Standard & Poor's Appoints Two Senior Risk Management Executives
NEW YORK, March 12, 2013
NEW YORK, March 12, 2013 /PRNewswire/ --Standard & Poor's Ratings Services
today announced the appointments of Demetrios Lefakis as Chief Quality Officer
and Michael Walloga as Managing Director, Model Validation. Both executives
will report to Donald R. Howard, Chief Risk Officer, and serve on the Global
Risk Management Leadership team.
"Demetrios and Michael are important additions to our risk management
organization," said Mr. Howard. "At S&P, quality review and model validation
play a critical role in our ratings analysis and research. Strong internal
controls reinforce the integrity of the rating process."
As Chief Quality Officer, Mr. Lefakis will lead the group at S&P that monitors
the application of methodologies, processes, criteria and policies globally.
He will support analytic process enhancements and monitor economic and market
data to ensure that changing market trends and risk attributes are reflected
in our ratings. Mr. Lefakis will also support internal audits and regulatory
examinations. Mr. Lefakis will be based in New York and will have a team of 37
reporting to him, including S&P's three senior quality officers.
Before joining S&P, Mr. Lefakis worked at Citigroup in New York as Global Head
of Credit Risk Review. In addition, he had served as the Global Head of Audit
& Risk Review, of Reviews and Infrastructure, and of Fundamental Credit. In
these roles, he was responsible for the review of the Corporate, Consumer,
Commercial and Private Bank Credit processes and policies for Citigroup
worldwide. He also spent several years working as the Chief Risk Officer and
an Executive Committee Member for the National Bank of Greece in Athens.
Mr. Lefakis earned his master's degree from Johns Hopkins University, School
of Advanced International Studies, in International Affairs and his bachelor's
degree, also from Johns Hopkins, in Economics and International Affairs.
As Managing Director, Model Validation, Mr. Walloga is responsible for S&P's
model validation globally and identifying and managing model risk. He will
enhance the current model validation process. Mr. Walloga will be based in
Chicago and have a team of 10 reporting to him.
Mr. Walloga brings more than 25 years of experience in credit scoring, credit
policy and model oversight within large financial firms. Most recently, Mr.
Walloga worked at HSBC, where he was the Head of Model Risk Audit. Before
that, he held other positions at HSBC, including Head of Independent Review
and Director of Scoring and Risk Management.
Mr. Walloga has a bachelor's degree in Mathematics from the University of
South Florida and a master's degree from the Kellogg School of Management,
About Standard & Poor's Ratings Services
Standard & Poor's Ratings Services, part of The McGraw-Hill Companies (NYSE:
MHP), is the world's leading provider of independent credit risk research and
benchmarks. We publish more than a million credit ratings on debt issued by
sovereign, municipal, corporate and financial sector entities. With over 1,400
credit analysts in 23 countries, and more than 150 years' experience of
assessing credit risk, we offer a unique combination of global coverage and
local insight. Our research and opinions about relative credit risk provide
market participants with information and independent benchmarks that help to
support the growth of transparent, liquid debt markets worldwide.
Catherine Mathis, Senior Vice President, Marketing and Communications
Edward Sweeney, Director, Communications
SOURCE Standard & Poor's
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