CLEVELAND, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC PINK:IVST) welcomes Bank CFO and former financial institution regulator Jason Painley, to its Board of Directors.
Innovest’s goal to grow significantly by acquiring operating companies in a select few industries, and get new customers in cost effective ways, has been made clear in the last few months. Their plan to do so with “a focus on reduced risk” became clearer today with the announcement of Jason Painley as a member of the Board of Directors.
“Every company at our stage, when it’s getting momentum, says it plans to grow rapidly,” said Innovest CEO, Dan Martin. “The real question is, ‘at what level of risk are they willing to do it - is it responsible?’ That risk profile is what truly defines the level of likelihood that the aggressive growth strategy is valid, and sustainable.”
Painley’s experience is a perfect fit for the Innovest board. He’s not only a bank officer, CPA, and risk expert, but also an expert in the best-practices, structures, and reporting nuances of various holding companies.
From 2001 to 2011, Painley was an Examiner and Accounting Policy Specialist for the Federal Reserve Bank of Cleveland, with responsibilities at the national Federal Reserve System level. While there, he was charged with monitoring, analyzing, interpreting, and proactively addressing a wide variety of factors related to ensuring that financial institutions were operating in a safe manner, and in compliance with banking laws and regulations. He also led onsite examinations of institutions ranging from small, to over $250 billion assets, and worked constructively with financial institution executives and boards of directors.
Since then, until last month he was Senior Vice President and Chief Risk Officer of Park National Corporation (NYSE:PRK), which has over $7 billion in assets and employs nearly 2,000 associates. His job spanned all functional areas of the bank, and was to constantly evolve a risk-aware culture in order to avoid, proactively minimize, and immediately address all forms of potential and manifested risks, financial and otherwise. Now, he has taken on greater functional responsibility becoming the Chief Financial Officer of Ohio based Mechanics Bank.
“Risk needs to be understood by everyone in the organization, and everyone needs to understand what their roles are as far as identifying risk and reporting that risk to the right people,” said Mr. Painley. “I’m extremely excited to see an entrepreneurial and aggressive holding company like Innovest, place such a high level of importance on managing risk. I don’t hear that frequently. This is one of many foundational principles I see that give me a lot of faith in their model, and I’m excited to join the board and be there for the team.”
Innovest’s diversified holding company model, and their focus on efficient customer acquisition and reduced risk, are the core tenets of what the company hopes will create significant value for their shareholders.
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Source:Innovest Global, Inc