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How Union Bankshares Focuses on Risk
Jack Milligan, editor-at-large for Bank Director
Chief risk officers, risk committees and enterprise risk management—which go together like toast, eggs and ham—are still relatively new concepts in banking even though they have been mandated by the Federal Reserve Board since 2014 for institutions of a certain size. Banks with $10 billion in assets or greater are required to have an enterprise-wide risk committee, and banks above $50 billion must also have a chief risk officer. Union Bankshares Corp., a $7.8 billion asset institution headquartered in Richmond, Virginia, has all three. Under the leadership of Executive Vice President and Chief Risk Officer David G. Bilko, the holding...
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Jack Milligan is editor-at-large of Bank Director, an information resource for directors and officers of financial companies. You can connect with Jack on LinkedIn or follow @BankDirectorEd on Twitter.