$56.6 billion Wachovia Corp. has named Kenneth Phelan as chief risk officer, effective in October. With more than 20 years of experience in the financial-services industry, Phelan most recently served as head of risk management services at J.P. Morgan Chase & Co.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...