General Sessions
General Session 1 - 8:10 a.m. – 9:40 a.m.
Convergence of ERM Practices: The Global Business Perspective
Strategic risk management as a universal framework is being increasingly adopted across the global marketplace. In this session distinguished panelists share the latest developments and challenges in banking insurance and energy to compare the underlying principles and applications of risk management systems in the global marketplace. The speakers will highlight the similarities as well as differences of the risk infrastructure in various sectors and industries. The goal of this session is to foster a collaborative environment in which we, as risk practitioners, can learn from each other, leveraging our experiences and expertise.
Moderator/Speaker: Vince Kaminski, Rice University
Presenters: Steven Dreyer, Standard & Poor’s
Alexander Grawert, Fortis Bank
Dan Rodriguez, Morgan Stanley
General Session 2 - 2:15 p.m. – 3:45 p.m.
View from the Top
A unique face-to-face discussion with renowned directors of some of the most prominent corporations, this session is sure to be one of the symposium’s highlights as expert panelists discuss the role of the board and answer your questions. As clearly established in regulatory and best-practice frameworks, directors have the ultimate responsibility to ensure that an effective ERM program is in place. What is their role in ERM? What are the expectations for management? How can they set the tone from the top and provide meaningful oversight? Are their needs being served? James Lam will examine these issues with our distinguished panelists and answer your questions.
Moderator: James Lam, James Lam & Associates
Panelists: Frank Haydu, Independent Director and Consultant
William Hogan, Chairman, CEO, The Hogan Company
Maureen Miskovic, Chairman, Eurasia Group
General Session 3 - 7:45 a.m. – 9:10 a.m.
The Role of ERM in Regulation
ERM is a disciplined management approach adopted by leading firms in industry who have integrated risk management into all aspects of their business. Global and local regulators have typically adopted a more parsimonious approach to risk management that relies heavily on onsite examination of operations and offsite monitoring of financial statements–especially capital. This session will explore the limits to the current regulatory frameworks across the globe, the issues dominating policy debates, and the opportunities to incorporate ERM concepts into future policy discussions.
Moderator: James Lockhart, OFHEO
Panelists: Mark Puccia, Standard & Poor’s
Eugene A. Ludwig, Promontory Financial Group, LLC
Charles Taylor, Risk Management Association
Speaker Luncheon 12:30 p.m. – 1:50 p.m.
Behavioral Financial Implications for ERM—Valuation Evolution from Efficient Markets
Dr. Odean will present research over the last decade and observations on:
- An alternative to the efficient market hypothesis,
- How investors misassess risks and probabilities,
- How the misunderstanding of risk and probability leads to trading biases, and
- How individual investor trading biases affect financial markets.
Introduction: Mark Abbott, Guardian Life Insurance
Panelist: Dr. Terrance Odean, Haas School of Business, University of California, Berkeley
General Session 4 - 1:50 p.m. – 3:15 p.m.
ERM Perspectives
This session will offer several financial ERM perspectives, including development and best execution of strategic risk management and ERM best practices that align incentives across silos and confront the challenges faced by financial services, bank, life and property casualty insurers. This will be contrasted with their establishment of ERM programs. Bev Margolian will describe the long path that led to Manulife’s strong risk management culture and investments, which was recently recognized as a best practice when they were upgraded to AAA rating by Standard & Poor’s, who cited their “excellent enterprise risk management framework.” Joan Lamm-Tennant will recount her experience in risk management for property casualty and reinsurance and consulting. Shyam Venkat will contrast bank and insurance risk management practices and their evolution. He will also contrast ERM, economic capital, and strategic risk management, as well as discuss results of survey of senior management views on risk management trends and utilization.
Panelists: Shyam Venkat, PricewaterhouseCoopers LLP
Joan Lamm-Tennant, Gen Re & Wharton Executive Education
Bev Margolian, Manulife Financial