Freddie Mac is bringing on a senior vice president of enterprise operational risk next Monday, the mortgage giant said.
Gareth Davies will join Freddie Mac effective April 24. Freddie Mac said. Davies has spent nearly 20 years with General Electric, most recently as vice president and chief risk officer for GE Asset Management.
As part of Freddie Mac’s enterprise risk leadership team, Davies will manage the company’s operational risks. He will report to Anurag Saksena, senior vice president and chief enterprise risk officer, the government-sponsored enterprise said.
“We are excited that Gareth is joining Freddie Mac at this time in the company’s history. His dedication to the field of risk management coupled with his outstanding credentials and experience will be an asset as Freddie Mac moves forward,” Saksena said in a statement.
Both Freddie Mac and its fellow government-sponsored enterprise, Fannie Mae, have been rocked by accounting scandals. In December 2004, Fannie Mae replaced Franklin Raines, its chairman and CEO, who announced he was taking early retirement, and Fannie Mae’s chief financial officer, Timothy Howard, resigned Dec. 21.
In early February of this year, the Bush administration said Congress should create a new regulator for Fannie Mae and Freddie Mac and direct it to cut the approximately $1.4 trillion investment portfolios held by the government-sponsored enterprises.
For the past five years, Davies has served as vice president and chief risk officer for GE Asset Management, where he developed both a risk framework and an operational risk structure. Additionally, he developed an in-house system to automate operational risk reporting, Freddie Mac said.
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