MMC Enterprise Risk
Marsh & McLennan Co Inc
20 March 2000
MARSH & McLENNAN COMPANIES CREATES
MMC ENTERPRISE RISK
Bob Khanna Joins MMC from Citigroup to Head New Entity
======================================================
NEW YORK, NEW YORK, March 20, 2000 -- Marsh & McLennan
Companies (MMC) today announced the creation of MMC
Enterprise Risk, a new operating entity to focus MMC's
growing activities in responding on an integrated basis to
the various risks faced by corporations. The entity will be
headed by Bob Khanna, who joins MMC from Citigroup.
Enterprise risk management offers companies solutions that
are more comprehensive than traditional approaches.
Business risks have traditionally been divided into broad
categories--such as hazard, financial, operational and
strategic risks--and managed separately. Enterprise risk
management studies the combined effect of risks on client
companies. An integrated approach to risk clarifies
decisions, helps stabilize earnings and cash flow and
improves communications about risk to a company's various
constituencies. And it can help management anticipate major
threats in time to intervene.
Bob Khanna is joining MMC as president and chief executive
officer of MMC Enterprise Risk. He will head a team of
senior risk management professionals located around the
world who will draw upon the skills and resources available
from Marsh and the Mercer Consulting Group, both operating
companies of MMC. Mr. Khanna will report to J.W. Greenberg,
president and chief executive officer of MMC.
Mr. Khanna has extensive experience in the risk management
field. Between 1986 and 1997 he held a succession of senior
positions in Citibank's derivatives group, including serving
as global head of derivatives origination and structuring.
Subsequently, as the chief planning officer of Citicorp, he
was involved in the merger and integration of Citicorp and
Travelers Group. Most recently, he served as president and
chief executive officer of the personal lines division of
Travelers Property and Casualty. Prior to joining Citibank
in 1986, Mr. Khanna worked as a management consultant at
McKinsey & Company.
Mr. Greenberg said, 'I am delighted that Bob Khanna is
joining MMC to take charge of this important initiative.
Our clients' businesses and risk profiles today are more
complex and are changing more rapidly than ever before.
Competitive advantage will depend increasingly on managing
risks on an enterprise-wide basis, using both organizational
and financial strategies.
'Marsh, which has long been the market leader in helping
clients manage hazard risks relating to physical assets and
legal liabilities, has also been active in developing
strategies that integrate hazard risks with financial risks,
such as fluctuations in financial assets and commodity
prices. MMC Enterprise Risk will integrate this expertise
with the knowledge of financial, strategic and operational
risk available from the Mercer Consulting Group.'
Mr. Khanna said, 'I am very excited by the opportunities
presented by the creation of MMC Enterprise Risk. The risk
management needs of corporations in today's world are
changing fast. Globalization, industry consolidation and
rapid technological advances all create new risks that must
be managed in conjunction with existing risks. MMC's broad
range of transactional and analytical abilities makes it
uniquely qualified to manage all risks faced by
corporations.'
MMC is a global professional services firm with annual
revenues exceeding $9 billion. It is the parent company of
Marsh, the world's leading risk and insurance services firm;
Putnam Investments, one of the largest investment management
companies in the United States; and Mercer Consulting Group,
a
major global provider of consulting services. More than
50,000 employees provide analysis, advice and transactional
capabilities to clients in over 100 countries. Its stock
(ticker symbol: MMC) is listed on the New York, Chicago,
Pacific and London stock exchanges. MMC's Web site address
is www.mmc.com.
Contact: William Pitt Jim Fingeroth
MMC Kekst and Company
(212) 345-5079 (212) 521-4819
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