The Securities and Exchange Commission has named its first ever chief risk officer. The position, to be held Gabriel Benincasa, was created by SEC Chairman Jay Clayton to strengthen the agency’s risk management and cyber-security efforts.
As chief risk officer, Benincasa will coordinate the SEC’s continued efforts to identify, monitor, and mitigate key risks facing the Commission. Working within the SEC’s Office of the Chief Operating Officer, he will also serve as a key adviser on other matters related to enterprise risks and controls.
Julie Erhardt, who had been serving as acting chief risk officer while the SEC completed its recruitment efforts, will return to her role as deputy chief accountant for technology and innovation in the Commission’s Office of the Chief Accountant.
Benincasa brings to the SEC significant experience in senior-leadership roles in risk and compliance in the financial sector. He began his legal career as an attorney at Davis Polk & Wardwell before working for Morgan Stanley and other financial firms. His other previous roles include serving as director of enterprise risk management and vice chair of the risk control committee for a financial services holding company; deputy global head of operational risk management for an investment bank; general counsel and chief compliance officer for an institutional asset management company; and global head of compliance for a financial technology company.