Citigroup Takes Reigns From RBC As Risk Management Association Chair

Citigroup succeeded RBC Financial Group as the chair of the Risk Management Association's KRI Services Steering Committee with the appointment of Tony Peccia, Citigroup's director of operational risk. The Philadelphia based group advises commercial bankers on lending decisions by the

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Citigroup succeeded RBC Financial Group as the chair of the Risk Management Association’s KRI Services Steering Committee with the appointment of Tony Peccia, Citigroup’s director of operational risk.

The Philadelphia-based group advises commercial bankers on lending decisions by the exchanging credit information. RBC Financial Group, represented by Jeff Hempstead and Carole Carpenter, served as the inaugural chair, filling the position from August 2004 until January 2006. Despite its stepping down, RBC Financial Group remains a member of the Steering Committee.

“RMA’s KRI Services provide a platform through which firms can capture, aggregate and compare risk indicators across the financial services sectors,” Peccia said. “Demand for these tools is growing, fuelled by increased stakeholder, regulatory and public scrutiny of companies, including financial services firms.”

The KRI Services is comprised of more than 70 banks and insurance firms and consists of a library of more than 2,000 standardized indicators and their definitions, consolidated industry risk profiles and an active working group forum.

“Citigroup was a founding participant in the KRI Study, which evolved into KRI Services,” said Charles Taylor, RMA’s director of operational risk. “By accepting the chair of the steering committee, Citigroup will support RMA’s continued extension of KRI Services.

“The challenge for us going forward is to place KRIs into the broader context of the industry’s risk framework,” Peccia said. “Financial services firms need ways to determine the significance of individual risks in relation to firm-wide and industry-wide risk profiles.”

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