PNC Financial Services Group, one of the largest diversified financial institutions in the US, has appointed Amy Wierenga as its new chief risk officer, effective 8 September.
Wierenga will also join PNC’s Executive Committee and report directly to chairman and CEO William S. Demchak. She succeeds Kieran Fallon, who will move back to PNC’s Legal department as deputy general counsel, strategic regulatory adviser and exam oversight, reporting to general counsel Laura Long, claims Finextra.
PNC, headquartered in Pittsburgh, provides retail and business banking, lending, wealth management, and investment services to millions of customers across the US. The firm is recognised as one of the country’s leading banks, balancing growth and risk management while navigating an evolving financial landscape.
In her new role, Wierenga will oversee PNC’s Independent Risk Management (IRM) organisation. She currently serves as head of financial and model risk for IRM, where she has been responsible for the bank’s chief credit officer, chief market risk officer, chief model risk officer and credit risk review teams.
Wierenga joined PNC in 2024 after four years at global alternative asset manager GCM Grosvenor, where she was chief risk officer overseeing global risk strategy, quantitative modelling, and research. Before that, she spent over a decade at BlueMountain Capital Management as partner, CRO and head of risk and portfolio construction, also leading treasury management and operations. Her earlier career included senior risk roles at Merrill Lynch and serving as a commissioned bank examiner and market risk specialist at the Federal Reserve Bank of Chicago.
Fallon, who has served as chief risk officer for the past five years, will take on a new position focused on navigating regulatory developments. In his role as deputy general counsel, he will collaborate closely with Ursula Pfeil, deputy general counsel for regulatory affairs and policy, while continuing to oversee the IRM regulatory affairs team led by David Shernisky.
PNC chairman and CEO William S. Demchak said, “Kieran stepped into the chief risk officer role during a critical time for both PNC and the banking industry. Over the past five years, he has strengthened our Independent Risk Management (IRM) organization, guided us through industry and economic shifts, and helped us support clients’ credit needs while maintaining the integrity of our risk profile. While I will miss his leadership on the Executive Committee, I’m incredibly grateful for the impact he has made – and will continue to make – in his new role.”
Demchak added, “I am confident that Amy’s experience, leadership and strong relationships across and beyond PNC will lend significant value to our Risk organization, Executive Committee and PNC more broadly.”
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