CRO role vital for restoring confidence to energy sector, says Kaminski

Chief risk officers (CROs) have a vital role in helping to shape the future of the troubled energy sector, and should report directly to the board of energy companies if investor confidence is to be rebuilt in the sector, Vincent Kaminski, senior vice-president of commercial analytics at energy company Reliant, told delegates at EPRM ’s congress in Houston.

Instead of reporting to a chief executive or chief financial officer, who may have “large egos”, energy company CROs should report to the board of directors, providing an “independent and reliable source of company information”, said Kaminski, who until five weeks ago was managing director of Citadel Investments, and prior to this served as head of quantitative modelling at Enron from 1992 to 2002.

Energy companies should also seriously reconsider their compensation schemes to rid the industry