JPMorgan has its 4th Chief Compliance Officer in roughly 4 years.

JPMorgan veteran Frank Pearn has become the new CCO, the bank’s 4th in roughly 4 years, succeeding another longtime executive, Lou Rauchenberger, who will serve in a new senior regulatory role - global director of regulatory relations. Rauchenberger will report to COO Matt Zames.

Mr. Pearn, previously CAO of global compliance, will report to chief risk officer Ashley Bacon, reflecting the bank’s decision last year to “formally align” its compliance and risk functions. This comports with a trend among regulators, who are focusing on the reporting lines of compliance executives – to determine whether they have more independence from executives who set policies and manage people in the field.

Mr. Rauchenberger initially was JPMorgan’s interim CCO when he took over for Cindy Armine in early 2014. Ms. Armine was in the post for one year and left for payments company First Data Corp., which is run by former JPMorgan executive Frank Bisignano.

Pamela Dearden, known as PJ, will become head of conduct and culture at the bank after having served as Chief AML Compliance Officer. Peter Neilson, head of financial crimes investigations, is expected to take on Ms. Dearden’s role.