquestions.Forinstance,BrianLeachinitiatedtheWomeninRiskprogramatCitigroup.Itaimstoelevatewomenthroughtrainingandaddedvisibility,preparingthemforsenior

leadershiprolesinriskandbeyond.

Handingofftojuniorteammemberscanbea

tallorderformanyCROswhofeeltheweight

ofresponsibility,butasformerGoldmanSachsCROCraigBrodericksaid,“Youdon’twantto

bedefensiveofyourownposition;if[juniorriskpartners]aresuccessful,you’llbesuccessful.”Headds,“ACROshouldn’tbeinsecureinthatregard.Forasuccessfulorganizationanda

successfulperson,there’smorethanenoughcredittogoaround.”

Thesixhabitsofhighlysuccessfulchiefriskofficers4

Inadditiontobuildingatopteamofrisk

professionals,thegoalofdevelopingtalentistoproduceafutureCRO.It’snotunusualforaCROtothinkaboutsuccessionplanningontheirfirstdayonthejob.Atthestart,theremaynotbeanobviouscandidateorfront-runner,andonemaynotimmediatelyemerge.YetaCROcannurturecandidatesbysharinginsightsandbuilding

personalrelationshipswiththeriskteam.

Ultimately,thesemovespayoffbygivingleaderstheabilitytodelegatewhennecessary.Topperformerstakecenterstageandaremorepreparedfor

succession.AmajorpartofthattrainingwillalsoincludelearningahabitthatiscriticaltoCRO

excellencetoday:buildingdeeperandmore

influentialrelationshipswiththeC-suiteandboard.

Habit3:Leadbeyondriskby

engagingdeeplywiththeexecutiveteamandboardtoaccomplish

riskandbusinessobjectives

Today’sleadingCROsdon’tsimplyinformtheboardandtheCEO;theybecomeavitalmemberofthe

executiveteamandatrustedadvisertotheboard.

They’vebuiltadeeperrelationshipthatkeeps

riskandresiliencesyncedwiththeorganization’soverallmission.Theycommunicateearlyandoftenandgeneratedebate,whichensuresthereare

nosurprises.

Inrelationshipbuilding,successfulCROsareclosetotheboardandexecutiveteamsonothingcomesasashock.CROswhoseethemselvesasbusinessdriversintheirinstitutionsareespeciallyadeptat

this.CROstoldustheyspendupto56percentof

theirtimewiththeexecutiveteamandboard.Thoseinteractionsgofarbeyondformalmeetings.SomeCROshaveinformaltalkswiththeCEOeveryday.

Theyalsotalktotheboardriskcommitteeoften,sometimesmeetingmorethanonceamonth.

CEOsandboardsalwayswelcomegoodnews.ButCROshaveanobligationtodeliveruncomfortablenewswhenneeded.Havinganongoingdialoguemakesharddiscussionseasierandfortifiesthe

principleof“nosurprises.”

Relationshipbuilding,ofcourse,requires

adaptingthelanguageofriskandresiliencetothe

languageofboardmembers.Becauseofdiverse

backgrounds,someontheboardmaynotbefluentinthetechnicaldialectofriskmanagement.SomeCROsseethemselvesastranslatorsfortherest

oftheorganization.Theyusebusiness-focused

wordinginsteadoftheriskjargonthattheirteamssometimesuse.

Beingabletocrossovereffortlesslyintobusinessgoesbeyondwords.Today,CROsaremore

engagedwithbusinessdecisionmaking,including

regardingstrategy,products,markets,and

M&A.Theyunderstandrevenuegenerationandstrategicpriorities.

OneCROholdsregular“teatime”withthe

organization’schiefinformationofficer(CIO).Thesetalkshelpthembothunderstandtheorganization’stechnologyandinformationpriorities,aswellastheriskimplications.

AssomeCROsputit,conversationsaren’talwaysandshouldn’talwaysbeaboutrisk.Talkingaboutawidevarietyofissues—orwhatabusinessleadercaresabout—helpsavoidan“usversusthem”

mindsetastheCROdemonstratesstronginterestinbusinessdevelopment.

Oneofthemarkersofeffectiveengagement,

saidoneCRO,is“beingcalledintotheroomwhen

youdon’tneedtobethereandbeingaskedtobe

involvedincraftingabusinesscaseondayone,

insteadofhavingithandedtoyouforlimitapprovalswhenitisfullybakedsixmonthslater.Successas

aCROiswheninsteadofhavingtomakeoutboundcallstogetinformationandmakethingshappen,

youreceiveinboundcalls.”

Thegoalistocreaterelationshipsthatallowforhonestdiscussionandavoidleadersviewing

challengeascriticism.“You’regoingtotakerisks,

andyou’regoingtomakemistakes,”Brodericksaid.“That’sperfectlyfinesolongasthedistribution

ofthosemistakesandthecompositionofthosemistakesorlosses…fallwithinparametersand

Thesixhabitsofhighlysuccessfulchiefriskofficers5

withinaspectrumthatyouclearlyidentifytothe

respectiveconstituentasbeingpossibleoutcomes.”

Familiarity,trust,openness,andunderstandingarewaysinwhichCROshavereshapedtheir

roletomakeanorganizationmoreresilient.Yetthesequalitiesaren’tlimitedtotheorganization.Theyareneededtoshiftrelationshipswith

supervisorsandregulatorsintocollaborationsthatbenefitbothsides.

Habit4:Treatsupervisorsas

partners,andbefullytransparent

JustasCROsneedtounderstandandinfluence

theleadersintheC-suiteandboardroom,CROsshouldestablishsuccessfulworkingrelationshipswithsupervisors.Theyshouldfindacommon

groundwithsupervisorsandtrytounderstand

theirperspectives,motivations,andwhatmakesthemsuccessful.Theyshouldalsobetransparentandproactiveindiscussingbothgoodandbad

developments.

Akeytobuildingaconstructiverelationship

isinternalizingthesupervisor’sprioritiesand

understandingwhatproblemthesupervisorsintendtosolve.

OneCROtoldustheybegineveryconversationwithasupervisorassumingtheyhaveadifferentview.Supervisorsworryabouttheirjobs,too.

SoCROsshouldbeginbytryingtounderstandandsupporttheprioritiesoftheirsupervisorycounterparts.

Amindsetofcollaborationisessential.SuccessfulCROsmeetoftenwithsupervisorsandopenly

discusswhat’shappeningintheirbusiness.Similartothehabitofengagingtheexecutiveteamand

CEO,CROsshouldaimtoavoidsurpriseswiththeirsupervisors.It’snotuncommonamongCROstodaytothinkofsupervisorsasadvisersonsometopics.

“Theimportantthingforanyofusistotaketimetounderstandwhattheregulatoristryingtoachieve,”saidNationalAustraliaBank’s(NAB’s)Shaun

Dooley.“Weneedtoseethemaspartners,not

adversaries,andtakearelationshipmanagement

approachwiththem.Wehaveanactiverelationship-planningmindsetinternallyinthewayweengage

withregulators.”AnotherCROsaid“Youneedtobetransparentandcollaborative,orelseinthelong-

termyoulose,”adding,“Weareverychallenging

withsupervisors,butneveraggressive…wetrytoanticipatetheirrequests,wecomeveryprepared,withalotofdataandfactstodefendourposition.Forthisreason,[supervisors]respectus.”

SomeCROsemphasizetheirabilitytoinfluencerulemakingandpolicywhenrelationshipsarestrong

andtrustisestablished.TrustenablessupervisorstoleanonCROsforguidance.Afterall,CROsareclosertothecommunitiesthatsupervisorsare

seekingtokeepsafe.

FosteringstrongerrelationshipswithsupervisorsandregulatorsisonewayaCROcanbringauniqueskillsetandvaluetoanorganization.Butthere’s

morethataCROisespeciallysuitedtodo,andthemostsuccessfulmakeahabitofit.

Habit5:Focusonwhatonly

theCROcandobyintegratinginsightsacrosstheorganization

Insidetheorganization,successfulCROsseethreeuniqueleverstheycanusetohelptheirinstitutionssucceed.First,theyhaveadistinctivevantagepoint,grantingthemvisibilityandaccesstodetailsacrosstheentireorganizationaswellastoexternaltrends.Itprovidesthemwithanindependentviewoncross-cuttingissueswiththegreatestriskandresilience

implications.Second,theycanaffordtotakea

longer-termvisionandbuildresilienceforfuture

events.Finally,theyaretheonesmanagingthe

deploymentofresourcesagainstrisksthatthreatentheinstitution.

SuccessfulCROswhoengageinHabit1—being

explicitabouttheirfunction’spurposeandvision—havealreadyinfusedriskandresilienceintothe

organization.Inturn,thebusiness,whenguidedby

theriskfunction,isalwaysworkingtostrengthenitsresiliencetomakesureitisreadyforany

disruptions.

Thesixhabitsofhighlysuccessfulchiefriskofficers6

‘It’smyaccountabilityatthetopof

thehousetohavemyownindependent,supported-by-factsanalysis.[It’smy

responsibilitytoofferan]extreme

amountofrigoranddatatogivemy

ownpersonal,independentviewof

howwe’reoperatingwithinorwithoutourriskappetite.I’mtheonlyone

whocandothat.’

–LorieRupp

CRO,FirstCitizensBancShares

Sinceriskcanbeunpredictableinnatureand

timing,CROsneedtobuildcapabilitiestoprepare

theinstitutionforfuturecrisesthatareatleast

partiallyunknown.Theydosobylearningfromtheirorganizations’responsestopreviouscriseswhile

alwayslookingaheadforthenextpotentialcrisis.Theyarereadytousethoselessonsnotonlyto

reducerisksbutalsotofindopportunitiesthathelptheirinstitutions’businessgoals.

Leadersandtheboardmaybeinfluencedbyshort-termgoalsandpressurefrominvestors.Butthe

CROisinaspecial—ifnoteasy—positiontohelpanorganizationfindbalance.AsSadiaRicke,group

CROatStandardChartered,putit:aCROneedstohavedeveloped“influenceandgravitas”toremindleadersofthemedium-andlong-termimpactof

short-termdecisions.Shesaid,“Youmay,attimes,notbethemostlikedpersonintheroom,soyou

needtobepreparedforthisandbecourageous

nonetheless.”WestpacCRORyanZaninsaid,“Eveninacrisis,mydemeanoriscalm.Thatdoesn’tmeanIdon’thaveanxietyorconcernsaboutthings.ButIthinkslowingthingsdowninitiallytofigureoutwhatarethethreethingsthatwemustdorightaway,andthenwhatarethethingsthatcanwaituntillater,canenableyoutorunfasterwithconfidence.”

‘Youmay,attimes,notbethemostlikedpersonintheroom,soyouneedto

bepreparedforthisandbecourageousnonetheless.’

–SadiaRicke

GroupCRO,StandardChartered

Thesixhabitsofhighlysuccessfulchiefriskofficers7

JustassuccessfulCROsmakeahabitof

findingtherightbalanceoftheirtimetogivetocurrentandpotentialissues,theyalsoneed

tomanageorganizationalresourceswiththesamejudiciousapproach.

“Thethingsthatshouldcometomearethe

reallybigresourceallocationdecisionsormajor

complexorlargeexposureissuesorstrategyfor

theorganization,”saidDavidKimm,formerCROofR&TDepositSolutions.“ThosearetheonesIoughttobeseeing,andmyorganizationbetterworry

abouttherest.”

CostsandbudgetsmayforceCROsintotough

choicesregardingresourcemanagement.For

NAB’sDooley,reallocatingresourcescanrunafoulofamoretraditionalapproachsuchasadding

workerstosolveaproblem.“Myroleistoactually

say,‘Youknowwhat?I’mgoingtodisinvestinthis

partoftheriskfunctionbecausewe’regoingto

automate,andwe’regoingtoinvesthere.Andyouallmightnotseethatasthemostimportantpriority,butIdo,andhere’swhy.’”

ThehabitofembracingwhatonlyaCROcando

meansusingaholisticviewto“seearoundthe

corner”andmaketoughdecisions.CROsneedtolearnfrompastcrises,anticipatethenextcrisis,delegateresponsibilitytoatrustedteam,and

manageresources—andtheirowntime.Given

allthenewresponsibilitiesCROsaretakingon,

theyneedtoemployafinalhabitthatkeepsthembalancedandready.

Habit6:Continuallymonitor

personaleffectivenessandtakestepstomanagetime

SuccessfulCROsalsoreflectontheirown

effectiveness.Theyarerelentlessanddeliberateabouthowtheyspendtheirtime,setgoals,andprioritize.Theymaintainpoisebyidentifying

strategiestomaintainwork–lifebalanceand

theirownlong-termsustainability.TheseCROs

recognizethatrunningariskfunctionisamarathon,withoccasionalsprints.Theyaskforothers’

opinions,regularlymeetingwithindustrypeerswhiledevelopinganinnercircleofcloseadviserstheyusetostaygroundedanduptodate.

ManyCROshighlightedwhattheyseeasaparadoxoftherole.It’soneofthemostinterestingroles

oftheircareer,givenitsbroadcross-cutting

perspectiveontheinstitution.Yetit’soneofthe

mostchallenging,duetothevastrangeofissuestohandleandthevariousdemandsofstakeholders.

HowaCROmanagestheirtimeandresourcesgoesbeyondpersonaleffectiveness.Beingarolemodelisparamount.HowaCRObalancesworkandlife

andsetsboundariesaroundeachisimportanttomotivatingateam—andthemselves.Soinputfromfamilyandfriendsisn’tignored.ManysuccessfulCROshavewhattheycalla“circleoftrust”that

allowsforhonestfeedback.

Thisincludespeopleinsidetheorganizationwho

feelfreetodiscussaCRO’sperformance,aswellasoutsidevoices.CROssaythemorevoicesthebetterwhentryingtogaugetheiroveralleffectiveness.

Andyetforallthevalueofcloseadvisers,CROs

needtimealonetoreadandthinkstrategically.

Theyneedtoknowaboutcurrentissues,meet

withpeoplei