The London-listed financial services group has promoted its finance boss to chief risk officer.

UK-based Prudential has appointed its director of group finance, Penelope James, as group chief risk officer and executive director on its board.

She will succeed John Foley in the role of group chief risk officer, who took on the additional role in June on an interim basis, following the departure of Pierre-Olivier Bouée. Foley will remain group investment director and a member of the group executive committee.

“I am delighted to welcome Penny to the board. The prudent management of risk is of the highest importance to all large global financial services groups and I am proud that Prudential was one of the first to make the chief risk officer a board position,” said the firm's chairman, Paul Manduca.

James was previously responsible for the delivery of the group’s financial results, business planning and performance monitoring. She also sat on the group's executive risk committee.

Prior to joining Prudential in 2011, James was group chief financial officer and a director of Omega Insurance Holdings. She also served as chief financial officer, UK general insurance, at Zurich Financial Services. 

James’s basic salary will be £600,000 ($929,900), with a maximum bonus opportunity of 160 per cent of this salary under the company's annual incentive plan.

Prudential is listed on the stock exchanges in London, Hong Kong, Singapore and New York. The group had £496 billion of assets under management as of the end of 2014.