European banks need to boost the profile and clout of their chief risk officers (CROs), as too many businesses sidelined this important role in the run-up to the financial crisis, according to a report from governance consultancy Nestor Advisors.

The report—Bank Boards and the Financial Crisis—found that in 2007 only one of Europe’s 25 biggest banks gave the CRO a seat on the board. The CRO was a member of the executive committee (or its equivalent) at most banks, but a handful excluded the CRO even at this level.

“Boards were probably not paying enough attention to the internal standing, authority, and organizational gravitas of the risk function,” said Stilpon Nestor, co-author of the report.

“The current crisis will, almost certainly, change this state of affair," he added. "The profile and status of the chief risk officer will be significantly enhanced and become a central pre-occupation of the board over the coming years.”