Wells Fargo forms new risk management office, names head

Wells Fargo forms new risk management office, names head | Insurance Business

Wells Fargo forms new risk management office, names head

Wells Fargo & Company has announced Derek Flowers as the head of its newly formed strategic execution and operations office.

According to Wells Fargo interim CEO and president Allen Parker, the new office is focused on achieving operational excellence across businesses to enable the company to execute more effectively against its regulatory priorities and further drive transformation.

“[It] is an important step in Wells Fargo’s work to meet the expectations of our regulators, do the right thing for our customers and team members, and move our company forward,” Parker noted.

The office is composed of several teams, including the regulatory consent order and risk framework execution office, the sales practice consent order office, regulatory relations, and the business process management and operational design team – all focused on the execution of critical business and risk programs and policies.

Now, in his new role, the 21-year company veteran Flowers said he looks forward to heading the new office.

“I’m excited to bring these groups together as we work with the company’s businesses and control functions to implement our risk management policies and programs and achieve the operational excellence that will enable us to better execute against our regulatory priorities,” he noted.

Flowers is an executive officer, a member of Wells Fargo’s operating committee, and reports to Parker. Previously, he was chief credit and market risk officer, responsible for leadership and oversight of all credit, counterparty and market risk undertaken throughout Wells Fargo. Flowers also led the corporate credit investing group within Wells Fargo’s Securities Investment Group.

Following the appointment, Flowers’ previous position will be divided into separate credit risk and market risk functions. Mary Katherine DuBose will serve as as the new chief credit officer, reporting to chief risk officer Mandy Norton. In addition, Jeremy Smith will continue to lead market and counterparts risk, also reporting to Norton.