OakNorth boosts its Advisory Board with the appointment of Bruce T. Richards, former Senior Vice President at the Federal Reserve Bank of New York
NEW YORK, 09 December 2020; OakNorth, the Credit Intelligence software business, today announces the appointment of Bruce T. Richards to its Advisory Board.
Mr. Richards spent several years at the Federal Reserve Bank of New York where he was Senior Vice President and Head of Supervision for Complex Financial Institutions, including the ten largest financial firms in New York. He also served as a member of the Federal Reserve’s system-wide operating committee responsible for the supervision of all systemically important firms in the US. He also represented the Bank on several international committees including the Senior Supervisors Group, comprised of representatives from a number of international regulatory bodies, including the PRA, FINMA, the Federal Reserve, and others. Prior to his service as a regulator, Mr. Richards was a senior leader in corporate and commercial banking for over three decades, including as Managing Director at The Chase Manhattan Bank for 14 years, UBS for 12 years, and as General Manager of National Australia Bank Americas for 10 years.
Mr. Richards joins Jeremiah Norton, a former board member at the Federal Deposit Insurance Corporation (FDIC) who joined OakNorth’s Advisory Board in October. Together, they will work with the executive team to drive the growth of OakNorth. The Credit Intelligence technology combines a deep understanding of credit, dynamic data sets, auto-analysis capabilities, cloud-computing and state of the art machine learning, to enable the commercial bank of the future and create a better borrowing experience for businesses. OakNorth’s clients include PNC Bank, SMBC, Customers Bank, Modern Bank and NIBC.
In addition to being a member of OakNorth’s Advisory Board, Mr. Richards also sits on the Advisory Boards of both Corsair Capital and Credit Benchmark. Furthermore, he is Chairman of the Board of Credit Suisse Holdings USA and a member of its Risk and Audit Committees, and is a director of the Cameron Kravitt Foundation. Previously, he has served on the boards of the Institute of International Bankers, Great Western Bank, the American Australian Association, the US-New Zealand Business Council, and the Shelter for the Homeless.
Rishi Khosla, co-founder of OakNorth, said: “Bruce not only has extensive regulatory experience, but also very strong industry experience. Having worked in corporate and commercial banking for over 30 years, he has a unique combination of skills which will be invaluable to our Advisory Board. He joins us at a pivotal time for the business – our software is now being licensed by dozens of banks globally, including some of the world’s largest players such as PNC and SMBC. We’re delighted to be welcoming him and look forward to working with him and Jeremiah to define the Credit Intelligence market.”
Bruce Richards, Advisory Board member at OakNorth, continued: “OakNorth is uniquely positioned to work with banks to increase the efficiency and risk management of lending to small to mid-market companies which generate the majority of new jobs and economic growth. From business origination, to credit monitoring, to portfolio management, banks will benefit from the consistent approach and capabilities of OakNorth’s technology. I look forward to working with the entire OakNorth team and our bank partners to enhance business lending in the US and other countries.”
Notes to editors
OakNorth is democratizing commercial lending globally.
Our credit intelligence product uses innovative cloud, machine learning and predictive analytics technologies.
We empower our customers to make credit decisions 10x faster, win more business, and manage loan, portfolio, and regulatory risk, through deeper insights into their loan books and individual borrowers.
OakNorthers work as one team to solve meaningful problems, across disciplines, at speed, with clear ownership and commitment, while giving back to local communities.
Since its inception, OakNorth has secured over $1bn from leading investors, including: Clermont Group, Coltrane, EDBI of Singapore, GIC, NIBC, Toscafund, SMBC, and SoftBank.
Rishi Khosla and Joel Perlman founded OakNorth in 2015 to address the challenges they faced in securing debt finance from high street banks for their previous business, Copal Amba (which scaled to c.3,000 employees and was acquired by Moody’s Corporation in 2014).
For more information about OakNorth, please visit https://www.oaknorth.com