Internal selection for PNC's new risk management leader
Amy Wierenga Takes Over as PNC's New Chief Risk Officer
Amy Wierenga has been appointed as the next chief risk officer (CRO) of PNC, effective from September 8, 2025. With a career spanning over two decades in risk management across several major financial institutions, Wierenga brings a wealth of experience to her new role.
Wierenga joined PNC in February 2024 as head of financial and model risk within the Independent Risk Management (IRM) unit. In this role, she oversaw PNC’s chief credit officer, chief market risk officer, chief model risk officer, and credit risk review organizations. Before joining PNC, she spent four years as chief risk officer at alternative asset manager GCM Grosvenor. Prior to that, she spent nearly a dozen years at BlueMountain Capital Management.
Wierenga succeeds Kieran Fallon, who has served as PNC’s CRO since 2021 and will now move into a legal role at the bank. As CRO, Wierenga reports directly to PNC chairman and CEO William Demchak, reflecting the strategic importance of risk management in the bank’s leadership.
The role of the chief risk officer has gained prominence in the banking industry due to increasing regulatory scrutiny, the complexity of financial markets, and the need for robust oversight of credit, market, model, and operational risks. The CRO now plays a critical role in safeguarding a bank’s stability and reputation by managing diverse risk elements, coordinating between multiple risk functions, and advising senior management and the board. This elevated prominence is demonstrated by direct reporting lines to top executives and integration into strategic decisions, as seen at PNC and other major banks.
In her previous role at BlueMountain Capital Management, Wierenga served as partner, chief risk officer, and head of risk and portfolio construction. At GCM Grosvenor, she was responsible for managing the firm's risk profile and ensuring compliance with regulatory requirements.
Kieran Fallon, who has spent about 16 years as associate general counsel at the Federal Reserve before joining PNC, will return to PNC's legal department as deputy general counsel and strategic regulatory adviser. He will focus on exam oversight and will collaborate closely with Ursula Pfeil, the deputy general counsel who oversees regulatory affairs and regulatory policy at PNC. The independent risk management regulatory affairs team led by David Shernisky will continue to report to Kieran Fallon.
The appointment of Amy Wierenga as PNC’s CRO comes at a time when the role of the CRO has become increasingly important due to the 2023 regional bank failures, which have prompted bank CROs to take on higher corporate profiles and sharpen their skill sets.
[1] PNC Press Release, "Amy Wierenga Named Chief Risk Officer of PNC" [2] The Wall Street Journal, "PNC Names New Chief Risk Officer" [3] Bloomberg, "Amy Wierenga Joins PNC as Head of Financial and Model Risk" [4] BlueMountain Capital Management Press Release, "Amy Wierenga to Leave BlueMountain Capital Management" [5] Merrill Lynch Press Release, "Amy Wierenga Joins Merrill Lynch as Market Risk Specialist"
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