New Head for GCD

PRESS RELEASE – 15 August 2018


New Head for GCD


Global Credit Data has appointed Richard Crecel from Société Générale as its new Executive Director from September 2018, following retirement of Philip Winckle

Global Credit Data, a not-for-profit initiative jointly owned by over 50 leading global banks, is replacing its chief executive officer (titled Executive Director) in September 2018.  Incoming Executive Director, Richard Crecel, is taking the role as a secondment from current employer, Société Générale, where he has held senior risk positions in Europe and the US.  Société Générale is one of the founding members of the GCD consortium and Richard has been their representative on GCD’s board in prior years, including a term as Chair of the Board of GCD between 2012 and 2016.

Richard will replace Philip Winckle (ex SEB Sweden), who was GCD’s first Executive Director and built activities and membership since 2012.  “Richard is one of those rare people who is at home with deep statistical methods, personnel management and business vision”, says Philip Winckle, GCD’s retiring Executive Director, “his experience as chair of the GCD Board means he can continue our growth and delivery momentum for members.”

Theo van Drunen of ABN AMRO, GCD’s current Board Chair, explains that the 1 year recruitment process was necessary due to the requirement that the Executive Director has extensive hands-on experience in credit risk data and modelling as well as performing the top leadership role.  Theo notes that GCD is a global organization with strong membership by US, Canadian, Australian and South African banks in addition to the original European base and therefore Richard’s recent New York experience will give him insight into the needs of members worldwide.


GCD's new Executive Director, Richard Crecel

About Global Credit Data

Global Credit Data – established in 2004 – manages the collection of historical LGD, EAD and default observations from over 50 member banks. GCD’s LGD/EAD data set is one of the world’s largest sources of information on all aspects of LGD modelling for wholesale lending. The database comprises over 175,000 defaulted loans to almost 100,000 borrowers covering 11 Basel asset classes.  GCD also collects default data in its PD and Ratings database as well as named obligor risk estimates in its Benchmarking database.  GCD partners with the International Chamber of Commerce in collecting Trade Finance data for the ICC Trade Register database.


GCD data is detailed enough to develop or enhance internal PD, EAD and LGD models or for validation, calibration or benchmarking. These models can be used to support the Advanced Internal Ratings-Based approach (AIRB), to fulfil the credit provisioning standards IFRS9 or CECL, for stress testing and also for economic capital and pricing.




Philip Winckle