Garp founders to step down this week

Lev Borodovsky and Marc Lore, co-founders of the 16,000-member Global Association of Risk Professionals (Garp), will be removed as owners of the organisation within days. Under the terms of an agreement due to be reached this week, the New York- and London-based organisation will be changed from a for-profit to a not-for-profit entity, according to David Koenig, head of market risk management at US Bancorp Piper Jaffray, based in Minneapolis, Minnesota, who has been involved in the negotiations.

As reported on October 3, Robert Mark, chief risk officer of Canadian Imperial Bank of Commerce in Toronto until September 30, and now an independent consultant, has been organising a ‘Blue-Ribbon Panel’ of eight to 10 respected risk managers to provide interim oversight for the organisation until an election of a new board of directors by Garp members.

The push to remove Borodovsky and Lore began in late June, when an anonymous document alleging improprieties by the two men was circulated by