IAG has tapped former Westpac leader David Watts to take the role of chief risk officer, effective Sept. 11.

In the new role, Watt will join the insurance powerhouse's group leadership team, reporting to IAG Managing Director and CEO Peter Harmer.

At Westpac, Watts has held a number of senior roles in risk and governance areas, most recently as general manager for portfolio integrity. He joined the bank in 2009 as CRO for Westpac Banking Group in New Zealand. Before joining Westpac, Watts spent 17 years of his career at National Australia Bank as chief risk officer.

Harmer said the team will benefit from Watts' “strong understanding of, and passion for, governance and risk.” 

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