Singapore — The GIC has announced that its Chief Risk Officer, Dr Chia Tai Tee, will be retiring on March 31 after 26 years at the sovereign wealth fund.
His deputy, Mr Jin Yuen Yee, will be the new CRO.
Dr Chia graduated with a degree in economics from the University of Adelaide and also holds a PhD from the Australian National University. He has been the CRO since July 2011. Before that, he was Deputy CRO and Director of the Risk and Performance Management Department. Dr Chia has also held various positions in economics and strategy, foreign exchange and quantitative investments. Before joining GIC, he was a lecturer at the National University of Singapore. He is retiring to pursue other interests.
Dr Chia also sits on various committees, including the EDHEC-Risk Institute International Advisory Board, the Tote Board Investment Committee, the Singapore Institute of Technology endowment fund Investment Committee, the Ministry of Home Affairs Pension Plan Board of Trustees and its Risk and Audit Committee. He also chairs the People’s Association Investment Advisory Committee. He will remain in an advisory role to GIC until June 30 to ensure a smooth handover process to Mr Jin.
Mr Jin has been the Director of the Risk and Performance Management Department since October 2018 and the Deputy CRO since July 2019. Prior to his current roles, he has worked in and headed various departments including Foreign Exchange, Currency Management and Global Macro throughout an 18-year career with GIC.
He holds a M.Sc. in Wealth Management from the Singapore Management University and a Diplom-Ingenieur from the Technische Universität Berlin. Mr Jin is also a member of Temasek Polytechnic’s Board of Governors.
The CRO is tasked with assessing and mitigating significant competitive, regulatory, and technological threats to an enterprise’s capital and earnings. They are also responsible for implementing these operational risk management and mitigation processes to avoid any losses caused by inadequate or failed procedures, systems or policies.
As CRO, Mr Jin will head the overall risk function for GIC, oversee the implementation of risk policies and manage various important risk issues from investments and operations. He will also be in GIC’s Group Executive Committee where he will have additional shared responsibilities of managing issues at the enterprise level and charting the future of GIC.