Citizens appoints new chief risk officer

(Updated 2:53 p.m.)
PROVIDENCE – Citizens Financial Group Inc. this week appointed veteran banker Malcolm Griggs to take over as chief risk officer and succeed the retiring Nancy Shanik.
Griggs, currently the company’s chief credit officer, has 25 years of experience in banking and will take over executive vice president and CRO beginning April 1, reporting directly to chairman and CEO Bruce Van Saun, according to an announcement.
Shanik, who joined Citizens as CRO in 2010, will help Griggs with the transition, which includes going through the comprehensive capital analysis review, known better as the Federal Reserve’s stress test, before she retires on May 31.
“We thank Nancy for all that she has done to strengthen our risk management framework, capabilities and organization, including development of a smooth transition plan for our successor,” Van Saun said in a prepared statement. “Nancy’s leadership helped us embed risk management more deeply into our culture, and this has been key to our success in improving our performance as a company. We congratulate Nancy on everything that she has achieved over the course of her career and wish her all the best in retirement.”
The company lauded Shanik for leading the risk-management process in a time of “heightened regulatory standards and through significant corporate events,” including the bank’s spinoff from its former parent, The Royal Bank of Scotland PLC. Citizens, headquartered in Providence, became fully independent last year and has $138.2 billion in assets.
Shanik’s chosen successor, Griggs, joined Citizens in December 2014, having previously worked at Citigroup, Morgan Stanley Private Bank, Bank of America, Wachovia Corp. and Fifth Third Bancorp, according to a press release.
“Malcolm is a highly experienced risk management professional and we are very pleased to announce his appointment as Nancy’s successor,” Van Saun said. “His background in a myriad of risk and business line roles has prepared him well to provide strong and effective leadership for our risk organization.”
Griggs lives in Rhode Island and serves on the board of the Rhode Island Philharmonic Orchestra and Music School.

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