I understand a lot of people are upset with Fenrir being just a dungeon boss in 2.4, but at-least in he has a more prominent role in the game in comparison to Diablos and Siren at this point.

Sorry about the large image


(By the way this is speculation and the end result might not ending up being this.)

If you guys look behind him you see one of the crystals that usually is connected to a primal. This can mean that Fenrir is a guardian that protects Shiva's crystal from enemies and was either a beast she tamed or a being she created in order to protect her crystal from other tribes/adventurers. This would make the most sense since SE basically said there was no beast-man tribe that was connected to her. And this would also pretty much answer why in the 2.4 Dungeon Preview they didn't tell us the Pre-req for unlocking Snowcloak.

(This was probably a no brainer though if you watched the 2.3 cut-scenes where you find the Lady at Snowcloak )