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Certain jobs require a love of adventure. But when Enrico Dallavecchia decided to leave JPMorgan Chase & Co. in June to become Fannie Mae’s first chief risk officer, it took real courage.

Dallavecchia was moving to the housing-finance giant only weeks after the company agreed to pay $400 million in penalties to federal regulators for accounting fraud. Fannie Mae also had to take steps to improve its internal controls, risk management practices and corporate culture. Essentially, Dallavecchia’s new job would be to make sure that his employer lives up to the settlement.

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