On Tuesday 25 February, the European Commission announced an expanded role for the Chief Risk Officer, who will now be responsible for overseeing all of the EU’s financial operations, including borrowing, debt and liquidity management, budget guarantees and managed assets.
This decision aims to strengthen the EU’s financial governance and ensure greater oversight of the risks associated with the increasing use of financial instruments in the European budget.
“Strengthening the role of the Chief Risk Officer is a testament to the EU’s commitment to maintaining high standards of financial risk oversight”, said the Commissioner for Budget, Anti-Fraud and Public Administration, Piotr Serafin, in a statement.
The position, which has been held since 2021 by Iliyana Tsanova, will become a key component of the “three lines of defence” model, which provides for enhanced oversight of financial operations.
The Commission said on Tuesday that it had implemented a series of recommendations from the European Court of Auditors on managing the EU’s debt. With regard to 2023, the Court pointed to the fact that the level of debt was twice as high as it had been in 2021 (see EUROPE 13501/15).
See the decision: https://aeur.eu/f/fnd (Original version in French by Bernard Denuit)