Founded in 2008, the Directors and Chief Risk Officers group (“the DCRO”) was formed to be a resource to board members, chief risk officers, and other c-level executives whose work was focused on the governance of risk-taking at their organizations. The mission of the group was to advance the practice of risk governance around the world.
As guidance to boards, investors, and stakeholders, DCRO members collaboratively developed the DCRO Qualified Risk Director Guidelines and various Guiding Principles on Risk Governance, all of which are available for free download.
From early in the financial crisis until the spring of 2015, the DCRO published the Crisis Sentiment Index - a collaborative, real-time analysis of global, regional, and local risk conditions from the perspective of board members and c-level executives around the world. The Crisis Sentiment Index provided a timely analysis of trends in credit availability, financial market (in)stability, and general economic conditions across various industries in diverse regions of the world. The Crisis Sentiment Index proved prescient and valuable as an indicator of progress through, as well as the end of, the global financial financial crisis.
The DCRO also regularly facilitated member interaction via conference calls, resource sharing, in-person roundtables, benchmarking research and more. This collaborative work brought together perspectives of nearly 2,500 members, from more than 120 countries, as well as from diverse industries, financial, non-financial, for-profit, and not-for-profit.
In 2018 and 2019, through the DCRO Exemplar Awards, the DCRO recognized several individuals for their global leadership in risk governance and the advancement of governance practices.
The DCRO concluded its work in early 2019.
The documents below were developed through the collaborative efforts of leading chief risk officers, board members, and other c-level executives as a resource to be used in the advancement of risk governance practices. Contributions were made by members from more than 20 countries on five continents. Click on the images below to download a PDF file.
Compensation Committee Best Practices - Guidance from an international group of board directors, chief risk officers, and other C-level executives on how to best govern the link between pay, performance, and risk via board Compensation (Remuneration) Committees.
Through the DCRO Exemplar Awards, the DCRO recognized several individuals for their global leadership in risk governance and the advancement of governance practices Pictured below from top left to bottom right: Andrea Bonime-Blanc, Martin M. Coyne II, Jon Lukomnik, Anne Simpson, Knut Kjaer, Richard L. Sandor, Anne Sheehan, James Lam, James McRitchie, Ann Yerger, Florence Anglès, Todd Davies, Darlene Halwas, Laurie Brooks, Carol Gray, W. Ronald Dietz.
David formed the DCRO as a non-commercial, all-volunteer initiative and managed its activities from the start to the finish, keeping true to its original goals. David has been at the forefront of innovation in the governance of risk-taking at traditional and new technology companies, was named as one of the winners of the inaugural M-prize for management innovation in the category of "reinventing leadership," is the recipient of the 2008 PRMIA Higher Standard Award, and has been invited to speak at more than 100 events on five continents. David has served on numerous for-profit and non-profit boards and has advised board members and executives around the world. His leadership roles include board chair, chief executive officer, and other senior executive responsibilities. He is the author of the critically acclaimed book Governance Reimagined: Organizational Design, Risk, and Value Creation and is a member of the Editorial Board of the Journal of Risk Management in Financial Institutions. David has also written numerous articles and chapters in textbooks and was one of the founders of the Professional Risk Managers' International Association (PRMIA).