Financial Institutions in N.Y. to Overhaul Risk Management Structure

Financial Institutions in Warsaw, N.Y., is overhauling its risk-management structure, while also looking for a new executive to handle such duties.

The $3 billion-asset company said in a regulatory filing Friday that Kenneth Winn, its former chief risk officer, had left. David Case, the company's chief commercial credit officer, has succeeded Winn on an interim basis.

Financial Institutions also disclosed that has taken steps to implement an enterprise risk management structure that "will more closely integrate the company's strategic and business plans with its risk management and governance processes." The filing said the goal is to actively monitor and respond to the "risks and rewards" of the company's strategic and business plans within targeted parameters.

A Financial Institutions spokesman said that Winn's departure was a "mutual decision" that was made in relation to the new structure. He said there is no timetable for selecting a permanent chief risk officer, though the company is making "good speed in its search." He also said there is no target date for fully implementing the new risk management structure.