The Commonwealth Bank of Australia (CBA) has appointed New York-based risk expert Alden Toevs in the new position of chief risk officer.

CBA has charged Mr Toevs with achieving world’s best practice in credit, operational, technological, compliance and market risks. He will report directly to the bank’s CEO Ralph Norris.

Mr Toevs will assume his position in June after leaving his role as Executive VP and Head of Risk at First Manhattan Consulting Group in New York.