PNC Financial Services Group, one of the largest diversified financial institutions in the US, has announced the appointment of Amy Wierenga as chief risk officer.
Wierenga will join the bank’s executive committee, effective 8 September, reporting directly to chairman and chief executive officer William S. Demchak. She succeeds Kieran Fallon, who will return to the legal department as deputy general counsel, strategic regulatory adviser and exam oversight.
PNC provides retail and corporate banking, asset management, and financial services across the US, with a strong presence in both consumer and institutional markets. The firm is known for its focus on technology innovation, financial solutions, and risk management, positioning itself among the leading players in the American banking sector.
Wierenga, who joined PNC in 2024, currently serves as head of financial and model risk within its independent risk management (IRM) organisation. In this role, she has overseen the bank’s chief credit officer, chief market risk officer, chief model risk officer, and credit risk review functions.
Her career includes significant leadership positions across the investment management and banking sectors. Before PNC, she was chief risk officer at global alternative asset manager GCM Grosvenor, where she oversaw global risk strategy, quantitative research, and modelling. Prior to that, she spent more than a decade at BlueMountain Capital Management as partner, chief risk officer, and head of risk and portfolio construction, in addition to overseeing treasury and operations. Earlier in her career, she held senior risk management roles at Merrill Lynch, managing complex government and derivatives portfolios, and was a commissioned bank examiner and market risk specialist at the Federal Reserve Bank of Chicago.
Fallon, who steps down from the CRO role after five years, will continue to play a key role within PNC. In his new position, he will support the bank in navigating regulatory changes, working closely with Ursula Pfeil, deputy general counsel for regulatory affairs and policy. The IRM regulatory affairs team led by David Shernisky will also continue to report to Fallon.
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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