ING U.S. (New York, a subsidiary of Amsterdam-based ING) has hired Prakash Shimpi as chief risk officer. Shimpi joins ING from Towers Watson (Stamford, Conn.), where he was global practice leader for enterprise risk management, as well as president and CEO of Towers Watson Capital Markets.
As chief risk officer, Shimpi will oversee the enterprise-wide risk monitoring and management program for ING's U.S. insurance operations. His responsibilities will include managing the framework for measuring, controlling, hedging, and pricing risk, as well as compliance with all global financial reporting standards for the company, according to an ING U.S. news release.
Prakash has more than 25 years of risk management experience in the financial services industry, including a a stint at Swiss Re, where he was president and CEO of Swiss Re Financial Services Corp., and the founding president and CEO of Swiss Re Financial Products, Swiss Re Capital Markets and European Finance Re. In his most recent role with Towers Watson, Shimpi as managing principal and global leader for the firm's enterprise risk management (ERM) practice, he oversaw all aspects of the Towers Watson ERM consulting practice, as well as providing finance, risk management and investment management expertise to corporate clients.
"We are fortunate to have someone with Prakash's extensive background and expertise to lead our risk management program in the U.S.," comments Rob Leary, chief executive officer, ING U.S. "As a leader in Retirement and Life Insurance, it is incumbent upon ING to appropriately manage the known and unknown risks that may face our customers, distribution partners, shareholders and employees. We believe Prakash is an exceptional addition to our management team and will continue to enhance our risk management practices to benefit key stakeholders."
Shimpi pioneered earthquake securitizations and authored "Integrating Corporate Risk Management," which is used as a text book at several universities as a guide for actuaries learning about the emerging field of risk management.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio