J'can 'Billy' Marston heads IMF's new risk management office
FORMER Jamaica football administrator David 'Billy' Marston has been appointed head of a new unit in the office of International Monetary Fund (IMF) Managing Director Christine Lagarde, the Jamaica Observer learnt yesterday.
According to a source with knowledge of the development, Marston has been put in charge of the Office of Risk Management and will report to the IMF's first deputy managing director on behalf of the agency's management.
"What the fund has created is a chief risk officer function, which is a very senior position," said the source, who opted not to be named.
"It is a challenging concept because, unlike a financial institution that can choose the risk it takes on and can price those risks, the IMF is set up to lend to countries where others will not, and charges the same to Germany as it charges Jamaica," the source explained.
The Observer was told that this initiative is one of several measures being undertaken by the IMF to strengthen its risk management framework globally in an effort to foster a strong risk culture throughout the institution, and to provide decision makers with better information and tools to manage risks.
Marston worked at the Bank of Jamaica as a senior director before going to the IMF. He served first in the Monetary and Capital Markets Department as assistant director before moving to the Strategy Policy and Review Department where he is currently deputy director.
People with knowledge of local football history will remember him as president of the Kingston and St Andrew Football Association from 1976 to 1992 and vice-president of the Jamaica Football Federation.
He represented St George's College in the Manning Cup competition and later Real Mona.
Yesterday, when the Observer contacted Private Sector Organisation of Jamaica (PSOJ) President Chris Zacca for a reaction to Marston's appointment, he described it as a very significant and influential position which will play a role in ensuring global financial and economic stability.
"For this position to be held by a Jamaican, who has already contributed so much to national development, is a very positive development of which the entire country should be proud," Zacca said.
"The PSOJ congratulates Mr Marston on this new position and wishes him great continued success in his illustrious career."