In a world defined by geopolitical uncertainty, digital transformation and ESG accountability, the role of the Chief Risk Officer (CRO) is now widely established as a strategic partner to the CEO; heavily involved in shaping decisions which impact both market confidence and long-term resilience.
Yet, despite this evolution, the CRO talent pipeline remains one of the least diverse in the C-suite.
It’s time to ask why – and most importantly, what can be done about it?
The Current State of Play
Risk leadership teams still skew heavily toward a narrow demographic profile: often male, mid-to-late career, and drawn from similar technical or audit backgrounds.
According to recent reports from Deloitte’s Global Risk Management Survey (2025) and EY’s Board Risk Leadership Study, women and ethnic minorities continue to be underrepresented in senior risk functions; particularly in global and regional CRO roles.
Meanwhile, the risk environment itself is diversifying rapidly:
- Non-financial risks (cyber, ESG, conduct, AI ethics) are now as important as traditional credit and operational risks.
- Stakeholder expectations are broader, encompassing employees, regulators, investors and society at large.
- Risk management is increasingly cross-functional, requiring collaboration with data, HR, legal, sustainability and communications teams.
It is clear that the modern risk agenda demands leaders who bring diverse experiences, worldviews and communication styles.
Why Diversity in Risk Leadership Matters
Diversity at a leadership level (and indeed, below) is a strategic advantage and can lead to the following:
- Better challenge and decision-making: Cognitive and experiential diversity help teams identify blind spots, reducing groupthink and bias in risk assessment.
- Improved stakeholder confidence: Investors, boards, and regulators are increasingly assessing the diversity of governance and risk leadership as a proxy for organisational culture and resilience.
- Relevance to emerging risks: Professionals from different industries or cultural backgrounds may be better equipped to identify social, ethical, or technology-related risks early.
- Stronger team engagement: Inclusive risk leadership fosters psychological safety; encouraging individuals to speak up, question assumptions and raise early warnings.
When the cost of “missed risk signals” can be reputational or existential, these advantages are hard to ignore. Which begs the question…
What’s Holding Back the CRO Pipeline?
Traditional pathways are too narrow
Many current CROs rose through finance, audit, or regulatory functions. These are excellent foundations, but not the only ones. Professionals from technology, ESG or operations often face barriers entering the risk leadership track because their experience doesn’t fit legacy role profiles.
Limited succession planning
Boards and CEOs often focus on short-term readiness, rather than developing diverse talent over time. As a result, the same small pool of candidates circulates between organisations.
Unconscious bias in selection
Leadership traits in risk are still often equated with caution and technical authority; attributes that may inadvertently exclude candidates with collaborative or adaptive leadership styles.
Lack of visible role models
Without diverse CROs in the spotlight, emerging leaders struggle to see themselves in the role, perpetuating the cycle.
How to Rethink the CRO Talent Pipeline
Broaden the definition of “risk leadership experience.”
Look beyond finance and audit. Professionals with backgrounds in sustainability, cybersecurity, legal, compliance, or strategy can bring valuable new perspectives to enterprise risk management.
Invest in leadership development early.
Identify high-potential risk professionals from underrepresented groups and sponsor them into rotational or cross-functional roles. Exposure to board reporting, crisis management and strategic decision-making is critical.
Use data to challenge assumptions.
Talent analytics can reveal patterns, such as where diverse candidates drop out of promotion pipelines, or which business units produce the most risk leaders. Use this insight to target interventions.
Involve risk recruitment specialists strategically.
Recruiters with deep networks in governance and risk can help uncover talent that isn’t in the obvious places: from adjacent industries, academia, emerging markets or under-represented groups. This is where using a specialist risk search firm can add immense value.
Build inclusive selection processes.
Structured interviews, diverse shortlists and transparent criteria help reduce bias. Equally, ensure hiring panels are themselves diverse is key.
The Future of Risk Leadership
In risk leadership, inclusion means empowering a range of voices to shape how we anticipate, measure, and respond to uncertainty.
The next generation of CROs will look different – and we’re not just talking about demographics here. They’ll be systems thinkers, data-literate and purpose-driven. They’ll navigate ethical dilemmas around AI, climate, and social impact with as much fluency as they handle financial risk models.
To make this vision a reality, organisations need to start building the talent pipeline now, not just when a vacancy arises. Not just to be fair – but to be future-ready.
If you are looking for diverse Risk talent to take your team to the next level, Leonid can help. Please get in touch with our Risk recruitment specialist, Adam Bond, for an informal discussion.