It's one of the most important and least appreciated roles in business: the chief risk officer. For eight months last year, Silicon Valley Bank didn't have one.
Before the money started fleeing SVB, the company operated without a chief risk officer for much of 2022. When success means averting danger, it’s hard to notice when someone’s not on the job until it’s too late.
Bryan Banducci for The Wall Street JournalJames Lam had just been hired by a new financial division of GE Capital when he walked into his boss’s office with a problem: He was ordering business cards and had no idea what to put on them. Since his position didn’t really exist, it also didn’t have a title, so he was given permission to invent one. He called himself a chief risk officer.of Silicon Valley Bank, there were few people more qualified than Mr. Lam to ask two simple questions.
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