Larry Jensen, CalPERS interim chief risk officer, was promoted to chief risk officer at the $226.5 billion system.
It is a new position, according to a news release late Tuesday from the California Public Employees’ Retirement System, Sacramento.
Mr. Jensen has served in the interim position since Oct. 1 following a decision by the retirement system’s board to create the chief risk officer position.
The position was created to improve the pension fund’s overall risk management program and is a response to the 2008-2009 fiscal year, when the system lost about a quarter of its assets during the market declines.
Mr. Jensen will head the new Office of Enterprise Risk Management and will oversee four primary functions, according to the release: enterprise risk management, enterprise compliance, enterprise privacy and security, and business continuity/disaster recovery.
Mr. Jensen reports to Steve Kessler, deputy executive officer for operations; CEO Anne Stausboll; and the CalPERS’ board, according to the release.
Mr. Jensen served as the assistant executive officer for the administrative services branch at CalPERS beginning in January 2010 until he was named the interim risk officer. He joined the CalPERS’ Office of Audit Services in June 1995 and became chief auditor in 2002, the release said.
CalPERS officials were not immediately available for comment.
