New York City Pension Hires Risk and Compliance Officers As Part of Ethics Reform

New York City’s pension system has made a series of hires recently as part of an ethics package proposed by City Comptroller Scott Stringer in 2014.

The system has hired an internal auditor, a chief risk officer and a chief compliance officer.

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Miles Draycott, formerly at Merrill Lynch and Deutsche Bank, was appointed chief risk officer, and will be tasked with “developing and institutionalizing formal risk management,” the comptroller’s office said.

In addition, Draycott will be responsible for creating and implementing systems to “assess and monitor financial and enterprise risk.”

The pension system hired Shachi Bhatt, the associate director of compliance and risk management at Convergent Wealth Advisors, as chief compliance officer. She will be responsible for implementing systems to “assess and monitor regulatory compliance” within the pension funds as well as external managers, parent companies, and joint venture partners.

Lastly, the comptroller’s office employed Khanim Babaveva, formerly at Grameen America and FINCA International, as an internal auditor.

“One of the lessons of the financial crisis was that risk and compliance functions must have a clear line to the top, which is why these three executives will have direct access to me.” Stringer said.

The system manages $163 billion in pension assets.

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