Why Warren Buffet is wrong on chief risk officers

The "Oracle of Omaha" believes that the buck stops with the CEO but his reticence on chief risk officers fails to recognise what it is that CROs actually do.

Warren Buffet is a very smart man, but he is leaving the wrong impression on the topic of risk management. A colleague forwarded me this interview from the Motley Fool Website titled: Buffett Says “Chief Risk Officers” Are a Terrible Mistake. That is a very sketchy statement so I had to dig in.

In a video clip from the 2013 Berkshire Hathaway shareholders meeting, Lawrence Cunningham, author of The Essays of Warren Buffett: Lessons for Corporate America says:

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