Michael Sicsic is moving from his position as group risk director with Aviva plc to join the Financial Conduct Authority (FCA), where he’ll take up the role of head of department for general insurance focused on the retail sector.
As a condition of this new appointment, Sicsic is required to relinquish his position as chairman of the Board of ORIC International. However, he’s allowed to retain a role on the ORIC Board as an independent non-executive director, with the transition to occur upon Sicsic’s departure from Aviva plc on 31 August this year.
“My immediate focus is to work with other members of the Nominations Committee on identifying a suitable successor,” explained Sicsic to Risk UK. “We’re working on a number of exciting international initiatives designed to expand ORIC International’s global footprint, and I‘ll continue to support these projects. I’m pleased that I’ll remain on the Board after stepping down as chairman. I’ve enjoyed the role. It’s great to be part of an organisation which is working with the industry to enhance operational risk management practices at a global level.”
Ensuring an effective transition
ORIC International’s deputy chairman Justin Elks will become interim chairman of ORIC following a Board vote while the search is undertaken for a new chairman. Elks has been a director of ORIC since July 2006 having assisted in the organisation’s creation and launch. He joins management consultancy BaxterBruce as a director on 15 June. Elks was previously director of risk and Solvency 2 lead at Just Retirement plc.
“I congratulate Michael on his new role,” explained Elks, “and am delighted that he’s able to remain on the Board. I’m pleased to be able to help ensure an effective transition, in turn maintaining ORIC’s focus on advancing operational risk management and measurement for the benefit of its current and future members, the wider industry and all stakeholders.”
ORIC International has developed a Nomination and Governance Committee, with Anne Murphy (head of Odgers Berndtson’s UK Financial Services practice, a pre-eminent executive search firm) participating as a Committee member to support the Board in identifying a new chairman and ongoing succession plan.
Operational risk data and content solutions
ORIC International provides operational risk data and content solutions to its global membership base of leading insurance, reinsurance and asset management companies. As members of ORIC International, companies are well positioned to identify, assess, manage, measure, monitor and report on operational risk.
ORIC International is a not-for-profit organisation that facilitates the anonymised and confidential exchange of operational risk intelligence between member firms, providing a diverse, high quality pool of quantitative and qualitative information on relevant operational risk exposures.
The organisation offers industry benchmarks, undertakes leading-edge research, sets trusted standards for operational risk and provides a forum for members to exchange ideas and Best Practice. At present, the organisation boasts 40 member companies.
*Further information is available at: www.oricinternational.com