ING U.S. Hires Prakash Shimpi as Chief Risk Officer

April 22, 2010 New York, NY Share: Print Subscribe to Email Alerts

ING U.S. announced today that Prakash Shimpi has been hired as Chief Risk Officer for ING U.S. Shimpi joins ING from Towers Watson where he was the Global Practice Leader for Enterprise Risk Management, as well as President and CEO of Towers Watson Capital Markets.

As Chief Risk Officer for ING U.S., Shimpi will oversee the enterprise-wide risk monitoring and management program for ING's U.S. insurance operations. His responsibilities will include managing the framework for measuring, controlling, hedging, and pricing risk, as well as compliance with all global financial reporting standards for the company.

Prakash has more than 25 years of risk management experience in the financial services industry. In his most recent role with Towers Watson, Shimpi was the managing principal and global leader for the firm's Enterprise Risk Management (ERM) practice. In this role, he oversaw all aspects of the Towers Watson ERM consulting practice, as well as providing finance, risk management and investment management expertise to corporate clients.

"We are fortunate to have someone with Prakash's extensive background and expertise to lead our risk management program in the U.S.," said Rob Leary, Chief Executive Officer, ING U.S. "As a leader in Retirement and Life Insurance, it is incumbent upon ING to appropriately manage the known and unknown risks that may face our customers, distribution partners, shareholders and employees. We believe Prakash is an exceptional addition to our management team and will continue to enhance our risk management practices to benefit key stakeholders."

Prior to his role with Towers Watson, Shimpi was president of Fraime LLC, where he provided counsel to senior executives on implementing ERM in their organizations. He also held executive leadership roles with Swiss Re Group, The Chase Manhattan Bank, and Drexel Burnham Lambert. He also helped develop programs to bridge theory and practice of ERM through fellowships with several leading universities in the U.S. and abroad.

 

Press inquiries

Dana E. Ripley
ING Americas
770.980.4865 or dana.ripley@us.ing.com

 

About ING

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of more than 107,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.

In the U.S., the ING (NYSE: ING) family of companies offers a comprehensive array of financial services to retail and institutional clients, which includes life insurance, retirement plans, mutual funds, managed accounts, alternative investments, direct banking, institutional investment management, annuities, employee benefits and financial planning. ING holds top-tier rankings in key U.S. markets and serves approximately 30 million customers across the nation. For more information, visit ing.us.