E. Gerald Corrigan will oversee risk management and compliance functions as a managing director and partner of Goldman, Sachs & Co.

Mr. Corrigan's new role was announced this week. Since 1994 he had been senior adviser to the Wall Street firm. He was previously the president of the Federal Reserve Bank of New York.

"What's new is that I am going to be more heavily involved in the day- to-day affairs of the firm," he said in a telephone interview this week. "While about 75% of my activities had been externally oriented, it will now be at least fifty-fifty.

"The areas I am focusing on have always been of great interest to me, and frankly still seem challenging and important, as well as a little bit of fun,"he said. Besides dealing with clients, he will also continue to be involved with nonprofit groups.

Mr. Corrigan joined Goldman Sachs after a 25-year career in the Federal Reserve System, that also included the presidency of the Minneapolis Fed.

He also served as vice chairman of the Federal Open Market Committee, which sets monetary policy. In 1991 he became the first American chairman of the Basel Committee on Bank Supervision by the central banks of the top industrial countries.

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