Perspectives

Second Line Advisors conducted a 2021 update of research and analysis on today’s Chief Risk Officers from the top US bank holding companies (>$50B in total assets) and the top publicly-traded FinTechs to identify trends on talent and profile.

At year-end 2021, Second Line Advisors conducted research and analysis on today’s Chief Compliance Officer (CCO) from the top US bank holding companies (>$50B in assets) as well as the top public and private FinTechs to identify and assess trends on talent and profile.

As FinTech and Crypto have become increasingly regulated and scrutinized industries over the course of the last few years, the need to bring in top talent from within the compliance and governance space has soared.

There is no doubt the FinTech “disruption” has proved itself over the last few years and evolved in the eyes of the industry, commerce and regulation.

The COVID-19 pandemic thrust Operational Risk Management (ORM) in financial services directly into the spotlight in 2020, elevating the strategic profile of the risk discipline as it tested banks’ resilience to operate effectively through unprecedented global business disruption.

Over the last three years (2018-2020), the Chief Risk Officer position has experienced significant turnover at the top US bank holding companies, with more than 50% of the banks selecting a new executive to lead the function.

Over the last three years (2018-2020), the Chief Risk Officer position has experienced significant turnover at the top US bank holding companies, with more than 50% of the banks selecting a new executive to lead the function.

Increasing regulatory attention has created a growing need across financial organizations to establish more formal coverage and independent assurance over their second-line control functions, such as Risk and Compliance.

Cybersecurity has historically received an overwhelming amount of attention in boardrooms across the globe, as the need to protect information from bad actors is a threat firmly engrained in the consciousness of corporate professionals.

Second Line Advisors conducted research and analysis on the backgrounds of chief risk officers from the top 50 large bank holding companies (hcs) to identify talent, profile, diversity, and career path.

U.S. financial organizations have been the victims of some of the largest cyber security breaches. From the customer data breach of JP Morgan in March 2014 to the more recent Equifax and Uber breaches last year, cybercrime is undoubtedly the biggest threat facing firms today.