On 1 January 2010, the Danske Bank Group established a new central risk unit, Group Risk, that will ensure focus on current and future risks across the Group.
The head of the unit, Peter Rostrup-Nielsen, Chief Risk Officer, now reports to Peter Straarup and has been appointed member of the Group Executive Committee. “I will have to make sure the Group has learned from past experience and makes the necessary adjustments to our work processes”, says Peter Rostrup-Nielsen.
Best practice and a broader perspective
Our new Chief Risk Officer believes that several factors triggered the Group’s establishment of a central risk unit.
“A cross-organisational risk unit is best practice at other banks in the same league as the Danske Bank Group. And a lot of new things are happening within risk management at the moment. We are working with increasingly sophisticated models, we have to prepare for coming regulatory changes, and we have to look at how we manage our risks with a broader perspective”, says Peter Rostrup-Nielsen.
Stronger risk management tools
Group Risk will be responsible for overseeing risk assessment and risk policy at Group level. It will also assess all kinds of risk, including in particular credit, market and other types of financial risk in order for the Group to adjust to current market conditions. The unit will strengthen the Group’s risk management tools and be responsible for coordination with the regulatory authorities in the countries in which the Group operates.
Chief Risk Officer with extensive experience
Peter Rostrup-Nielsen, 43, is an economist. He joined the Group in 1991 and was previously Head of Strategy at Group Finance. Peter Rostrup-Nielsen has also headed Performance & Financial Management and Investor Relations.
Published on 14 January, 2010