Insurance and Cyber Industry Veteran Will Oversee the CMMC-AB’s Technology Development and Financial Stewardship
BETHESDA, Md., August 04, 2021--(BUSINESS WIRE)--The CMMC Accreditation Body (CMMC-AB) today announced the hiring of insurance executive and digital entrepreneur Raymond Karrenbauer as the CMMC-AB’s executive vice president and chief financial officer. Mr. Karrenbauer assumes oversight of the CMMC-AB’s technology portfolio and business operations in addition to the oversight and management of the organization’s financial accounts.
"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," said CEO Matthew Travis.
Mr. Karrenbauer most recently served as senior vice president and chief information officer for IFG Companies, one of the largest privately held insurance groups in the United States. In this role, he was responsible for elevating IFG's information technology capabilities and re-engineering the company’s business processes for more efficiency and customer benefit, both strategic goals for the CMMC-AB in its effort to modernize the CMMC Marketplace. Prior to that, Mr. Karrenbauer held senior executive positions at Axis Capital Holdings Ltd. and ING Group. He has been a founding partner in several information technology ventures and online businesses, including Cyberian Outpost.
"With an overwhelming sense of patriotism and social mission, I was drawn to this opportunity of partnering with Matt and the other CMMC-AB staff in supporting the Department of Defense to strengthen the digital security of the supply chain cross our country’s defense industrial base. I look forward to creating a world-class cyber accreditation organization and an online marketplace that accelerates the adoption of the CMMC framework," remarked Mr. Karrenbauer.
Mr. Karrenbauer holds degrees in nuclear engineering from the University of Florida, a master’s in radiological engineering from Harvard University, and an MBA from Cornell University. He also holds ISACA and Carnegie Mellon Software Engineering Institute certifications and has received numerous honors, including being inducted into the CIO Hall of Fame in 2018.
In the CFO role, Mr. Karrenbauer takes over for Mr. Yong-Gon Chon, who previously served as the CMMC-AB’s acting treasurer and who will remain on the Board of Directors as an officer.
About CMMC Accreditation Body (CMMC-AB)
The CMMC Accreditation Body (CMMC-AB) is a private corporation responsible for accrediting, certifying, and managing the CMMC Ecosystem under a contract with the Department of Defense. The CMMC-AB incorporated in January 2020 as a non-stock corporation in the State of Maryland, with an application pending for a tax-exemption determination by the Internal Revenue Service under Section 501(c)(3).
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