The board of directors of the Federal Deposit Insurance Corp. (FDIC) has approved the organizational plan of the Office of Corporate Risk Management (OCRM) that will assess external and internal risks faced by the FDIC. The office will report directly to the FDIC board and will be managed by Stephen A. Quick, who was appointed as the FDIC's first chief risk officer last July.
According to the FDIC, the fully staffed OCRM will have a core of 15 employees and will work with internal committees and risk-specific working groups. Front-line offices and divisions will continue to be responsible for risk management. The new office will also play an advisory and supporting role and will identify risks that require consideration by senior management and the board.
‘Managing the risks that may arise from these challenges is a significant and continually evolving priority for the agency,’ says Martin Gruenberg, acting chairman of the FDIC. ‘By creating a central risk office, the FDIC is adopting a current best practice in the financial industry, and will build upon its existing commitment to careful risk management within the corporation.’