IAG Chief Risk Officer (CRO) David Watts has resigned to take up a similar role with Bank of Queensland (BOQ) early next year.

The insurer says he will continue as CRO into the new year and that a search for his replacement - internally and externally - will start soon.

“[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 today.

“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.”

BOQ says Mr Watts will take over from CRO Adam McAnalen, who moves into a new role to lead key elements of the bank’s integration and transformation program.

The bank says the incoming CRO brings with him more than 25 years of senior executive experience in financial services.

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.