UnionBanCal Corp. said that Masashi Oka, its vice chairman, has been appointed to the newly created position of chief risk officer.
Mr. Oka will oversee compliance and risk management, the chief credit officer and chief compliance officer functions, and enterprise risk reporting and analysis for the $53.2 billion-asset company. He will report to Masaaki Tanaka, its president and CEO.
UnionBanCal, which is mostly owned by Mitsubishi UFJ Financial Group Inc., said last month that it faced a cease-and-desist order for Bank Secrecy Act violations and a fine it estimated at $10 million. The order came after it failed to fix problems identified in a March 2005 memorandum of understanding that required it to strengthen anti-laundering controls and processes.
"This new position is a further example of our ongoing effort to strengthen our risk management culture and to achieve the highest standard of compliance with the Bank Secrecy Act," Mr. Tanaka said Wednesday in a press release.
