ERM Glossary: Central risk function

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The (central) risk function of a firm or group of firms is the unit within the firm that gathers information relating to risk, analyses the firm’s risks and reports on them to senior management.

Some risk functions may have a more proactive role in implementing or deciding upon risk mitigation actions than others. In the financial sector it is becoming increasingly common for the risk function to be headed up by a chief risk officer.

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