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    ORX is owned and driven by our members. We work collaboratively towards a future where financial institutions are prepared and resilient, protecting the global economy and all of us from inevitable risks in our constantly evolving world. Our Board is key to helping us achieve this goal.
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    About our Board

    We have a Board of Directors who are the principal decision-making body of ORX. The ORX Board of Directors is made up of 11 individuals, including a maximum of two external directors with the remainder being member representatives.

    The Directors is recommended by the ORX Nominations Committee and elected, collectively or individually, by the ORX AGM. The Nominations Committee has a general duty to ensure that the Board is representative of the ORX membership. They recommend individuals to serve as Chair and Vice Chair, the recommendations then require approval by the ORX Board of Directors.

     

    Responsibilities

    The Board of Directors is the principal decision-making body of ORX. The powers, duties and the functioning of the board result from the Articles of Association and the Organisational Regulations adopted by the Board of Directors.

    The board's core responsibilities include:

    • Ensuring that all member institutions are treated equally, irrespective of geography, size or sector
    • Determining ORX’s strategy, annual business plans and annual budgets
    • Determining of the rules and policies of ORX
    • Overseeing and regulating of all ORX's subsidiary bodies, including the managing board and sector governing committees
    • Appointing the ORX Chair, Vice Chair, Treasurer and Executive Director
    • Deciding any sanctions against member organisations

    The Articles of Association, and other core documentation, are available on our Governance page.

    Meet the ORX Board of Directors

    Giulio Mignola Circle

    Giulio Mignola, Chair

    Intensa Sanpaolo

    Giulio Mignola leads Intesa Sanpaolo’s Credit, Enterprise and Operational Risk Management teams and serves as the Group’s Deputy Chief Risk Officer. His responsibilities include defining the Risk Appetite Framework, developing credit risk models, overseeing operational risk management and risk clearing, and managing reputational and ESG risk, economic capital, integrated risk reporting, stress testing, and risk culture. Giulio is deeply committed to understanding, anticipating and guiding risk dynamics across organisations. He is known for translating complex quantitative analysis into clear and meaningful insights for a wide range of audiences and has contributed to the field through published research on a range of topics, including risk modelling.

    Alongside his industry role, Giulio lectures in the Master in Finance, Insurance and Risk Management at Collegio Carlo Alberto and in the Executive Master in Finance at SDA Bocconi. Giulio was among the founders of ORX and previously served as Chairman of the Board from 2009 to 2014. He has remained closely involved with the association over many years, including most recently as Vice Chairman. Before joining Intesa Sanpaolo, Giulio spent two years as a researcher at CERN in Geneva and one year at LAPP in Annecy. Giulio holds a PhD in Theoretical Physics and a degree in Physics from the University of Turin. He also recently completed the Corporate Affairs & Reputation Academy at Saïd Business School, University of Oxford.
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    Shresti Bijou, Vice Chair (Finance)

    NatWest Group
     
    Shresti Bijou is an accomplished risk management professional with extensive experience in the financial services industry in the UK, South Africa and the Middle East. Currently serving as the Head of Operational Risk for NatWest Group since March 2023, Shresti is responsible for overseeing the operational risk framework and ensuring robust operational risk management across the organisation. Prior to this, she was the Head of Group Risk/ERM at FirstRand Limited where she managed the group risk management framework, developed and delivered strategic risk initiatives, and led the group's COVID-19 risk response. Her previous roles include Group Head of Operational Risk Management at FirstRand, and other various positions in organisations where she provided non-financial risk oversight. A recognised thought leader, Shresti was a member of the ORX Board from 2016 to 2022 and rejoined as a member in May 2024. She is an admitted Advocate of the High Court of South Africa and holds Bachelor of Law (LLB) and a Bachelor of Commerce from the University of KwaZulu-Natal (South Africa), complemented by an international executive development program from the Wits Business School.
    Sarah Shaub

    Sarah Shaub, Vice Chair (Services)

    New York Life
     
    Sarah Shaub is the Head of Enterprise Risk Management at New York Life. In this role, she oversees risk governance, leads the company’s risk-awareness education and communication program, and manages the company’s risk assessment program. Sarah is also a member of New York Life’s Operational Risk Committee and serves as secretary of the company’s Risk Steering Committee. Since joining New York Life in 2014, Sarah has held leadership roles across Risk Management, Technology, and Human Resources. Prior to her time at New York Life, she held strategic positions at Sikorsky Aircraft. Sarah earned her B.A. from Vanderbilt University and her M.A. from the Elliott School of International Affairs at George Washington University.
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    Efe Cummings
    Nomura Group
     
    Efe has been with Nomura Group since 2009 in various roles in risk management and currently leads the firm’s Global Operational Risk Management function. Prior to joining Nomura, he worked as a consultant advising financial services firms on risk and regulatory matters. Efe holds a BA from Cornell University and an MPA from the London School of Economics.
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    Regina Desler
    Northern Trust
     
    Regina is the Head of Non-Financial Risk Quantification at Northern Trust and leads operational risk analytics, loss data, risk profile reporting, and scenarios analysis. She joined Northern Trust in 2009 and is focused on quantitative and qualitative approaches for Stress Testing as well as operational risk assessments and profile reporting. Prior to joining Northern Trust, Regina worked in the economic consulting industry providing expert witness support for litigation. She holds a Ph.D. in mathematical macroeconomics from the University of Hamburg in Germany. 
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    Günther Helbok 
    Unicredit
     
    Günther is known as a long standing operational and reputational risk expert. He is currently responsible for Data Science and Credit Risk Models, leading the Bank Austria effort in redeveloping IRB models, PSD2 ready pre approved consumer loan models as well as the bank wide development and implementation of machine learning models in the risk management area.
    Jonathan Redfern
    Jonathan Redfern
    National Australia Bank
     
    Jonathan leads operational risk management for National Australia Bank (NAB). He has over 28 years of experience in financial services, primarily in risk and finance senior leadership roles for international banks in the UK before he relocated to Australia to lead a successful multi-year controls transformation programme for NAB. He is a Fellow of the Financial Services Institute of Australasia and a Chartered Global Management Accountant. He holds an MSc in Finance from London Business School and an MA in Economics from the University of Cambridge.
    Barbara Ridpath Circle
    Barbara Ridpath
    External Director
     
    Barbara Ridpath is an external director of ORX. She is also a non-executive director of Paragon Banking Group. She is Chair of the Church of England’s Ethical Investment Advisory Group, an Associate Fellow at Theos, and sits on the international advisory council of the Institute of Business Ethics. Barbara worked in finance for most of her career in New York, Paris and London at the Federal Reserve Bank of New York, Standard & Poor’s and JPMorgan. She holds an A.B. degree cum laude from Smith College and a Masters in International Affairs from Columbia University.
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    Céline Samain
    Axa Group
     
    Céline has worked across the car, asset management and insurance industries. She held various positions in AXA over the past 20 years at entity and corporate level. She is Head of Operational Risk, Information Risk and Internal Control at AXA Group. She has worked in numerous international transformation programmes in business or risk teams.
    Miné F. Van Zyl
    Miné F. Van Zyl 
    FirstRand
     
    Miné is a seasoned risk professional currently leading Group Risk/Enterprise Risk Management at FirstRand Limited in South Africa. Her role encompasses overseeing the group risk management framework, managing both financial and non-financial risks, operational risk analytics, risk data aggregation and reporting, risk insurance, model and climate risk management, and delivering strategic risk initiatives. Within FirstRand's governance structures, she chairs the Operational and IT Risk Committee, Climate Risk Committee, and Risk Data Committee. Miné aims to be a trusted advisor and thought leader, partnering with business to provide world-class risk management solutions that offer actionable risk insights for informed decision-making.

    Managing risk together

    "As operational risk is pervasive, we need to collaborate and share learning from each other in order to more efficiently manage op risk as an industry." 

    ORX member firm