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12:55 PM
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Alix Assumes Risk at Bear Stearns

s part of a restructuring of its risk management operations, Bear Stearns promoted Michael Alix to the newly created role of chief risk officer. Based in the firm's New York headquarters, he will report directly to the executive committee.

Alix's responsibilities include measuring, monitoring, reporting and limit setting for credit, market and operational risk management across the firm. Leveraging technology will be key to successful risk management, according to Alix, who believes in the importance of stress-testing engines, value-at-risk models and regulatory risk-based capital models. "I don't think that there's anybody who could effectively manage risk without sophisticated systems," he says.

Alix has an extensive history of managing risk in financial services. He joined Bear Stearns in 1996, most recently serving as head of the firm's global credit department, and also served as chief credit officer in Asia for Merrill Lynch. --Cory Levine

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