Fitch Ratings has named Jeff Horvath as its new chief compliance officer in a newly separated role. Horvath will report to John Olert, Fitch Group's chief risk officer, and will be responsible for developing a global compliance strategy and directing the company's compliance program. The need for a distinct CCO role became apparent as Fitch looks to widen its focus on risk beyond just market and credit risks to its own business operations and regulatory risks. Fitch has been adding compliance staff with expertise to strengthen its programs.

1. 11/3/2015 Fitch Names Compliance Head As It Widens Risk Focus ­ Risk & Compliance ­ WSJ
http://blogs.wsj.com/riskandcompliance/2015/11/02/fitch­names­compliance­head­as­it­widens­risk­focus/tab/print/ 1/2
November 2, 2015, 6:22 PM ET
ByNicholas Elliott
Jeff Horvath, chief compliance officer of Fitch Ratings.
Fitch Group
Fitch Ratings has named Jeff Horvath to the newly separated role of chief compliance officer as
the credit­ratings firm bulks up its compliance efforts and broadens its approach to risk.
Mr. Horvath joins from Deutsche Bank AG, where he held senior compliance roles. He will
report to John Olert, chief risk officer of Fitch Group, the parent of Fitch Ratings.
Mr. Olert said the need for the distinct CCO role became apparent from wearing the two hats of
risk and compliance as part of the group chief risk officer position he took on in January. Like
other companies in financial services, Fitch is widening its focus on risk beyond market and
credit risks to its own business, with the risk of regulation a particular focus.
“We really thought it was time to invest more in the function and the leadership” of compliance,
Mr. Olert told Risk & Compliance Monday. He said Mr. Horvath’s experience of working in
banking, where compliance officers have had to strive to keep up with a rapidly changing
Fitch Names Compliance Head As It Widens
Risk Focus

2. 11/3/2015 Fitch Names Compliance Head As It Widens Risk Focus ­ Risk & Compliance ­ WSJ
http://blogs.wsj.com/riskandcompliance/2015/11/02/fitch­names­compliance­head­as­it­widens­risk­focus/tab/print/ 2/2
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regulatory environment, would prove an asset.
Among ratings agencies, “there’s lot that’s changed” since the 2008 financial crisis and the
ensuing ratcheting up of regulation, said Mr. Olert. “Regulation is a very big piece of what’s
changed in the industry,” he said.
In addition to Mr. Horvath, Mr. Olert said Trevor Pitman has been appointed to lead compliance
in Europe, the Middle East and Africa, and in the Asia­Pacific region. The firm is seeking a
senior compliance staffer in Asia­Pacific, Mr. Olert said.
The company has already been adding compliance staff, with a recent focus on bringing in
those with existing compliance expertise rather than relying solely on internal candidates, said
Mr. Olert. “That’s made a very big difference” to the effectiveness of its programs, he said.
Mr. Horvath will be responsible for developing a global compliance strategy and directing and
monitoring the company’s program, according to a press release.
In terms of specific tasks Mr. Horvath might pursue, Mr. Olert said developing an approach to
communications would be important, additional training might be introduced, and the company
would be looking at using technology to match up regulations around the world with its policies
and procedures, as well as to monitor interactions with regulators.
Using such technology will yield “tangible data points” that will help in compliance conversations
with the company’s board, Mr. Olert said.
Reach Nicholas Elliott at nick.elliott@wsj.com; Follow him on Twitter at @NickElliottDJ