LendingClub has recruited its new chief risk officer from another segment of the sharing economy, ride-sharing app Uber.
Annie Armstrong (pictured) previously worked as global head of financial risk for Uber, where she built the risk management function for the company.
In her new role, she replaces Tim Bogan, who will become chief banking integration officer to focus on the planning, process, systems, and organisational design work necessary to complete the US peer-to-peer lender’s acquisition of Radius Bank.
She will join LendingClub on 16 March and will transition in partnership with Bogan until formally assuming the role on 1 July.
“Tim spearheaded all of the work that led us to this critical point,” said Scott Sanborn, chief executive of LendingClub.
“His long tenure with the company, understanding of the regulatory and government framework over fintech, and his past experience in banking makes him the perfect person to guide us in achieving this critical next step.”
Bogan joined LendingClub over five years ago to lead the internal audit function and subsequently took on the chief risk officer role in 2016.
He built the existing control and compliance infrastructure, including building out the three lines of defence architecture at the company.
Bogan has over 30 years of experience in audit, risk management, regulatory compliance, IT, business transformation and optimisation, and operational and financial controls implementation.
Meanwhile, Armstrong has spent over 20 years focusing on building, defending, and auditing risk management structures for financial services institutions.
“I’d like to thank Tim for agreeing to take on the critical integration work ahead and I’m equally thrilled to welcome Annie,” Sanborn said.
“Annie’s experience across financial services and technology makes her a great fit as we reimagine banking.
“They’ll work together as we transition to become America’s largest financial health platform powered by a marketplace bank.”
Armstrong will join LendingClub’s executive team and will report directly to Sanborn.
“I know LendingClub and this industry intimately and I’m thrilled to join a company that is reimagining banking,” said Armstrong.
“As the lead partner for LendingClub while at KPMG, I worked shoulder to shoulder with the company’s internal audit, compliance, and risk teams from the company’s inception.
“As LendingClub continues its journey toward becoming a financial health platform with its recent acquisition of Radius Bank, the company’s need to partner with regulators increases in a more meaningful way and my background and expertise will become even more beneficial.”