LPL Financial hired Michelle Oroschakoff as chief risk officer and managing director.

Ms. Oroschakoff will be based in San Diego and report to Mark Casady, LPL Financial's chairman and CEO. The company announced Friday she will also serve as a member of the firm's management committee and as vice chair of its risk oversight committee.

Oroschakoff joins LPL Financial from Morgan Stanley, where she was most the global chief risk officer of its wealth management division. Before that, she was chief compliance officer for Morgan Stanley Smith Barney.

Before joining Morgan Stanley, she was the general counsel for Fisher Investments, an independent registered investment advisory firm. Before that, she spent eleven years in a number of senior legal and compliance roles at Morgan Stanley, including associate general counsel and head of its San Francisco litigation department.

Casady said the hiring reflects how important LPL takes risk management, compliance and controls.

"In recent years, our commitment to strengthening our compliance, risk management and controls culture has intensified, resulting in even greater investments in people, processes and infrastructure," he said in a statement. "Michelle's hire is part of our significant investment in multiple enhancements to our risk management structure. Michelle is the right person at the right time to take the helm of our compliance, risk management and controls function and ensure that the enhancements we are continuing to make contribute to a strengthening of our risk management outcomes across the board."

At LPL, Oroschakoff will be responsible for risk management processes and controls, including regulatory compliance, data security and privacy and other risk management functions, as well as working closely with the firm's regulators.