Description: Until recently, risk management was thought of as a side activity engaged in by quantitative specialists within financial and non-financial companies -- often known most simply as the "quants" or "risk managers". They had little seniority and managed financial risks piecemeal. Now, many chief risk officers sit at the board level of many organizations, managing risk on a firm-wide and integrated basis. As a result, risk management is a mainstream business process that has migrated in importance and stature to the highest level decision-makers within the world's largest financial institutions, corporations, and investment management groups. It is now as essential as any other business process -- including the organizational processes determining the quality of services offered or widgets produced -- in order to add value for shareholders and an organization's customers.

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