Saxo Bank has made some changes to its executive team with the latest promotion of John Carmichael as the Chief Risk and Compliance Officer. He is also a member of the Danish firm’s Board of Management and Executive Team.

The Need for a Joined Risk and Compliance Role

Announced today (Wednesday), the appointment aligned with the company’s aim to reinforce its governance structures, risk management, and compliance. Last year, Saxo was designated as a Systemically Important Financial Institution by the Danish regulator, which requires the company to follow stringent capital requirements.

“John's expertise and proven track record make him the ideal leader to guide our risk and compliance functions in this new chapter of our growth,” said Kim Fournais, the Founder and CEO of Saxo Bank.

“John's role in the Executive team and Board of Management will be instrumental, where his deep understanding of our business and his robust experience in audit and compliance make him highly qualified to drive further improvements in our risk and compliance.”

Prior to the promotion, Carmichael was the Chief Audit Executive at Saxo. He has been a part of the company for the last 16 years. He started his professional career in 1995 at PricewaterhouseCoopers and also worked at Maersk Group.

Other Key Appointments

Apart from the promotion of Carmichael, Saxo made a few other executive moves. It promoted Karina Hansen, the former Deputy Chief Compliance Officer, to Chief Compliance Officer, replacing Michael Carlsen who will exit the company.

The Danish company also elevated Rasmus Bauer to Chief Risk Officer and Nina Senstius to Head of Internal. Hansen and Bauer will report to Carmichael, while Senstius will directly report to the board.

“Working with our very capable teams to continuously develop and strengthen our risk and compliance infrastructure is key to our strategy, especially as we continue to grow our business internationally,” said Carmichael.

“I am committed to ensuring that Saxo Bank remains at the forefront of risk management and regulatory compliance, safeguarding our clients' interests, and maintaining the highest standards of operational integrity.”