IAG has named Peter Taylor as Group Chief Risk Officer (CRO), replacing David Watts who resigned last September and will leave on February 11.

Mr Taylor joins from Westpac Banking Corporation, where he is GM Enterprise Risk with responsibility for group-wide aspects of risk management, assurance and governance.

He will start in mid-2022, with his appointment subject to the completion of regulatory approvals.

Chief Insurance and Strategy Officer Tim Plant will take on the additional role of acting Group CRO until Mr Taylor comes on board.

“[Mr Taylor] has more than 30 years of corporate experience including several enterprise risk roles with large financial services companies, with 10 years working with regulators, Boards and management,” IAG MD and CEO Nick Hawkins said.

“The combination of his skills with his passion for risk means he is extremely well equipped to take on this hugely important role for IAG.”

Mr Taylor’s experience includes 11 years in in risk-focused roles at Commonwealth Bank.

In another change to the IAG Group Leadership team, Group Executive Strategic Projects Craig Olsen has advised he will leave the business on February 28.