UBS Upgrades Risk Management

Stephen Harris

15 May 2008

UBS has appointed Philip Lofts as Group Risk Chief Operating Officer and has announced that Thomas Daula will join the firm in June 2008 as IB Chief Risk Officer, a newly-expanded role, from Morgan Stanley, where he was Chief Risk Officer. Mr Lofts was most recently Group Chief Credit Officer for the bank. Mr Daula will become a member of the Group Managing Board, reporting jointly to Joe Scoby, group chief risk officer. Within the risk control function, UBS announced the integration of the monitoring and controlling responsibilities of the Group’s Market Risk and Credit Risk functions into a single unit. This new unit, to be called Group Portfolio and Concentration Risk Control, will have responsibility for the monitoring and controlling of the firm’s overall risk exposure across credit, market and country risk, as well as performing portfolio analytics on risk evolution at the overall portfolio level. “These changes are designed to establish a best in class Risk Control team with an overall view of all risks,” said Mr Scoby. “The creation of an integrated portfolio and concentration risk group will help break down any remaining information silos between the different risk functions.”