Hiring a Chief Risk Officer (PCF-14) in Ireland
The CRO gives the board an independent view of the firm's risks. In a growing regulated firm, that means building the risk framework, owning operational resilience and challenging the business on its plans.
What good looks like
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Experience building a risk framework in a firm of your size, not only running one in a large bank.
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Operational and ICT risk depth. DORA applies to EMIs, payment institutions and CASPs, and operational resilience now sits high on the agenda.
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Board presence. The CRO reports to the risk committee and needs to hold their ground.
Some firms ask for a risk qualification, such as the Professional Diploma in Operational Risk Management in Financial Services.
Combined appointments
Some smaller firms combine the CRO with another PCF, for example a single Head of Compliance and CRO. Combining risk and compliance raises independence questions, so take advice on what's proportionate for your firm.
Pay
CRO base salaries range from €100,000 to €225,000, typically around €140,000, plus a bonus of 10% to 25% of base. The width reflects the gap in scope between a small EMI and a large, complex firm. Salary Guide
Timeline and approval
No one can perform the PCF-14 role until the Central Bank has given its prior written approval. Allow around three months from engaging a search to contracts signed and notice handed in.
Recent risk appointments
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CRO for an e-money institution
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CRO for an insurance start-up, as part of building its full senior team [Link: /insurance-leadership-team]
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CRO and Executive Director for a MiCA applicant in Malta
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Head of Risk for a MiFID investment firm