PNC names new risk chief as Fallon shifts to legal
PNC Financial Services Group announced Tuesday that Amy Wierenga will become its new chief risk officer on September 8, succeeding Kieran Fallon, who will move to the bank’s legal department.
Wierenga, who joined PNC in February 2024, currently serves as head of financial and model risk within the bank’s independent risk management organization. She oversees the chief credit officer, chief market risk officer, chief model risk officer, and credit risk review teams.
In her new role, Wierenga will join PNC’s executive committee and report directly to CEO Bill Demchak. He praised her experience, leadership, and strong relationships both inside and outside the company, saying they will add significant value to the risk organization and the bank as a whole.
Before joining PNC, Wierenga spent four years as chief risk officer at alternative asset manager GCM Grosvenor, where she led global risk strategy, oversight, and quantitative modeling.
She previously spent nearly 12 years at BlueMountain Capital Management as partner, chief risk officer, and head of risk and portfolio construction. Early in her career, she was a commissioned bank examiner and market risk specialist at the Federal Reserve Bank of Chicago.
Fallon, who has served as PNC’s chief risk officer since February 2021, will take on the role of deputy general counsel and strategic regulatory adviser, focusing on exam oversight.
He will report to general counsel Laura Long and work closely with Ursula Pfeil, deputy general counsel overseeing regulatory affairs and policy.
The independent risk management regulatory affairs team, led by David Shernisky, will continue to report to Fallon in his new capacity.
Demchak credited Fallon with strengthening PNC’s risk management operations, guiding the bank through economic and industry challenges, and supporting client credit needs while maintaining a strong risk profile.
Fallon joined PNC in 2011 as chief counsel of regulatory affairs and later became senior deputy general counsel overseeing regulatory, government affairs, and enterprise risk. Prior to PNC, he spent 16 years as associate general counsel at the Federal Reserve.
The position of chief risk officer has become increasingly important for banks over the past 15 years, evolving into a complex, high-profile role. The failures of several regional banks in 2023 have further elevated CRO visibility and the need for specialized expertise.
PNC has underscored its commitment to disciplined risk management through its “brilliantly boring” advertising campaign launched last year, positioning prudence as a competitive advantage.