Magazine article American Banker

Freddie Appoints Risk Chief; Fannie Search Continues

Magazine article American Banker

Freddie Appoints Risk Chief; Fannie Search Continues

Article excerpt

Freddie Mac has hired Anurag Saksena to the newly created position of chief enterprise risk officer.

Mr. Saksena, who was also named a senior vice president, will provide an "independent, cross-divisional assessment" of Freddie's operational, credit, and market risk exposure and management, the government-sponsored enterprise said in a press release issued Monday.

He will report directly to Freddie's chairman and chief executive, Richard F. Syron.

The creation of the position "is consistent with a global trend among complex financial institutions to centralize responsibility for the institution's risk management oversight in a senior manager who is independent of the firm's strategic business units," the release said.

Freddie spokeswoman Shawn Flaherty said Mr. Saksena's appointment concludes an effort begun in December 2003. The risk officer post is "definitely a position that we had envisioned that we needed," she said. The company worked with its regulator, the Office of Federal Housing Enterprise Oversight, to establish the position.

Fannie Mae has also been in the market for a chief risk officer. It created the position in January and filled it on an interim basis with Adolfo Marzol, who had been the senior vice president for corporate strategy.

CEO Daniel Mudd said in an Aug. 10 conference call to investors that Fannie was close to finding a permanent chief risk officer.

It is looking for a chief financial officer as well. …

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