$3 billion CIT Group, a provider of financing to small businesses and middle market companies, has named Lisa Polsky as its chief risk officer, effective May 17. She will report directly to Chairman and Chief Executive Officer John Thain.

In her new role, Polsky will be responsible for developing and implementing an enterprise-wide risk management strategy and framework, which will be used to quantify and monitor various types of risk exposures across CIT, identify emerging risk factors, monitor portfolio concentrations and evaluate future business transactions.

Polsky most recently has been at Jane Street Capital, a quantitative proprietary trading firm. She joined Jane Street from Duff Capital Advisors, where she was a Partner and Head of Risk & Investment Solutions. Prior to joining Duff, she spent six years consulting, specializing in portfolio solutions, risk management and valuation policy. Before founding her consulting firm, Polsky served as Managing Director and Head of Client Financing Services with Merrill Lynch & Co., and prior to that as Managing Director, Chief Risk Officer, and Head of Risk Policy at Morgan Stanley.

Polsky also served as Head of the Hedge Fund Business and Head of Derivatives in the US and Europe at Bankers Trust Company. She began her career at Citibank NA, where she started the FX Options business and later Co-Headed Citibank’s Derivative Business in North America.