PNC forced to improve risk management
The PNC Financial Services Group has agreed to bolster its risk management capabilities, following an enquiry by the US Securities and Exchange Commission (SEC) into some off-balance-sheet trades with American International Group (AIG) in 2001.
However, Rohr did say PNC mandated consultancy firm McKinsey and Company to draft a blueprint for a risk management strategy that would make PNC “best in class”. An operational risk committee has been created, which will report to PNC’s board.
Rohr also announced that a new centralised risk management department has been created over the last quarter, which will be headed by Thomas Whitford, newly appointed chief risk officer. PNC has also created the position of chief regulatory officer and has hired John Wixted to the post. Wixted, who was formerly senior vice-president with the Federal Reserve Bank of Chicago, will co-ordinate all PNC’s regulatory and compliance activities.
Rohr said no fines or penalties will be levied on PNC over the alleged irregularities, and no further adjustments to its financial statements will be made.
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