On Wednesday, UK-based peer-to-peer lender, Wellesley & Co., announced it has appointed former chief risk officer and board director of the Ulster Bank Group, Stephen Bell, as group chief risk officer.
In addition to his most recent role as CRO for Ulster Bank, Bell has a wealth of experience in property-backed finance as well as consumer lending and asset-backed finance across many jurisdictions. He has worked closely with numerous regulatory bodies on significant topics including the 2014 Comprehensive Assessment with the ECB and Central Bank of Ireland.
Graham Wellesley, joint CEO & Chairman of Wellesley & Co., commented:
“Stephen’s appointment is an extremely positive development for the Wellesley Group since it reinforces the increasing importance we place on enterprise risk management. As the alternative finance industry moves into the mainstream, we’re conscious of our responsibility to ensure our customers’ investments and interests are strongly protected and that our stakeholders can see clearly that our strategy and risk appetite are aligned. Stephen has operated as a commercially oriented CRO in some of the most testing regulatory environments and will add to our already robust risk and regulatory framework here at Wellesley.”
Bell added:
“I’m looking forward to being part of the next chapter of growth for the Wellesley Group. As the UK SME sector increasingly looks to alternative finance to fill the gap left by high street banks, the enterprise risk management capabilities of providers will come under increasing scrutiny. Wellesley’s asset-backed model is very impressive and distinct and I look forward to ensuring the company continues to offer – to lenders and borrowers alike – a proposition of the highest quality and a transparent and stable business.”