In order to study and analyze the evolution of CRO function, TCS and Chartis undertook structured research, working with CROs and risk unit staff across institutions with a focus on technology and operating processes. The report examines the increased centralization, externalization, and the broader role of the risk function. While the context for much of the CRO’s evolution is credit risk, the evolving role of the risk function aggregates a range of processes, providing value to the organization through integrated risk strategy, risk management processes, risk infrastructure, and risk culture.