CMMC Accreditation Body hires CFO from insurance group IFG
The Cybersecurity Maturity Model Certification Accreditation Body, the non-governmental body responsible for operating the Department of Defense’s new contractor cybersecurity compliance regulations has hired Raymond Karrenbauer as CFO.
Karrenbauer will be dual-hatted in the new role and also hold the post of executive vice president overseeing IT and tech portfolios. He is the AB’s first official CFO, taking over from Yong-Gon Chon who served as acting CFO while being on the board of directors. Over the past year, the AB has been transitioning from a volunteer organization run by its board to one with professional staff.
“Raymond is a bona fide IT and business trailblazer who understands both financial management and how to build a world-class online user experience. As such, his joining the Accreditation Body gives us a transformational boost and will change the way our CMMC stakeholders interact with us,” CMMC AB CEO Matt Travis said in a statement.
CMMC is the new compliance program DOD created to verify its contractors have the cybersecurity to handle sensitive information. The model established five tiers of security, with one being the lowest and five requiring expensive cyber systems. Third-party assessors will test all 300,000 defense contractors against the model, with their certification determining a contractor’s ability to continue work with the DOD. The AB oversees the ecosystem of trainers, assessors and certifications of CMMC assessments.
Karrenbauer comes from the insurance industry, most recently working as senior vice president and chief information officer for IFG Companies, a privately held insurance group. There he was responsible for the company’s IT portfolio. He also has experience in other IT roles and at online startups.
“I look forward to creating a world-class cyber accreditation organization and an online marketplace that accelerates the adoption of the CMMC framework,” Karrenbauer said in a statement.