Nordea Bank has announced that two roles in its group executive management will change as it continues to bed in organisational changes to strengthen its response to regulatory requirements.
The changes, which take effect on 1 January 2019, mean that risk management units in the group's different business areas will be consolidated into a new unit - Group Business Risk Management - which will be headed by Julie Galbo, former chief risk officer. The new unit will include Group Credit Risk Management, Group Financial Crime Prevention, Global Business Risk Implementation and Support, and Chief Security Office.
Risk managment and compliance will be consolidated into another new unit, Group Risk and Compliance, which will be headed by Matthew Elderfield, chief risk officer, and former head of Group Compliance. A new head of Compliance will report to the chief risk officer, but also perform direct reporting to the board of directors.
As such, both Galbo and Elderfield will continue as members of the group executive management, but in their new roles.
Casper von Koskull, group CEO of Nordea said the changes would "ensure a clearer division of roles and responsibilities between individual units and ensure a consistent control culture in the group."