“It is an honor to accept this award on behalf of the entire team at Citi', said Leach. 'Today, risk management is at the core of the industry’s and each financial institution’s strategy and decision making. To be effective, it must be. The safety of the banking system has been extensively improved since the financial crisis, yet there is more work to do, particularly with the transparency of disclosures. GARP is doing groundbreaking work in this area, and we at Citi look forward to working together to ensure a safe banking system that can support and facilitate growth in the fundamental economy, while lowering systemic risk'.
Richard Apostolik, President and CEO of the Global Association of Risk Professionals, said, 'For the past 13 years, award recipients have been nominated and recognized by their peers for their expertise and contributions in risk management. Award recipients are preeminent risk management professionals or organizations who have achieved recognition for their work experience in the field, either as a practitioner, academic or regulator, and we are very pleased to add Brian Leach to this esteemed group'.
The Risk Manager of the Year Award was established in 1997 by the Association to recognize the outstanding contributions and positive impact made by individuals or organizations to the financial risk management profession. The award recognizes the outstanding contributions of an individual or group who have materially advanced and influenced the financial risk profession.
The Association is pleased to present the 2012 Risk Manager of the Year Award to Brian Leach. Over the course of a career spanning three decades, Leach has distinguished himself as a business and industry leader with market expertise, strategic insight and global perspective. Recently appointed Head of Franchise Risk and Strategy at Citi, Leach oversees, in addition to Risk Management, the Audit, Compliance and Strategy functions. Prior to these responsibilities, he served as Citi's Chief Risk Officer for nearly five years, leading a comprehensive transformation of Risk Management that has helped to make Citi a stronger, safer organization and one of the best-capitalized banks in the world.
Before joining Citi as Chief Risk Officer in March 2008, he was a founder and co-Chief Operating Officer of Old Lane Partners, a hedge fund. Leach began his career at Morgan Stanley, where he spent nearly 25 years, including experiences as both an investment banker and a trader. He ultimately rose to Risk Manager of the Institutional Securities Business, overseeing capital allocation, strategic revenue-enhancement opportunities and all aspects of credit, market and operational risk management. In 1998, Leach was one of six managers selected from a consortium of 14 global financial institutions to manage the liquidation of hedge fund Long-Term Capital Management. Upon returning to Morgan Stanley, he was named Chief Operating Officer for the Fixed Income Division. Brian has a B.A. in economics from Brown University and an M.B.A. from Harvard Business School.
Each year, award nominations are solicited from GARP’s membership and reviewed by the Nomination Committee of the GARP Board of Trustees.
The award criteria are updated by the Committee and the Board on a regular basis.
A list of Previous Risk Managers of the Year is available.
image: © Elliott Brown