IOOF rejigs CRO role, appoints successor

IOOF has redefined the role of its chief risk officer and appointed a compliance and governance expert to the position. The group also announced the sale of one of its advice practices.

Amanda Noble, who has been IOOF's acting chief risk officer since May 2019, will take on the role in a permanent capacity effective immediately.

It is the first executive appointment made by chief executive Renato Mota since he took the top job in June and announced a restructure of senior management.

"This is a critical appointment for IOOF and redefines our approach to governance, creating a holistic context in support of our commitment to stakeholders and the communities we serve," Mota said.

Noble's role combines all financial and non-financial risk and compliance functions. She reports directly to Mota.

She replaced Ian Lancaster, who was chief risk officer for nearly two years until June 2019. Lancaster has since joined ESSSuper as general manager of trustee services.

APRA is currently taking action against IOOF, seeking to impose licence conditions and disqualify several executives, one of which is general manager of legal, risk and compliance, Paul Vine.

Noble's risk and compliance experience across financial services and wealth management includes holding executive roles at Equity Trustees, Westpac, ANZ, NAB and KPMG.

She was most recently chief risk officer at Trustee Partners for about a year, and was managing director of The Data Institute, which aims to improve data governance and the ethical use of artificial intelligence.

"We look forward to benefitting from Amanda's expertise in this space as we explore the use of data and technology in governance," Mota said.

Mota also announced today that one practice, which was part of its former ANZ Wealth-aligned dealer groups, has been acquired by a third party.

He did not disclose which practice departed, however Mota said the firm left with $1.3 billion of FUA which had an "insignificant impact on licensee revenue".

IOOF took full legal ownership of dealer groups RI Advice, Millennium3, Financial Services Partners and Elders Financial Planning from ANZ on 1 October 2018.

Mota added the ASX-listed firm recorded its "best quarter of inflows" in the three months to June 2019 compared to the prior corresponding period.

Funds under management across financial advice, investment management, and portfolio and estate administration businesses reached $149.5 billion, up 18.7% year on year.

Read more: IOOFANZAmanda NobleAPRAElders Financial PlanningEquity TrusteesFinancial Services PartnersIan LancasterPaul VineRenato MotaRI AdviceTrustee Partners
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