Chicago-based Aon announced it has named Corporate Treasurer Diane Aigotti to the new position of Chief Risk Officer.
Aigotti will work with business units around the world to identify, measure and manage key risks including: funding and liquidity risk, interest rate risk, foreign exchange risk, compliance risk, acquisition risk, property risk and professional liability risk. She will retain her role as Aon corporate treasurer, which includes overseeing Aon’s financing, hedging and investments. She also supervises global acquisition and divestitures, including the disposition of several of Aon’s major operating units.
“We’re excited to have someone of Diane’s experience and background as Aon’s first CRO,” said Greg Case, Aon president and chief executive officer. “The magnitude, complexity and scrutiny of risk around the world is increasing. As Aon advises companies around the world on how to identify, mitigate and implement solutions to reduce risk, it’s critical for Aon to remain in the best possible position to manage its own risks in this dynamic environment.”
“I am honored to be named to this role at a time when managing risk is so crucial to both Aon’s and our client’s futures,” Aigotti said.
Prior to coming to Aon, Aigotti served in Chicago city government. In 1995 she was named the city’s budget director. After a stint with the University of Chicago Hospitals and Health System where she served as vice president of the office of Management and Budget, Aigotti came to Aon as its corporate treasurer in 2000.
The chief risk officer (CRO) concept was created to help companies cope with a rapidly expanding array of business risks. As corporate risk managers began to experience a dramatic increase in the awareness of and focus on risk management by company senior executives and executive boards, companies concluded they needed to more professionally manage their risks.
A CRO helps a company make better investment decisions, enhance standards of governance and reduce the cost of risk management overall. A CRO can also improve a company’s relations with regulators, shareholders and customers.