Michael Sicsic joins Financial Conduct Authority to focus on retail sector insurance

Michael Sicsic: joining the Financial Conduct Authority

Michael Sicsic: joining the Financial Conduct Authority

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

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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