In August 2002 Richard spent a semester at the Kennedy School of Government at Harvard University. In 2003 he was asked by the chancellor to write the Lambert Review of Business-University Collaboration.

A member of the Bank of England's Monetary Policy Committee from Spring 2003 until Spring 2006, Richard took up the post of director-general of the CBI in July 2006.

Among a number of other non-remunerated roles, Richard is also a trustee of the British Museum and became chancellor of the University of Warwick in August 2008.