CHICAGO, Ill, Jan. 20, 2015 (GLOBE NEWSWIRE) -- via PRWEB - OCC announced today that John Grace has joined OCC as Executive Vice President and Chief Risk Officer. He will be responsible for driving and implementing OCC's risk management strategy. This includes advising senior management and the Board of Directors on risk issues, overseeing OCC's Model Validation and Enterprise Risk Management departments and working with regulators from the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission.
Mr. Grace comes to OCC following his role as a Senior Managing Director at AIG, where over his tenure he served in Enterprise Risk Management, Strategic Planning and Global Treasury & Capital Markets. He was the first AIG executive to focus on liquidity risk and was responsible for identifying risk exposures and setting strategy and tactics to mitigate these risks. Additionally he managed the company's relationship with the Federal Reserve Bank of New York as the point person with regulators in the areas of global treasury and capital markets. Previously he was Senior Vice President at JP Morgan Chase in the home finance division and Vice President, Market Risk Manager in the North American consumer banking area with Citigroup. Earlier in his career, Mr. Grace served as Vice President covering the derivatives space with stints at both Deutsche Bank North America and Lehman Brothers.
"It is with great pleasure that we welcome John to OCC," said Craig S. Donohue, OCC Executive Chairman. "His more than 25 years in banking and risk management related roles and his extensive experience interfacing with financial market regulators will help us further strengthen our risk management capabilities to meet today's elevated regulatory and marketplace expectations for systemically important market utilities such as OCC."
Mr. Grace received his BA in Economics from Loyola Marymount University. He also earned an MBA in Finance from the University of Chicago's Booth School of Business.
About OCC
OCC is the world's largest equity derivatives clearing organization. Founded in 1973, OCC operates under the jurisdiction of both the Securities and Exchange Commission (SEC) as a Registered Clearing Agency and the Commodity Futures Trading Commission (CFTC) as a Derivatives Clearing Organization. OCC now provides central counterparty (CCP) clearing and settlement services to 16 exchanges and trading platforms for options, financial futures, security futures and securities lending transactions. More information about OCC is available at http://www.theocc.com.
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