Financial services and insurance company Sun Life announced the appointment of Tom Murphy as vice president and chief risk officer, effective Dec. 1.

Murphy is currently president of fixed income and head of institutional business for SLC Management, Sun Life’s alternatives asset manager.

In his new role, Murphy will lead all aspects of risk management across Sun Life globally, including financial, insurance, credit, operational, and enterprise risk. He will oversee the company's actuarial and asset liability management functions.

He brings more than 25 years of global asset management experience to Sun Life. He joined SLC Management in 2018 as head of affiliate development and business strategy. Previously, he was a senior partner with Mercer for 20 years, where he built and led the company’s investment management businesses in Europe and its North American investments and actuarial businesses.

He succeeds Colm Freyne, executive vice president and chief risk officer, who will retire from Sun Life in the spring after serving 20 years with the company. Freyne will transition to special adviser to Chief Executive Kevin Strain on Dec. 1. He will also support Murphy in his onboarding to the chief risk officer role and provide strategic advisory support to the executive team until his retirement.