Michael J. Loughlin, senior executive vice president and chief risk officer of Wells Fargo & Company in San Francisco, was elected chair of The Risk Management Association, the RMA announced Tuesday.

Loughlin is a member of RMA’s executive committee. He previously responsible for credit approval, policy and reporting for wholesale banking at Wells Fargo.

Nancy J. Foster, executive vice president and chief risk officer, Park Sterling Corporation, Charlotte, N.C., was elected vice chair.

The one-year terms began Sept. 1. The RMA, based in Philadelphia, is made up of banks and other financial institutions.