Council Members

Governance Committee Lead

State Farm

Cathy Wallace is Senior Vice President & Chief Risk Officer of State Farm Mutual Automobile Insurance Company, headquartered in Bloomington, Illinois. She has more than 35 years of experience within the insurance industry.  


In her role, Cathy leads Enterprise Risk Management, Compliance, Information Security, and the Flight Department. She coordinates with State Farm business-area risk owners to identify, report, and measure significant risks while evaluating the processes in place to manage these risks.    

She joined State Farm in 1983 and has served in a variety of executive leadership positions including Operations vice president, Finance vice president, and assistant vice president of Planning and Analysis. In 2012, Cathy assumed her current role of Chief Risk Officer.


Cathy represents State Farm through multiple industry affiliations including the North American CRO Council, Incorporated, director of the Board of the Illinois Insurance Guaranty Fund, and member of the University of Illinois College of Business Dean’s Advisory Council.  She is a past board member of both DaVinci Reinsurance and TopLayer Reinsurance Companies and a past director of WTVP Public Television.  

Cathy earned a Bachelor of Science degree in accountancy and a Master of Business Administration from the University of Illinois at Urbana-Champaign. She holds the certified public accountant (CPA), Chartered Life Underwriter (CLU), and Chartered Financial Consultant (ChFC) designations.