Toney appointed new Chief Risk Officer

AgFirst has tapped Chad Toney to serve as its Chief Risk Officer, a newly created position reporting directly to CEO Tim Amerson. The move coincides with the creation of a discrete risk management function that will result in a greater focus on the development and implementation of risk management processes, policies and procedures. 

The purpose of this organizational change is to achieve a clearer delineation between operations – referred to in risk management literature as the “first line of defense” – and activities focused on enabling the identification of emerging risks, or the “second line of defense.” 

As CRO, Toney will continue to serve on the Bank’s Executive Committee and oversee the following functions: 

• Information Security. 
• Internal Control over Financial Reporting (ICFR). 
• Compliance. 
• Operational Risk. 
• IT Risk and Governance. 

Toney joined AgFirst in 2001, after serving in the U.S. Air Force for a decade working in telecommunications. He earned a bachelor’s degree in business from the University of South Carolina and completed his MBA from the university’s Darla Moore School of Business.