This excerpt taken from the PNC 10-K filed Mar 1, 2007.
CORPORATE-LEVEL RISK MANAGEMENT OVERVIEW
We support risk management through a governance structure involving the Board, senior management and a corporate risk management organization.
Although our Board as a whole is responsible generally for oversight of risk management, committees of the Board provide oversight to specific areas of risk with respect to the level of risk and risk management structure.
We use management level risk committees to help ensure that business decisions are executed within our desired risk profile. The Executive Risk Management Committee (ERMC), consisting of senior management executives, provides oversight for the establishment and implementation of new comprehensive risk management initiatives, reviews enterprise level risk profiles and discusses key risk issues.
The corporate risk management organization has the following key roles: