In implementing Strategy 2020, VP Bank Group is going a step further. The role of the General Counsel is being merged with that of the Chief Risk Officer, while the investment competence is being strengthened in a targeted manner. The restructuring and expansion of these functions is also reflected in the adjustment of the organisational and management structure effective from 1 January 2017.
The Group Legal, Compliance & Tax and Group Risk divisions will be merged to form a new organisational unit that will also be part of Group Executive Management. This expansion is being carried out in order to make sure that these functions are prepared to meet the growing challenges faced by internationally oriented financial-services providers as a result of increasing market regulation. Monika Vicandi, who has been Head of Group Legal, Compliance & Tax for the past five years, will also become head of this new and important division in her new role as General Counsel and Chief Risk Officer. In addition, the Board of Directors has appointed her to Group Executive Management as a General Manager.
The restructuring also sees the creation of the Investment Solutions organisational unit. This will be formed by merging the areas of Group Investment, Product & Market Management and VP Fund Solutions, which until now were part of the Client Business organisational unit. Forming a dedicated unit for these activities underlines their growing importance with regard to current and future developments in the market environment, and helps to strengthen investment competence across the Group. The recruitment process to select the head of the Investment Solutions organisational unit is already under way. Christoph Mauchle, Head of Client Business and member of Group Executive Management, will run the new Investment Solutions organisational unit on an interim basis.
Fredy Vogt, Chairman of the Board of Directors of VP Bank Group, is pleased that the right candidate for one of the new Group Executive Management positions came from within VP Bank Group: “The fact that key positions are being taken up by current employees is a great sign for the future. Competence, commitment and loyalty to the company are values that we place great store by within VP Bank Group.”