We discussed recently the idea that David Viniar, the CFO of Goldman Sachs, is perhaps so valuable to the bank that he couldn't be replaced by a single person. Given his broad oversight of risk management, financial controls, technology and financial relationships with investors and analyst and more, some argue that it would take several people to credibly do all this.

You could make the case that CFOs at many companies, especially those who also taken ownership of risk management, perhaps ought to have some help. Which brings us to the rise of a the chief risk officer as the latest power position within Wall Street banks. At Bank of America, former CRO Bruce Thompson was paid $11.4 million last year, the most awarded to an executive at the bank and this year he was promoted to chief financial officer, notes the San Francisco Chronicle.

Other banks have likewise raised the profile of the CRO, who these days--at banks anyway--often report to the CEO and are called upon often by directors, especially risk committees. Previously, CROs used to report to the CFO. One issue however that boards and CEOs have to be cognizant of is the potentially tricky relationship between the CRO and the CFO, some of whom perhaps only reluctantly gave up their risk management portfolios. 

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