Fannie Mae Risk
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Fannie Mae Announces Senior Officers for Chief Risk Office; Appoints Enrico Dallavecchia as Executive Vice President and Chief Risk Officer; Michael Shaw as Senior Vice President for Credit Risk Oversight; and Angela Isaac as Senior Vice President for Operational Risk Oversight. Company Also Announces Appointment of Mark Winer as Senior Vice President for Business Analytics and Decisions WASHINGTON, DC -- Fannie Mae today announced the appointment of Enrico Dallavecchia as executive vice president and chief risk officer, Michael Shaw as senior vice president for credit risk oversight, and Angela Hardy Isaac as senior vice president for operational risk oversight for the company. The company also announced that Mark Winer has been appointed senior vice president for business analytics and decisions, reporting to Chief Business Officer Rob Levin. Daniel H. Mudd, Fannie Mae's president and chief executive officer said, "Building out the company's Chief Risk Office has been a top priority for the company, and Mark Winer has played a key role in structuring the organization during his tenure as interim chief risk officer. Building on that progress, we are very pleased that Enrico Dallavecchia will be heading our Chief Risk Office and that he will be joined by Mike Shaw and Angela Isaac. These are all talented executives with demonstrated leadership, expertise and experience in the areas of risk management." In his new role, Dallavecchia will have overall responsibility for credit, market, counterparty and operational risk oversight for all business units within Fannie Mae. Specifically, he will be responsible for measuring, reporting and monitoring Fannie Mae's risk profile, and for formulating risk policies. Dallavecchia joins Fannie Mae from JPMorgan Chase, where he was the head of market risk management for the chief investment office and retail financial services. His responsiblities included oversight of the firm's global investment portfolios and structural FX exposures. He also was responsible for managing market risk for retail, mortgage and small-business banking, as well as auto and student-loan financing. Previously, Dallavecchia also was responsible for managing the market risk of the company's proprietary positioning division on a worldwide basis and co-headed the market risk technology group. From 1997 to 1999, Dallavecchia was based in London, where he was a managing director responsible for the market risk of fixed income and emerging market activities and treasury in Europe and Asia. Dallavecchia's banking career began in 1987, when he joined one of JPMorgan Chase's predecessor institutions, Manufacturers Hanover, in Milan, where he worked on developing derivatives markets in Italy. By 1991, he had assumed the role of risk manager in Milan. Before entering banking, Dallavecchia was a researcher at the University of Venice and served as a lieutenant in the Cadore Alpine Brigade of the Italian army. He holds a degree in econometrics from the University of Venice. "From his ability to develop and implement market risk policy to understanding the importance of execution and results for a large company, Enrico will be a terrific addition to our team. He also has the ability to maintain a strong infrastructure and risk controls to help the company manage its business," Mudd said. In announcing Mark Winer's new role in the company, Fannie Mae's Chief Business Officer Rob Levin said, "This will be an incredibly critical position to advance our new 'One Fannie Mae' approach to business with a rigorous, unified and analytical discipline. It will help ensure that all of our businesses provide value to the marketplace, measure risk and return well, and make effective business decisions that advance our affordable housing mission and serve our customers, shareholders and stakeholders to the greatest extent possible." As the senior vice president and head of operational risk oversight, Angela Isaac will be responsible for overall operational risk management, including information security oversight, central business continuity, crisis management, and the corporate insurance functions. Specifically, Isaac has oversight for developing and maintaining the operational risk management framework, ensuring compliance by the business units to the operational risk policies, and providing executive management and the board of directors with an independent perspective on operational risk measures and strategies. Isaac joins Fannie Mae from Protiviti, a subsidiary of Robert Half International, Inc., where she most recently served as the director and product leader of Basel II Services with responsibility for building a new operational risk advisory practice. Prior to that, she served as the Bank of Hawaii's executive vice president and director of its risk management division. In this capacity, Isaac was responsible for the development and execution of a corporate-wide risk management program for the bank holding company. Her previous experiences also include serving as managing director, global markets at BankBoston Corporation; vice president & principal risk management officer for Pitney Bowes Credit Corporation; vice president and chief financial officer of Citibank's National Servicing Division; and senior vice president for asset/liability and portfolio management at First Interstate Bancorp in Los Angeles. Isaac earned her Ph.D. in finance and economics and a M.A. in applied economics from the State University of New York (SUNY), Binghamton, NY; a MBA in finance and strategic planning and a BA in political philosophy from the University of Pittsburgh. As the senior vice president and head of credit risk oversight, Shaw will be responsible for implementing and overseeing corporate policy with respect to both credit and counterparty risk. He will be working with executive management and the board to establish guidelines and principles for management of credit and delegations of credit authority as well as closely interacting with the credit risk professionals throughout the company. Shaw joins Fannie Mae from JPMorgan Chase, where he most recently served as the senior credit executive for consumer banking. A seasoned financial executive, Shaw also served as a member of the risk management executive group at JPMorgan and for Chase Financial Services as the senior credit executive. Prior to that, Shaw was the senior risk manager for global risk management at GE/GE Capital where he was responsible for developing and implementing strategic risk analytic tools throughout GE's financial services businesses. Before then, Shaw was the chief risk officer for GE Capital's Financial Guaranty Insurance Company, where he built and implemented a world-class risk team and established policies and procedures. Earlier, Shaw spent several years in leadership positions at Citicorp/Citibank where he served as the chief risk manager in different divisions throughout the company. He also served as the chief credit officer of Citibank's mortgage businesses for six years. Shaw earned his M.B.A. in finance from New York University in New York and his B.A. in economics from Case Western Reserve University. "Together, this team will work to complete the framework for, and staffing of, our Chief Risk Office," Mudd said, "They will not only provide essential management oversight and policymaking. They will work closely with the Board and with OFHEO, our safety and soundness regulator. We have made a great deal of progress over the last year, and today's announcement is another important step." "I also want to thank Mark Winer for his role in helping us move forward with a plan to staff the Chief Risk Office," Mudd stated. "We appreciate Mark's hard work, insights and contributions to our Chief Risk Office during his tenure as interim chief risk officer. He will continue to play an important role at the company as the new senior vice president for business analytics and decisions."
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