Edward Sankey has been elected as new chairman of the Institute of Operational Risk (IOR), the operational risk body. An independent consultant in corporate and operational risk, Edward Sankey is a fellow of the Institute, has been a member of its council since 2005 and as a member of the executive committee has been leading the IOR's events programme.

He takes over the chairmanship from Philip Martin who has completed his term of office and stepped down from the Council.

Edward Sankey says: "It is a tremendous honour to be chairman of this Institute, particularly at a time when the importance and influence of operational risk management has gained widespread recognition. The IOR is playing a key role through the accreditation of practitioners and by enabling them to maintain their competence and to develop new skills. My aim is to continue to enhance the professionalism of the operational risk discipline and to extend access to the benefits of membership throughout the world.

"During his tenure as chairman Philip Martin achieved notable success in multiplying many fold the number of IOR members and also for broadening the membership base to include Europe, the Middle East, Australia, South Africa, Asia Pacific and the USA. Our members now represent a wide range of industry sectors from financial services to nuclear power. He has also overseen the delivery of numerous member benefits including the sound practice guidance papers, local chapters in Hong Kong and Scotland, the website, online resource centre and newsletters. He will be a hard act to follow."

Four new directors to the Council have also been appointed:

Simon Ashby, senior lecturer financial services, Plymouth Business School

Mike Finlay, managing director, RiskBusiness International

Yema Tucker, group risk, Standard Chartered Bank

Simon Wheatley, chief risk officer, LCH-Clearnet.

Jonty Birrell-Gray, executive director, WestLB has been elected by the members as treasurer of the Institute and will be co-opted to the Council replacing Michael Tripp who has retired by rotation.

Five directors continue to serve their terms of office:

Michael Faber, vice chairman of the Institute and risk & business continuity manager, JP Morgan Cazenove

David Breden, chief risk officer, Investec Trust (Jersey) Ltd

David Clark, senior independent non-executive director, Tullett Prebon

Jeremy Quick, deputy director banking, Guernsey Financial Commission

Adam Seager, risk & compliance director, KGM Motor Insurance

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