1. Short title This Act may be cited as the Chief Risk Officer Enforcement and Accountability Act . 2. Chief risk officer Section 165(h) of the Financial Stability Act of 2010 ( 12 U.S.C. 5365(h) ) is amended— (1) in paragraph (2)— (A) by striking that is a publicly traded company and each place such term appears; and (B) by inserting , and appoint a chief risk officer, as set forth in paragraph (4) after as set forth in paragraph (3) each place such term appears; (2) by redesignating paragraph (4) as paragraph (6); and (3) by inserting after paragraph (3) the following: (4) Chief risk officer (A) In general A chief risk officer required by this subsection shall be appointed by a company from among individuals with experience in identifying, assessing, and managing risk exposures of large, complex financial firms. (B) Responsibilities A chief risk officer shall be responsible for overseeing the following: (i) The establishment of risk limits on an enterprise-wide basis and the monitoring of compliance with such limits. (ii) The implementation of and ongoing compliance with the policies and procedures establishing risk-management governance, risk-management procedures, and risk-control infrastructure for the global operations of the company. (iii) The development and implementation of the processes and systems for implementing and monitoring compliance with the policies and procedures described under clause (ii), including— (I) processes and systems for identifying and reporting risks and risk-management deficiencies, including regarding emerging risks, and ensuring effective and timely implementation of actions to address emerging risks and risk-management deficiencies for the global operations of the company; (II) processes and systems for establishing managerial and employee responsibility for risk management; (III) processes and systems for ensuring the independence of the risk-management function