Is the CRO on your radar? What is the role of the C suite executive with the title CRO? Depends. There are actually 2 contenders for CRO: Chief Revenue Officer or Chief Risk Officer. Both are trending titles in the corporate world. Both are important for economic development professionals.
Chief Revenue Officer… borrowed from the tech startup world is rapidly expanding as companies are increasingly focused on selling solutions and “outcomes”– often comprised of complex bundles of products and services via multiple sales models and channels – all of which need to be managed holistically. Source: Forbes
Chief Risk Officer… there has always been corporate risk, but it used to be concentrated in certain parts of the business: competition, trade secrets, foreign markets, exchange rates where it was treated separately. Not anymore. Corporations are now beginning to take a holistic view of risk. Source: Int’L Risk Mgt. Institute. https://www.forbes.com/sites/sap/2017/02/02/why-every-company-needs-a-chief-revenue-officer/#69795f553fa6 https://www.irmi.com/articles/expert-commentary/implementing-enterprise-risk-management-the-emerging-role-of-the-chief-risk-officer
Congratulations to Pam Cumpata, former CEO McHenry County EDC, IL for forming a CRO peer group to give her CROs (REVENUE) a forum to share and learn. Well done Pam!