ING has hired Prakash Shimpi as chief risk officer for ING U.S. In this new role, Shimpi will oversee the enterprise-wide risk monitoring and management program for ING's U.S. insurance operations. His responsibilities will include managing the framework for measuring, controlling, hedging, and pricing risk, as well as compliance with all global financial reporting standards for the company.

Shimpi has more than 25 years of risk-management experience in the financial services industry.Most recently, he served as global practice leader for enterprise risk management. In this role, he oversaw all aspects of the Towers Watson ERM consulting practice, as well as providing finance, risk-management, and investment management expertise to corporate clients. He also served as president and CEO of Towers Watson Capital Markets.

Prior to his role with Towers Watson, Shimpi was president of Fraime, where he provided counsel to senior executives on implementing ERM in their organizations. He also held executive leadership roles with Swiss Re Group, The Chase Manhattan Bank, and Drexel Burnham Lambert. He also helped develop programs to bridge theory and practice of ERM through fellowships with several leading universities in the United States and abroad.