OakNorth appoints former FDIC board member, Jeremiah Norton, to its advisory board
OakNorth, the next-generation artificial intelligence software business, has today announced the appointment of Jeremiah Norton to its Advisory Board. Based in Virginia just outside of Washington D.C., Mr. Norton runs an independent regulatory advisory firm serving financial institutions.
Prior to this, he served as one of five board members at the FDIC, overseeing the agency responsible for the safety and soundness of the nation’s banking system and resolving failed institutions. Mr. Norton analyzed and approved bank regulations mandated by the Dodd-Frank Act and rules from the Basel Committee. Prior to his service at the FDIC, Norton worked at J.P. Morgan, advising financial institutions on mergers, acquisitions, and equity and debt offerings. From 2007 to 2009, Mr. Norton served in the U.S. Treasury Department as the Deputy Assistant Secretary for Financial Institutions Policy under Secretary Henry M. Paulson. Mr. Norton played a key role in the financial crisis response while at the Treasury, including working on the conservatorships of Fannie Mae and Freddie Mac, the government financed recapitalization of the U.S. banking sector, and assistance packages for the automotive industry.
At OakNorth, Mr. Norton will work with the executive team to drive the growth of its Credit Intelligence Suite of applications, which enables banks to make more-informed credit decisions and provide a better borrowing experience for businesses.
The OakNorth Credit Intelligence Suite combines a deep understanding of credit, dynamic data sets, cloud-computing and state of the art machine learning, to enable the commercial bank of the future. The portfolio diagnostic technology gives banks comprehensive visibility into their commercial credit portfolio, identifying vulnerable borrowers, while their credit and monitoring tool that’s informed by industry benchmarks, peer analysis, and scenario analysis improves the quality, consistency and speed of their decision making. Through analysing each borrower’s data in the context of its geography and sector and monitoring a borrower against its peers, the OakNorth Credit Intelligence Suite is able to alert lenders when a loan, or borrower needs attention.
Rishi Khosla, co-founder of OakNorth, said: “In addition to his extensive experience at the Regulator, Capitol Hill and the Treasury, Mr. Norton also spent a number of years as a FIG banker for JP Morgan, and more recently, founded and has been running his own business as an entrepreneur. He therefore brings a unique combination of experience to our advisory board, understanding the needs of entrepreneurs and our bank partners.”
Jeremiah Norton, Advisory Board member at OakNorth, continued: “OakNorth is one of the most exciting growth companies in enterprise software, and has a unique competitive advantage given it also runs its own bank in the UK. I look forward to working with the executive team to help our bank partners in the US provide a better borrowing experience for businesses.”