Standard & Poor’s, the world’s largest credit-rating company, hired Don Howard as chief risk officer.
Howard, 52, will be responsible for ensuring the company’s employees comply with laws, regulations and internal policies and will report to Douglas Peterson, the firm’s president, S&P said today in a statement. He was formerly a managing director at Promontory Financial Group LLC, where he assessed risk at global banks.
Peterson, a former Citigroup Inc. executive, has been reorganizing the management of the New York-based unit of McGraw-Hill Cos. since he took over for Deven Sharma in September. S&P received notice of a possible investigation from the U.S. Securities and Exchange Commission last year and is overseen by a new office of credit ratings created by the 2010 Dodd-Frank financial regulation law.
“Don is one of the finest risk managers in the financial-services sector,” Peterson said in the statement. “During the course of his career, Don has focused on many of the most important aspects of risk management including credit, market and regulatory risk; mergers and acquisitions, and model validation.”
Before working at Promontory, Howard was a group chief risk officer at HSBC Holdings Plc in London, according to the statement.