General Session I: Regulatory Reform – Convergence or Divergence in Systemic Risk, Risk Governance, Transparency and Capital Change
Significant anticipated changes in both the intensity of supervision and global coordinated regulation have increased uncertainty in financial markets from fear of political or policy related unintended consequences and regulatory arbitrage. In this session, policy and regulatory leaders from various regulatory forums will explore the directions and impact of proposed regulatory reforms. They will debate how to regulate institutions “too big to fail,” how to ensure that firms have “living wills,” how senior supervisors coordinate their activities on a global basis, and how the shadow economy will be regulated: Developing incentives for corporate risk culture change and alignment to both long and short-term horizons as well as developing longer horizon counter-cyclical capital measures will also be explored. Each participant will provide brief remarks followed by a lively panel discussion.
Lori Ramos-Marilla, Managing Director, LRM Associates
Dr. Colin Lawrence, Director, Financial Services Authority
Randall Dodd, Former Director of the Financial Policy Forum
Michael McRaith, Director, Illinois Department of Insurance
General Session II: ERM: A 360 Degree View of Risks
The global economic crisis has created significant activity toward increased supervision and regulation. Financial markets in particular have undergone substantial transformations, precipitating rapid actions by central banks and regulators to maintain market liquidity and funding availability. In this session, leading market participants from various regulatory and business forums will explore how the directions and impact of regulatory reform, along with the changes in roles and responsibilities, may potentially impact how we view and manage risk from the enterprise perspective.
Specifically, this general session will provide a candid and thought-provoking discussion on successes, challenges, and expectations of ERM from the perspective of the Board director, CRO, Trading/Investment Manager and Regulator in a dynamic global marketplace. This will be a unique opportunity to create a direct forum on what the key decision-makers and stakeholders look for and need from the risk management function. The goal of this session is to provide a window into discussions between critical stakeholders and to foster a collaborative environment in which risk practitioners can learn from each other and their internal/external customers on how to better leverage their experiences and expertise and add more value to C-Suite level conversations.
Valentina Isakina, Vice President of Strategy, Nationwide Financial
Edward W. Brown, Executive Vice President, ICAP
Joan Mohammed, SVP & Head Corporate Risk Mgmt, Bank of Montreal
Dr. Colin Lawrence, Director, Financial Services Authority
Dan Rodriguez, Managing Director, Credit Suisse
Lizabeth H. Zlatkus, Executive Vice President & Chief Risk Officer, The Hartford Financial Services Group
General Session III: Discussing the Need for ERM Standards of Practice and the Existence of Shared Risk Principles
Enterprise Risk Management has been implemented in many sectors of the economy and continues to evolve. As the number of organizations implementing ERM increases, and as the regulatory focus on ERM grows and sharpens, more and more risk professionals will be called upon to engage in ERM activities. The International Actuarial Association recently issued a working paper (Comprehensive Actuarial Risk Evaluation) in hopes that it would spur a global conversation leading to the establishment of Standards of Practice for actuarial risk assessment; the Actuarial Standards Board has established a task force which is drafting potential ERM SOPs. Risk professionals in the asset management community have been engaged in similar conversations for over a decade. Other professions are clarifying, and in some cases codifying, what ERM means to them. Seemingly contradictory definitions of and approaches to ERM are competing for attention and resources.
This session shall discuss some broad but important themes:
- Are there ERM principles that apply in all economic sectors?
- Are professional Standards of Practice necessary or desirable? If so, what should they look like?
- Should or can these Standards be similar across professions and economic sectors?
Audience participation in any ensuing debates is both encouraged and expected.
Kevin Madigan, Consulting Actuary, Pinnacle Actuarial Resources, Inc.
David Ingram, Senior Vice President, WillisRe
Robert Mark, CEO, Black Diamond Inc.
Carol Fox, Director, Strategic and Enterprise Risk Practice, RIMS
General Session IV: Country Risk Officer – A Role Needed Now More than Ever
The culture and practice of integrated risk management is only beginning to develop in government sectors. Yet government actions to prevent and deal with crises across multiple sectors and geographies continue to display lack of critical information, effective governance, coordination or resources. As proven in private-sector ERM, tone from the top is a key driver in the speed and scope of adopting integrated risk management. In this session, international experts from both public and private sectors consider the challenges and potential benefits of creating the role of “Country Risk Officer” who will champion and oversee the implementation of ERM throughout government entities. Each participant will provide brief remarks followed by a lively panel discussion.
Kathryn A. Hyland, Senior Vice President, Swiss Re
Carl F. Adams, Managing Director, Global Compliance Risk Management Corp.
Paul M. McGonagle, Consultant, International Risk Management
Walter A. Bell, Chairman, Swiss Re America Holding Corporation
General Session V: Ask the Experts
In the closing session, risk management experts from the Symposium’s extended faculty will respond to questions from the audience. This is your chance to ask questions on the topics that concern you the most! We challenge you to consider the thought-provoking issues that have been addressed during prior sessions. Audience participation through questions and comments is welcomed and encouraged.
Wayne H. Fisher, FCAS, Executive Director, Enterprise Risk Management Institute International
Bob Wolf, Staff Partner – Risk Management, Society of Actuaries