Commonwealth Bank names new chief risk officer

Apr 24, 2008 (Datamonitor via COMTEX) -- -- Commonwealth Bank has appointed Alden Toevs as its new chief risk officer and group executive of risk management.

Mr Toevs will join the bank's leadership team, reporting direct to Ralph Norris, CEO of the bank. He will provide leadership in ensuring effective risk management and risk governance across the group and will also act as an advisor to the bank's board and executive management on risk management. He will commence with the bank during June 2008.

The new position of group executive of risk management has been established to ensure that the group continues to transform its risk practices to global best practice in such areas as credit, operational, technology, compliance and market risks.

Mr Toevs is currently executive vice president and head of First Manhattan Consulting Group's risk management practice in New York, US.

Mr Norris said: "Alden is a high caliber executive with very strong financial and risk management experience in many areas of banking and financial services, both in Australia and internationally."

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