AFC appoints new chief risk officer
Development finance company Africa Finance Corporation (AFC) has appointed David Johnson as chief risk officer. He will succeed Roger Ellender, who is retiring.
Prior to this appointment, Johnson served as AFC’s market risk management VP.
He will now be responsible for the continuous review, implementation and enhancement of AFC’s enterprise-wide risk management framework, which comprised credit, market, operational, environmental and social risk management.
During his five-year tenure as VP, Johnson contributed to the avoidance, mitigation and management of risks in AFC’s investments, enhancement of policies, procedures and information technology systems for market, credit, operational, environmental and social risk management.
Johnson also spent 15 years working as a risk manager, trader and structurer at various international banks.
Noting that infrastructure financing was by its “very nature” a risky business, AFC CEO Andrew Alli said projects could take years to develop, meaning a long wait for return on investment.
“Additionally, the high-impact projects that AFC undertakes require large volumes of capital so the corporation always conducts careful evaluation of the risks before embarking on any new project.