Commonwealth Bank of Australia has announced  that Alden Toevs, who was appointed group chief risk officer in 2008, has given notice of his intention to retire from the role at the end of the 2016 financial year.

Toevs will continue to work with the CBA Group for at least two years, focusing particularly on balance sheet management and quantitative analytics. He will also be a director on subsidiary boards.

David Cohen, currently group general counsel, will assume the role of group chief risk Officer following Toevs’ retirement. CBA said a process will now commence to identify Cohen’s successor.