SVP RISK MANAGEMENT
CHIEF RISK OFFICER
DEVONSHIRE INVESTORS
Michael Gaquin
(617) 275-1948

Fidelity Investments is a global financial services firm with over $4.6 trillion under administration, over 40,000 employees worldwide, and revenues of $13.6 billion.

Devonshire Investors, the diversified investments arm of Fidelity, is comprised of actively managed operating companies, real estate, and minority investments. Businesses operated across the United States, Europe, Asia, Africa and Australia, employing 17,600 people, and span multiple industries, including telecommunications, building supply, natural resources, life sciences, and agriculture. Assets under management exceeded $6 billion at the end of 2014.

Responsible for the development, implementation, and leadership of the Devonshire Investors risk program, coordinating risk management and compliance activities across the entire portfolio; Established and led a team of specialists to oversee, within their individual subject matter expertise, the development, implementation, and oversight of risk programs.

  • Served as executive member of the Audit and Risk Committees of the Board of Directors for multiple operating companies, including ProBuild Holdings, FIML Natural Resources, and Forum Pharmaceuticals.

  • Led the successful effort to direct the evaluation of risk management capability for each operating company, assessing practices, technology, and tools; As a result, provided solutions, including risk planning protocols and tools, risk policy and standards, and tools for assessing, identifying, prioritizing, and mitigating top risks.

  • Directed the implementation and management of cross-portfolio risk programs, including Government Anti- Corruption, Information Security, Due Diligence, Investigations, Business Continuity Planning, Privacy and Office of Foreign Asset Control, integrating broadly with Fidelity Investments’ risk governance, as appropriate.

  • Led the crisis management efforts focused on the life safety concerns and business impact associated with a myriad of incidents, including the Tunisian Revolution (2010-2011), Japan earthquake (2011), and Boston Marathon bombing (2013); Responsible for command and control, the deployment and coordination of shelter- in-place protocols, evacuation resources, relocation efforts, and internal communications.

  • Guided the execution of risk management-related protocols regarding operations continuity, security, technology, due diligence, and transitional services agreements during divestitures from the portfolio (e.g., HR Access Solutions and BostonCoach).

  • Established and chaired the US and International Devonshire Risk Committees, guiding senior risk managers and business leaders as top risks were analyzed, prioritized, and resourced, and best practices and lessons learned were shared.

  • Directed all communications to the various portfolio company Boards and the Fidelity Audit Committee on all matters related to risk and compliance for the companies comprising the Devonshire Investors portfolio.

  • Served as Compliance Officer for investment advisers, Northern Neck Investors, LLC (April 2010 – September 2014) and Impresa Management, LLC (March 2014 – September 2014).

ACHEIVEMENTS
GENERAL
  • Single-handedly established a risk group in the corporate center that previously didn’t exist, for a portfolio of $6B comprising 17, 600 employees across five continents and seven industries: Agriculture, Natural Resources, Building Supply, Employee Services, Real Estate, Life Sciences and Telecommunications

  • Successfully executed a 90 day plan to fully assess, document and present a “State of the State” report of the risk and compliance exposure of the portfolio – Justifying the establishment of the function

  • Served as Compliance Officer for investment advisers, Northern Neck Investors, LLC (April 2010 – September 2014) and Impresa Management, LLC (March 2014 – September 2014).

BUSINESS PROCESS
  • Directed the development and implementation of risk assessment tools and reporting protocols which established risk transparency (for the first time) for senior management

  • Led the development and implementation of risk escalation protocols which resulted in improved risk transparency and more effective risk mitigation – reducing and in some cases eliminating risk exposures.

  • Led the development and implementation of crisis management plans reducing the risk exposure of business impact from natural disasters, geo-political events and continuity of operations.

GOVERNANCE
  • Served as executive member of the Audit and Risk Committees of the Board of Directors for multiple operating companies, including ProBuild Holdings, FIML Natural Resources, and Forum Pharmaceuticals.

CLIENTS
  • Successfully managed critical relationships with senior internal clients: Devonshire senior leadership, Fidelity senior leadership, Fidelity Audit Committee, portfolio company CEO’s and portfolio company Boards of Directors

BUDGETS
  • Secured an initial risk and compliance budget of 2MM

  • Responsible for budget of 5MM in subsequent years

  • Directed a budget reduction of 20% through cost-cutting measures, e.g. vendor consolidation, staff reduction

STAFFING / STAFF DEVELOPMENT
  • Hire, managed and led a team of eight risk and compliance professionals responsible for the oversight and support of portfolio company risk and compliance programs

  • Managed outsourced resources in support of our risk assessment programs

  • Successfully implemented Reduction-in-Force initiatives at the portfolio company level resulting in a 33% reduction in risk and compliance personnel while simultaneously improving productivity through elimination of duplication and work re-alignment programs

MISCELLANEOUS
  • Led the crisis management efforts associated with:

    • Tunisian Revolution

      • Led the effort to successfully secure, shelter-in-place and evacuate 42 ex-patriots during the height of the revolution resulting in no loss of life

      • Led the effort to successfully secure and shelter-in-place 250 Tunisian nationals during the height of the revolution resulting in no loss of life and continuity of business operations

    • Japanese Earthquake

      • Responsible for the successful efforts to secure and shelter-in-place 50 employees during the earthquake

      • Led the successful effort to relocate 112 individuals (employees and family members) and business operations out of harms way resulting in no loss of life and continuity of business operations