How banks' chief risk officer has evolved, and where it's headed [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance
The chief risk officer role has gained prominence at banks over the past 15 years, but the extended absence of one at Silicon Valley Bank, in the months before it failed, underscored the position's significance. The March 2023 collapse of SVB offered a stark reminder “of the cost of not managing risk effectively on an ongoing basis,” said James Lam, a risk management consultant. SVB, a $212 billion-asset bank, didn't have a chief risk officer for much of 2022. The lender, which had a high proportion of uninsured deposits, experienced a bank run after rising interest rates affected its investment securities portfolio. That SVB didn't confront rising risks before its downfall has served as a profound risk management reminder to banks. Banks have always been in the business of managing risk, from credit and interest rate risk to operational risk, said Lam, who served as a CRO as early as the 1990s for companies such as Fidelity Investments and GE Capital Market Services. Prudent
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FCNCA
Earnings
- 10/24/24 - Miss
FCNCA
Sec Filings
- 11/14/24 - Form SC
- 11/7/24 - Form 10-Q
- 11/6/24 - Form 144
- FCNCA's page on the SEC website