Toronto-based Bank of Nova Scotia announced on Thursday that its chief risk officer (CRO), Stephen Hart, is retiring after almost 40 years in the industry on April 3.

Hart has taken on several senior positions in credit and risk management in the U.S. and Canada throughout his tenure at Scotiabank. During the past four years, as CRO, he has worked on developing risk-management strategies that reflect the firm’s risk tolerance, the announcement says.

“[Hart] has always led by example in upholding the highest standards and in living our values, and he has worked to embed our risk appetite and risk culture,” says Brian Porter, president and CEO at Scotiabank, in a statement.

Daniel Moore, executive vice president and chief market risk officer, who joined the firm in 1997, will take over Hart’s responsibilities.