IAG says it will soon begin the recruitment process – internally and externally – for a new chief risk officer (CRO) following the resignation of David Watts.

Mr Watts is leaving to take up a similar position with Bank of Queensland early next year.

The insurer says Mr Watts will continue as CRO into the new year.

“[He] has driven a big program of work to strengthen risk management and uplift our risk culture across the company,” CEO and MD Nick Hawkins said in a statement.

“A key achievement is the successful delivery of our risk maturity program which has improved our risk systems, policies and processes, and launched our integrated risk management system.

“Having delivered on all these commitments, and with the risk maturity program finishing up at the end of the year, [he] feels now is the right time to take on a new challenge.”

Mr Watts joined IAG as CRO in 2018 and prior to this, he held a number of senior roles in risk and governance areas at Westpac including Group GM Regulatory & Governance and Group GM Enterprise Risk.

He joined the bank in 2009 as CRO for Westpac Banking Group in New Zealand.