ING US, the retirement, insurance and investment management operations of ING Group has appointed Michael Smith as chief risk officer to oversee its enterprise-wide and business-level risk monitoring and management program.

In his new role, Smith will manage framework for measuring, controlling, hedging and pricing risk, besides overseeing the Closed-Block Variable Annuity run-off business.

ING US CEO Rod Martin said: "Mike’s risk-management experience, combined with his deep understanding of our businesses, will allow us to continue developing and building upon our existing risk-management practices, in support of prudent business growth."

Having joined ING in 2009 as chief financial officer and chief risk officer for the ING US Annuity business, Smith was named chief executive officer of the ING U.S. Annuity business in 2011.

Smith served as the head of Profitability and Risk Management for Retirement Solutions at Lincoln Financial Group (LFG), prior to joining ING.

At LFG, he held several leadership positions including chief actuarial officer for Lincoln National Life, chief administrative officer and chief financial officer for Lincoln Financial Distributors (LFD).

Smith was also named as chief financial officer and chief risk officer for LFG’s Life and Annuity division and head of customer support for LFG’s Employer Markets division.