Iceland-based Arion Bank announced the appointment of Úlfar Freyr Stefánsson as chief risk officer.

Stefánsson assumes the position from Gísli Óttarsson, who will be leaving the bank after serving as chief risk officer and a member of the executive committee since 2009. Óttarsson will step down at the end of the month but will continue to work in an advisory capacity for the bank.

Stefánsson joined the bank’s Risk Management division in 2013 after having worked at Kaupthing since 2010, where his positions included head of risk management. He was head of portfolio risk at Arion Bank from 2013 to 2015, when he took over as head of balance sheet risk.