IOOF's newly installed risk head left the firm last week, less than four months after taking on the role.
IOOF has confirmed the departure of chief risk officer Amanda Noble, who joined the wealth manager in July as the first senior executive appointment by new chief executive Renato Mota.
At the time, Noble's appointment was heralded by Mota as a "critical" move for the firm, as it aimed to redefine its approach to governance.
"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 in June.
However, less than six months later the wealth manager is searching for her replacement.
An IOOF spokesperson said: "Amanda Noble left the organisation last week. She had held the role of chief risk officer. Ms Noble and IOOF agreed that now was the right time to secure someone to steer us through the next phase of our governance uplift."
IOOF added Mota's senior management review - announced when he took his post in June - was expected to be finished within a month. IOOF would not confirm how the senior management review would impact the chief risk officer role.
The wealth manager also would not confirm who has assumed the responsibilities of the chief risk officer role in Noble's wake.
The next appointee to the role will become IOOF's third chief risk officer in six months, with former chief risk officer Ian Lancaster vacating the role to join ESSSuper as general manager of trustee services in June.