Fannie Mae Appoints Cissy Yang Chief Audit Executive

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Aug 10, 2022, 10:07 ET

Experienced Financial Services Executive Will Lead Fannie Mae's Audit Strategy

WASHINGTON, Aug. 10, 2022 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced it has appointed Cissy Yang as Senior Vice President and Chief Audit Executive, effective September 12. In this role, Yang will be a member of Fannie Mae's Management Committee and will report to the Board of Directors and administratively to the President and Interim Chief Executive Officer (CEO). Yang will be responsible for leading the company's audit strategy, including internal controls, operational processes, and key risks assessments.

With 25 years of experience spanning both internal and external audit across the financial services sector, Yang has led multi-disciplinary teams and developed effective internal control and audit frameworks across large financial institutions. She will replace J. Douglas Watt, Fannie Mae's current Senior Vice President and Chief Audit Executive, who will retire in November 2022.

"We're pleased to welcome an executive with Cissy's impressive background and breadth of experience to Fannie Mae's leadership team," said David C. Benson, President and Interim CEO. "Her contributions will be essential to maintaining Fannie Mae's strong culture of corporate governance and rigorous internal controls. I also want to thank Doug for his leadership and contributions to ensure we have a high-performing Internal Audit function that executes on Fannie Mae's mission with a focus on safety and soundness."

Yang most recently served as Head of Audit for Investment Banking Fixed Income, U.S. Legal Entities, and Americas Compliance at Credit Suisse, where she held various senior roles. Prior to her time at Credit Suisse, Yang worked for PricewaterhouseCoopers and Arthur Andersen.

"I'm thrilled to be leading a critical component of Fannie Mae's business strategy and joining such a mission-driven organization," said Yang. "I look forward to partnering with my colleagues across the enterprise and working with the Board of Directors and management to drive Fannie Mae's ongoing audit and key risks assessment strategy in support of a safer and more effective housing finance system."

Yang holds a bachelor's degree in management from the University of International Business and Economics in China and a Master of Business Administration degree from St. John's University in New York. She also holds Certified Public Accountant and Chartered Financial Analyst designations.

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