QBE has announced Fiona Larnach will take over the role of Group Chief Risk Officer (CRO) in March next year. She will replace Peter Grewal, who has decided to return to the UK.

Ms Larnach, whose appointment is subject to regulatory approval, was most recently Barclays UK CRO. Before this, she was Commonwealth Bank of Australia Retail Banking CRO.

She has worked across risk management, finance and treasury during her near-30 year career. Her other previous roles included a risk advisory partner position at Ernst & Young consulting to insurance, banking and wealth management clients.

“We have worked hard in recent years to build our risk capability with good risk management practices now firmly embedded in our day-to-day operations,” QBE interim Group CEO Richard Pryce said.

“We are delighted to welcome [Ms Larnach] to QBE. She brings a unique combination of skills and experience that will help us to further evolve our risk management practice.”

Ms Larnach will be based in the head office in Sydney and will be a member of the Group Executive Committee, reporting directly to Mr Pryce if her appointment is approved.