Saxo Bank Appoints John Carmichael as Chief Risk and Compliance Officer

This key appointment aligns with Saxo Bank's ongoing commitment to further reinforcing its governance structures, risk management and compliance following its designation as a Systemically Important Financial Institution (SIFI), as the bank now serves more than 1 million clients and holds more than DKK 750 billion in client assets.

John Carmichael, previously serving as the Head of Internal Audit, brings extensive experience and a deep understanding of the bank's operations, and his leadership will play a pivotal role in further enhancing Saxo Bank's risk and compliance. 

Kim Fournais, Founder and CEO of Saxo Bank, commented on the appointment, "John's expertise and proven track record make him the ideal leader to guide our risk and compliance functions in this new chapter of our growth. As a SIFI, our commitment to operational excellence, prudent risk management and compliance is more vital than ever. John's role in the Executive team and Board of Management will be instrumental, where his deep understanding of our business and his robust experience in audit and compliance make him highly qualified to drive further improvements in our risk and compliance.”

John Carmichael, reflecting on his new role, stated, "I am honoured to take on this responsibility at such a pivotal time for Saxo Bank. Working with our very capable teams to continuously develop and strengthen our risk and compliance infrastructure is key to our strategy, especially as we continue to grow our business internationally. I am committed to ensuring that Saxo Bank remains at the forefront of risk management and regulatory compliance, safeguarding our clients' interests, and maintaining the highest standards of operational integrity."

In line with these leadership enhancements, 

• Karina Hansen, formerly Deputy Chief Compliance Officer, has been promoted to Chief Compliance Officer, reporting directly to John Carmichael
• Rasmus Bauer, who has recently been promoted to the role of Chief Risk Officer, will also report directly to John Carmichael
• Nina Senstius, formerly Deputy Head of Internal Audit, has been promoted to the position of Head of Internal Audit, reporting to the Board of Directors.

The appointments are subject to the necessary regulatory approvals. 

Consequently, Michael Carlsen, Chief Compliance Officer will leave the bank. Saxo Bank would like to thank Michael Carlsen for his contribution over the last two years and wish him the very best in his future endeavors.

For more information about Saxo Bank’s new status as a SIFI and its impact on the bank's operations, please visit Saxo Bank's SIFI Announcement.