Amex recruits its next chief risk officer from US Bancorp

American Express has appointed Jodi Richard as its new Chief Risk Officer, poaching the veteran executive from U.S. Bancorp. For retailers and merchants who rely on Amex for payment processing and consumer credit, this leadership change is a significant signal regarding the lender's future stability. Richard arrives at a time when Amex is navigating heightened regulatory scrutiny, specifically regarding its anti-money-laundering compliance programs. For your business, this move suggests that Amex is prioritizing a 'safety first' approach to its lending and underwriting. A new risk chief often reviews existing credit policies, which could lead to shifts in how the company approves new cardholders or manages credit limits for your customers. While this likely won't result in immediate changes to your merchant agreement, it indicates that Amex is tightening its internal controls to satisfy federal regulators. Merchants should expect Amex to remain a conservative, premium lender as it works to resolve its current compliance hurdles. Stable leadership in the risk department is generally a positive sign for the long-term health of the payment networks you use every day.

Source: American Banker — Top News

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