Fannie Mae Adds Veteran Risk Manager To Its Board

Fannie Mae said Monday that it has added a risk management expert to its board of directors.

Chetlur S. Ragavan, a chartered financial analyst, is founder and principal of Risk Response LLC, which provides risk advisory and consulting services to global financial institutions.

Ragavan brings decades of enterprise risk management and financial services expertise to the government-sponsored enterprise’s board, which guides its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America, Fannie Mae said. 

“Chet is an accomplished industry executive whose significant risk oversight and financial services acumen will greatly contribute to Fannie Mae’s board of directors and help continue the company’s strong corporate governance and focus on risk management,” said board Chairman Michael J. Heid.

Fannie Mae CEO Priscilla Almodovar, added, “We’re pleased to welcome Chet to our accomplished Fannie Mae board of directors. We will benefit from his guidance and extensive risk management experience as we continue to support sustainable access to affordable mortgage credit and provide liquidity to the U.S. housing sector safely and soundly.”

Ragavan will serve on the Risk Policy and Capital Committee and Nominating and Corporate Governance Committee, Fannie Mae said.

Before founding Risk Response LLC, Ragavan was executive vice president and chief risk officer (CRO) of Voya Financial Inc. (formerly ING U.S. Inc.) from January 2014 until his retirement in April 2019. 

From 2008 to 2014, he served as managing director and CRO for Voya Investment Management. Before joining Voya Financial. Ragavan was managing director and co-head of the Portfolio Analytics Group for BlackRock from 2006-08. 

Ragavan began his career at Merrill Lynch in 1980 and held several senior leadership roles during his 26-year career with the company, including serving as managing director and global head of fixed-income research of Merrill Lynch Investment Managers from 2000-06, and as managing director and head of risk management of Merrill Lynch Asset Management from 1992 to 2000.

He also has served on the board for CNO Financial Group Inc. since May 2023, and currently chairs its Audit and Enterprise Risk Committee, and is a member of the Investment Committee. He also serves on the board of the Council for Economic Education.