Insurance and cyber industry veteran to oversee technology development and financial stewardship of CMMC-AB
BETHESDA, Maryland, August 4, 2021– (BUSINESS WIRE) – CMMC Accreditation Body (CMMC-AB) today announced the hiring of Chief Insurance Officer and Digital Entrepreneur Raymond Karrenbauer as Executive Vice President and Chief Financial Officer of CMMC-AB. Mr. Karrenbauer is responsible for overseeing CMMC-AB’s technology portfolio and business operations in addition to overseeing and managing the organization’s financial accounts.
“Raymond is a true information and business technology pioneer who understands both financial management and how to create a world-class online user experience. As such, its membership in 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 private insurance groups in the United States. In this role he was responsible for elevating IFG’s IT capabilities and reengineering the company’s business processes for greater efficiency and customer benefits, two strategic goals for CMMC-AB in its efforts to modernize the CMMC Marketplace. Previously, Mr. Karrenbauer held senior management positions at Axis Capital Holdings Ltd. and ING Group. He was one of the founding partners of several information technology companies and online businesses, including Cyberian Outpost.
“With an overwhelming sense of patriotism and social mission, I was drawn to this opportunity to partner with Matt and other CMMC-AB staff in supporting the Department of Defense to strengthen the digital security of the supply chain through our country’s defense industrial base. I look forward to building a world-class e-accreditation organization and online marketplace that accelerates adoption of the CMMC framework, ”said Mr. Karrenbauer.
Mr. Karrenbauer holds degrees in nuclear engineering from the University of Florida, a master’s degree 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 his induction into the DSI Hall of Fame in 2018.
In the role of Chief Financial Officer, Mr. Karrenbauer succeeds Mr. Yong-Gon Chon, who was previously Acting Treasurer of CMMC-AB and who will remain on the Board of Directors as an officer.
About the CMMC Accreditation Body (CMMC-AB)
The CMMC Accreditation Body (CMMC-AB) is a private company responsible for the accreditation, certification and management of the CMMC ecosystem under contract with the Ministry of Defense. CMMC-AB was incorporated in January 2020 as a corporation without shares in the State of Maryland, with a pending application for a tax exemption determination by the Internal Revenue Service under section 501 (c) ( 3).
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