Citizens Financial Group, Inc. announced the appointment of Malcolm Griggs as Executive Vice President and Chief Risk Officer effective April 1, 2016. He will serve on the company’s Executive Committee and report to Chairman and CEO Bruce Van Saun. Griggs will succeed CRO Nancy Shanik. Shanik will continue to report to Van Saun to assist in the CRO transition and CCAR submission, and will retire as of May 31, 2016.

Since joining Citizens as CRO in 2010, Shanik has led a company-wide effort to strengthen the company’s risk-management processes in a time of heightened regulatory standards and through significant corporate events including Citizens’ separation from its previous owner, The Royal Bank of Scotland, plc.

“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 her successor,” Van Saun said. “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.”

Griggs joined Citizens as Chief Credit Officer in December 2014, having previously served as head of business risk and controls for Citigroup’s U.S. commercial and consumer banking businesses. Over the course of 25 years, he also led lending and business risk management at Morgan Stanley Private Bank and served in senior risk-management leadership roles at Bank of America, Wachovia Corp. and Fifth Third Bancorp, where he was Chief Risk Officer from 2003 to 2007.

“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.”

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $138.2 billion in assets as of December 31, 2015.