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Penny Cagan

Lecturer; former Americas Head of Operational Risk Control, UBS

Penny Cagan is the former Americas Head of Operational Risk Control with UBS, where she managed the function for the combined US entities.

Operational Risk & Regulation magazine awarded Penny three awards for her contribution to the field of operational risk, including a special industry award in 2011. Penny has published widely, including authoring the chapter on Risk and Control Self Assessments for the PRMIA Operational Risk Manager Handbook.

Penny sits on the boards of Women Creating Change and Workforce Professional Training Institute.

Penny has more than 40 years of risk management, compliance, controls, and research experience, including managing risk and compliance functions in large financial institutions. Penny has experience with both developing and implementing risk and control frameworks, including convergence among risk disciplines.

Penny was previously employed as Managing Director with JPMorgan Chase, where she managed the global Risk and Control Self-Assessment program. While at JPMorgan Chase she was also head of operational risk for the consumer businesses, managed compliance risk assessments, and developed a control framework for the Consumer Risk organization.

Penny previously served as a Managing Director with Citigroup, where she founded a Compliance Analytics Group that managed compliance risk assessment, AML risk assessment, new product approvals, global compliance reporting, and analytics and developed a control framework for new payments methods.

Penny has managed several regulatory and consent order workstreams, including the establishment of an enterprise-wide new product approval process, consumer quality assurance program, mortgage risk assessment, sworn documents and collections litigation risk assessments, and global AML risk assessments.

Additional experience includes leading MUFG Union Bank’s operational risk governance team, Ernst & Young’s US-focused conduct risk and sales practices campaign and leading a research strategy group at PaineWebber.


  • M.L.I.S., Rutgers University
  • M.A., New York University
  • B.A., University of Rochester