Former GCHQ director tapped for Standard Chartered's risk committee
London-based bank Standard Chartered has tapped Sir Iain Lobban, the former director of the Government Communications Headquarters (GCHQ), to serve on its risk committee.
The former GCHQ director will be joining former Interpol President Khoo Boon Hui; former U.S. Homeland Security Advisor Frances Townsend; and former SWIFT CEO Lazaro Campos, to advise the bank's board on how to prevent financial cybercrime.
The committee was assembled to help restore Standard Chartered's reputation with U.S. authorities after the bank was penalized $670 million in 2012 after it breached sanctions that the U.S. had imposed on Iran.
The bank's financial performance dwindled in the aftermath and it has issued three profit warnings in the last year. Lobban will serve a two-year term for an undisclosed amount.