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Introduction

  • The risk management market remains a key focus for CEOs across both the sell-side and the buy-side with firms looking to improve bench strength as regulatory demands continue to increase. A number of asset and wealth management firms and hedge funds are experiencing regulatory pressures of a far higher level than previous years resulting in hires at the Chief Risk Officer level and one level below across investment risk and country risk managers. Market risk, risk change and conduct risk are focus areas for the big banks, also largely driven by firms restructuring their risk departments.

Key Moves

Regulator

  • Elisabeth Stheeman, previously COO for LaSalle Investment Management and currently a member of the supervisory board and Deputy Chair of the Risk Committee at Aareal Bank AG, has joined the PRA as a Senior Advisor working with a wide range of UK regulated firms. 

Banking

  • Since Mark Smith’s departure from HSBC to Standard Chartered as CRO, his remit has been split in two with Peter Reid, previous Regional CFO taking on the EMEA CRO responsibilities and Ed Jenkins taking the lead on Global Wholesale Credit and Market Risk Change.
  • There have been a number of new appointments at Deutsche Bank:
    • Steve Ekert joins the bank as Americas Chief Risk Officer reporting to Stuart Lewis, Group Chief Risk Officer, taking responsibility for all risk related matters for the region. Steve is joining from HSBC where he was Chief Risk Officer, North America.  
    • Zak Martin joins the bank from RBS. Zak takes up the position of Global Head of Market Risk Management Change for Deutsche having previously been Head of Risk Technology Change for RBS. 
    • Andy Threadgold joins the bank to lead Market Risk for the Americas. Andy was previously Chief Risk Officer for the Americas at RBS.
  • Philip Lofts, Group Chief Risk Officer at UBS has stepped down from his    current role and the GEB.
  • Christian Bluhm who joins UBS from FMS Wertmanagement, succeeds Philip.
  • Hussain Baig, Global COO to Robert Le Blanc, Group Chief Risk Officer at Barclays has left the bank to join HSBC.
  • Simon Gordon has since been appointed into the role of COO for Risk, replacing Hussain, and has become a member of the bank’s Risk ExCo.
  • Christine Palmer joins Aldermore Bank as Chief Risk Officer replacing Steve Barry. Christine joins from RBS where she was Global Head of Operational Risk, Functions and Divested Businesses and Director of Risk, Services. She also becomes a member of the bank’s ExCo.
  • CS Venkatakrishnan joins Barclays as Chief Risk Officer from JPMorgan, where he held the role of Managing Director and Head of Model Risk and Development and Head of Operational Risk. CS is replacing Barclays’ longstanding chief risk officer Robert Le Blanc, who is becoming Vice Chair of Risk and Strategy and will continue to advise Staley.
  • Paolo Mammola, Global Head of Market Risk and Bob Mainprize Chief Risk Officer, Asia Pacific have both exited Barclays.
  • Eric Yoss joins Mizuho Financial Group as Americas CRO from Barclays where he held the role of Managing Director, Head of Risk, Americas.
  • David Biegel joins HSBC as US Head of Stress Testing from PRA where he held the role of Head of Risk Infrastructure, Liquidity and Capital. Biegel replaces Blair Selber who has transitioned into the role of Managing Director, BSM with HSBC.

Insurance

  • Steve Walton joined Prudential PMG & Pru Cap as Chief Risk Officer from Bank of America Merrill Lynch where he was EMEA Regional Head and Global Head of Market & Model Risk Audit having previously been Chief Operating Officer, Risk Management at Deutsche Bank.
  • Sid Sankaran, Chief Risk Officer at AIG becomes Chief Financial Officer, succeeding David Herzog, who departs after the filing of AIG’s 2015 annual report.
  • Alessa Quane becomes Chief Risk Officer at AIG, replacing Sid, and continues her role as Chief Corporate Secretary.

Asset & Wealth Management

  • Bindesh Savjani joins Intermediate Capital Group as Global Chief Risk Officer. He joins the firm from Aberdeen Asset Management where he was Director of Legal and Risk.
  • Alastair Woodward has been hired by Schroders from Aberdeen Asset Management as European Head of Risk, to be based in Luxembourg. Alastair previously held the role of Head of Risk Management at Aberdeen.
  • Jeff Holman, former Chief Risk Officer at JPMorgan Chase’s Hedge Fund business, Highbridge Capital Management joins Sentient Technologies the artificial intelligence start up as Chief Investment Officer in San Francisco.
  • Sylvain Hutier, previously Head of Quantitative Analysis at GAM has joined Jabre Capital Partners as Head of Risk based in Geneva.

Interim

  • Financial crime risk is receiving increasing attention across the industry and remains a priority for the regulator. Expert interims in this space are being employed by firms (within Risk divisions as well as Compliance) to help them understand, assess and mitigate financial crime risks.
  • Investment banks continue to use SME interim resource to help with stress testing / CCAR.
  • FRTB is also high on the agenda at banks, with market risk SMEs and programme managers being employed in a variety of capacities – including analysis, strategy and change management.
  • Interims with expertise in model review and validation are also in hot demand, with the use of models in FS receiving increasing scrutiny from the regulator. This is a key theme in insurance and retail banking as well as investment banking.
  • Conduct risk remains a key focus across the industry. Interim expertise is being used to help firms embed conduct risk management into overall risk management frameworks and ensure that appropriate evidencing, reporting and MI is in place around conduct risk.