Michael Loughlin, the chief risk officer of Wells Fargo (WFC), has been elected chairman of the Risk Management Association in Philadelphia.

Loughlin's one-year term as chairman of the nonprofit began Sept. 1, according to a press release last week.

Loughlin has served as Wells' risk chief since 2006 and is also a senior executive vice president; previously he oversaw credit approval, policy and reporting for wholesale banking. Loughlin has frequently trumpeted Wells' approach to risk management as relatively cautious. In a talk with investors and analysts last year, he said that "our risk profile is lower than our other large bank peers."

RMA also announced that Nancy Foster, chief risk officer and executive vice president of Park Sterling (PSTB) in Charlotte, N.C., was elected vice chairman of the board. Foster has held her current position at Park Sterling since 2010. Before that, she was chief risk officer of CIT Group (CIT) in Livingston, N.J.

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