Westpac has hired an ex-Fannie Mae executive as its chief risk officer, as part of broader plans for «risk transformation» following multiple years of compliance issues.
Ryan Zanin joins as chief risk officer at Westpac, according to a statement, effective in May.
He will absorb the combined roles of former chief risk officer David Stephen and former head of financial crime and compliance Les Vance.
Zanin has around 25 years of experience in the financial sector, most recently at Fannie Mae as its chief risk officer. Previously, he also held senior risk-related roles with GE Capital and Wells Fargo.
«Risk Transformation»
According to Westpac chief executive Peter King in the statement, the appointment continues a «risk transformation» for the bank which has faced numerous compliance issues in recent years.
Last year, Australia’s securities regulator said it was investigating the bank over alleged insider trading related to a A$12 billion ($8.6 billion) interest rate swap transaction in 2016.
And in 2020, it was fined a record A$1.3 billion to settle the largest anti-money laundering breach which was linked to the possible sexual exploitation of children.
