Wat is Chief risk officer, risk committee?

The chief risk officer is the executive responsible for the firm’s risk function: for setting the risk limits across the firm and monitoring compliance with them, for the policies and controls that implement the risk appetite, and for reporting breaches, deficiencies and emerging risks. The risk committee is the body, of the board or of senior management, that approves the risk policies and limits, receives the chief risk officer’s reports, and decides on the exceptions and increases the policies reserve to it.