OCC, an equity derivatives clearing organization, has appointed John Grace as chief risk officer.
He will be responsible for driving and implementing OCC's risk management strategy. This includes advising senior management and the board of directors on risk issues, overseeing OCC's Model Validation and Enterprise Risk Management departments and working with regulators from the Securities and Exchange Commission, the Board of Governors of the Federal Reserve System, and the Commodity Futures Trading Commission.
Grace comes to OCC following his role as a senior managing director at AIG, where over his tenure he served in Enterprise Risk Management, Strategic Planning and Global Treasury & Capital Markets. He was the first AIG executive to focus on liquidity risk and was responsible for identifying risk exposures and setting strategy and tactics to mitigate these risks. Additionally he managed the company's relationship with the Federal Reserve Bank of New York as the point person with regulators in the areas of global treasury and capital markets.
Previously, he was senior vice president of the home finance division at JPMorgan Chase, and vice president, market risk manager in the North American consumer banking area with Citigroup. Earlier in his career, Grace served as vice president covering the derivatives space with stints at both Deutsche Bank North America and Lehman Brothers.