The abrupt collapse of venture capital darling Silicon Valley Bank has exposed several glaring governance and risk management lapses, including that it parted ways with its chief risk officer in April 2022 and appears to have operated without a full-time replacement for nearly the remainder of the year.

In its 2023 proxy statement filed March 3, SVB revealed that it initiated talks with chief risk officer Laura Izurieta to leave her job in early 2022. Pursuant to a separation agreement, Izurieta stepped down April 29, 2022, and moved into a “non-executive role focused on certain transition-related duties,” which looked to be mostly an advisory role that included helping to find her replacement.