Philipp HAERLE is director at McKinsey and Company. He co-leads the global risk and regulation service line within the risk practice. He is also a leader in the financial services practice, where he helps direct work with exchange organizations. Dr. Haerle is a lawyer by training and has advised financial institutions and governments around the world on risk, capital markets, and regulatory issues. Among his recent projects are the setup of a European bad bank, the comprehensive restructuring of a commercial real-estate bank, the development of a strategy for a leading Middle Eastern exchange, and an assessment of the impact of new regulation on a global investment bank. He has also worked extensively with exchanges, clearing houses, and central securities depositories across the globe on strategy, M&A, and regulatory matters. Dr. Haerle regularly speaks at conferences on banking and regulation. He has collaborated with the Institute of International Finance (IIF), a global association of banks, insurers, and investment-management firms. Recently, for instance, he led the IIFs yearlong effort to define best-practice principles for risk IT and operations. He serves on the IIFs Committee on Governance and Industry Practices and its Special Committee on Effective Regulation. Prior to joining McKinsey in 2000, Dr. Haerle worked as a capital markets and M&A attorney in Germany and London. He holds a Ph.D. in law from the University of Munich.