Over the past two decades or so, Loredana Renzi has progressed admirably through the ranks within financial services.
Today, she serves as Market Risk COO at Absa Group, a leading Pan-African financial institution with roots in Johannesburg, South Africa.
It’s a role Renzi loves for numerous reasons, not least due to the autonomy she has, as well as the ability to make positive change and continuously learn on the job.
“Market risk can be quite complex and there’s always something new to learn, especially when it comes to keeping up with regulatory compliance,” she explains. “It seems like new regulations are constantly popping up, and we have to make sure to incorporate them effectively into our day-to-day operations. It keeps things interesting, that's for sure.”
Renzi also relishes the process of finding solutions to problems using technological innovation, helping Absa to reduce costs and drive efficiencies.
“There’s a lot I enjoy,” she adds, “but it’s a combination of these things that makes my role at Absa both rewarding and intellectually stimulating.”
Rising through the ranks
Combined with her desire to learn and determination to succeed, Renzi’s background in technology goes a long way towards explaining her impressive ascent.
After leaving school, she completed the Microsoft Certified Systems Engineer Qualification before achieving her BCom in Management at Wits University. She later went on to complete an MBA at the Gordon Institute of Business Science in 2012.
These achievements stood Renzi in good stead as she moved through her career. She stepped into the world of work in 2001, starting out as a Software Specialist at BOE Merchant Bank. The Jo’burg native then moved to Nedbank, where she successfully implemented a process management tool which was rolled out across the business.
Remaining in financial services with Rand Merchant Bank, Renzi oversaw the changes required to adhere to Basel 2.5 regulations.
Clearly, Renzi’s talent was turning heads and, after being approached by a recruiter, she joined Absa Group in 2014 to run the Market Risk Technology team. This essentially meant managing the delivery lifecycle of regulatory programmes and risk management capabilities within the business.
After four years, Renzi stepped up to become Head of Market Risk Infrastructure and Data – a role with plenty of responsibility attached. She led one of largest transformation projects in the history of the investment bank, the Fundamental Review of the Trading Book (FRTB), which was specific to regulation and entailed a complicated risk engine migration that took five years to complete.
Renzi’s team also built out capabilities for a new reporting system, specifically relating to updated regulations with which Absa must comply from a market risk perspective.
More recently, in 2023, Renzi took up the role of Market Risk COO, expanding her responsibilities to oversee all governance and operational aspects of the market risk business.
Negotiating challenges
Heading up the risk area of Absa’s business is certainly not without its challenges for Renzi.
Chief among them is the aforementioned area of regulatory compliance, which is continuously changing and complex in its detail.
"I've accumulated extensive experience in the market risk space and it's where my skills and expertise continue to develop," asserts Renzi. "I've not only honed my understanding of market risk intricacies but also have a track record of successfully implementing regulatory technology and risk management solutions.
“While I continuously seek to expand my knowledge, I've developed a strong foundation in this area. Additionally, I understand the significance of collaborating with subject matter experts who can further enhance our initiatives within market risk.
“For us, it’s about making sure we’re ahead of the changes, but working with regulatory bodies can be quite challenging where you’re constantly having to provide information and updates.”
Managing vast volumes of data also presents challenges, as well as opportunities, for Renzi and her team.
With the exponential growth of data, ensuring its accuracy, integrity and accessibility remains a perpetual challenge. Market risk management heavily relies on data-driven insights, necessitating ongoing investments in robust data management capabilities and infrastructure.
Harnessing the power of big data and advanced analytics empowers Absa to make more informed decisions and effectively mitigate risks.
Finally, Renzi points to talent management and skills development.
“Recruiting and retaining top talent in the market risk industry is challenging in this competitive market,” she concludes. “Investing in talent development programmes and fostering a culture of learning and innovation are critical to building resilient and capable risk management teams.”
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