Eurozone's ESM Elevates Cosimo Pacciani to Chief Risk Officer

The European Stability Mechanism (ESM), the Eurozone's principle bailout fund, has promoted Cosimo Pacciani as its newest Chief Risk Officer, according to a recent Reuters report.

The ESM has been in the news quite frequently over the past couple months, having mostly been drawn into the lingering Greek debt crisis, as Greek government officials ultimately secured emergency aid from the facility to help prop up its moribund banking system. Greek banks had been closed for several weeks, with a dearth of Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term ultimately forcing action from the ESM.

The ESM is a European Union agency that helps provide financial assistance to Eurozone members in the form of loans, capital and financial relief. The group is a permanent agency based out of Luxembourg, replacing the previous European Financial Stability Facility (EFSF).

Mr. Pacciani joined the ESM in 2014 – he worked as its Senior Credit Officer and Deputy Head of Risk up until his recent promotion to Chief Risk Officer. Prior to working at the ESM, he also held a number of similar senior level roles at the Royal Bank of Scotland (RBS), including Chief Operating Officer and Head of Policy and Controls Risk, Head of Risk and Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, and Head of Corporate Credit Risk, dating back to 2003.