Debt-collection company Encore Capital Group has appointed Steve Carmichael to be its new chief risk and compliance offer. Before joining Encore Capital, Carmichael served as the head of enterprise and financial risk management at Discover Financial Services.
The $1.5 billion dollar company recently paid a settlement with the Consumer Financial Protection Bureau over allegations that it failed to comply with certain operational provisions of a 2015 consent order with the agency. Carmichael is Encore’s latest exhibit of increased investment in its risk management program.
“I’m excited to join Encore because of the company’s focus on integrity, compassion, and respect, and because of the great leadership team and strategy in place,” Carmichael said. “The risk and compliance team has an important role to play in helping Encore’s values come alive, and I’m looking forward to building on the strong foundation that’s already in place.”
“Bringing on a person of Steve’s caliber is a continuation of our significant investment in the development of our risk management programs,” the CEO of Encore Ashish Masih said in a statement. “He’ll add immediate value to our organization’s already strong focus on compliance across all our businesses.”
Encore purchases or services debts from major banks, credit unions and utility providers. The company had revenue of more than $1.5 billion in 2020, according to its annual report. 