General Sessions

General Session I – Part 1: State of the US Economy

In this session, with leading economists, we will examine economic conditions in the United States and explore risks ahead for the U.S. economy. Much is written about a continued slow recovery and a continued period of low interest rates. We will examine the forces behind this concern and will explore the impact of the economy of borrowers and consumers and expected impacts to financial services.

Speakers:
Spencer Krane, Federal Reserve Bank of Chicago
Sergio Rebelo, Kellogg School of Management

Moderator:
Rebecca Scotchie, VP, Enterprise Risk Management, UNUM

General Session I – Part 2: The Stress Begins

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Central to ERM programs, stress and scenario testing is used to identify, monitor, assess, manage and mitigate risk exposures. The results of stress and scenario testing generate discussions, helping us to better understand our business, capitalize on opportunities and mitigate risks. They lead to action planning, both pre-emptive and contingent, and influence strategic choices and decision making. Stress and scenario testing is also used to fulfill regulatory requirements.

An immersive track on stress and scenario testing will run throughout the 2014 ERM Symposium. At this opening general session, “The Stress Begins,” the track and topic will be introduced. Then, over the course of two days, specific concurrent sessions will be geared toward stress and scenario testing. Attendees who participate in a minimum number of concurrent sessions on stress and scenario testing topics will be invited to a special final session at the end of the second day of the symposium to work together to establish best practices for the testing and to discuss core principles and standards of practice.

Speakers:
Dave Sandberg, VP & Corporate Actuary, Allianz Life
Rodolfo Wehrhahn, Technical Assistance Advisor, International Monetary Fund

Moderator:
Rebecca Scotchie, VP, Enterprise Risk Management, UNUM

General Session II: Environmental Risk Management–Incentives and Implications

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During this session panelists will explore environmental challenges, changing resources, new regulations, clean technology and legal and litigation environments, as well as evaluate incentives and implications. Environmental risk factors will be analyzed with associated markets, insurance and social mechanisms. The following questions will be explored: What is the environmental evidence over short and long horizons? How can you make environmental impact measurable, visible and manageable for businesses, governments, institutions and individuals? What will such changes mean for stranded assets? What are the political challenges, such as carbon credit limits? What are the insurance implications from catastrophes impacting the 45 percent of the world’s population that lives around the coast?

Analysis and mitigation requires multiple sources of data and changing behavior in multiple fields, including energy and water use, healthcare, transportation and sustainable agriculture and food distribution. Attend the session to learn more about how analysis and mitigation answer these questions.

Presenters:
Ron Dembo, Founder and CEO, Zerofootprint
Bob Litterman, Chair, Risk Management Committee, Kepos Capital
Jacob Rosengarten, EVP and CRO, XL Capital

Moderator:
Mark Abbott, Head of Quantitative Risk Management, Guardian Life

General Session III: Regulatory Alphabet Soup

IAIGs, SIFIs, FIO, IAIS, FSB, ICPs, and the list goes on… These letters will influence the shape of risk and capital practices for insurers for years to come. Learn the significance of each acronym, and how they interact with each other in the first half of this 75 minute general session. The second half will feature a panel of regulatory experts to discuss the common themes and areas of continued discussion with respect to these groups and initiatives.

Presenters:
Dana Hunt, Director, Risk and Capital, PricewaterhouseCoopers
Danny Saenz, Texas Department of Insurance
Beth Simon, UNUM
Stuart Wason, Senior Director, OSFI
Moderator:
Dana Hunt, Director, Risk and Capital, PricewaterhouseCoopers

General Session IV – Part 1: Ethics, Culture, Standards of Practices for Banking, Insurance and Money Management

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A multi-disciplinary panel will discuss key risk issues facing standards of practice and culture across the financial services industry, focusing on four key themes: code of ethics, risk management standards across industries, conduct risk and systemic risk.

Presenters:
Colin Lawrence, Partner, Risk and Regulation, Ernst & Young LLP, UK and ex Regulator, Bank of England
Dave Ingram, Executive Vice President, Willis Re
Robert Mark, President, Black Diamond Risk

Moderator:
Mark Abbott, Head of Quantitative Risk Management, Guardian Life

General Session IV – Part 2: Best Practices Case Studies

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Standards of practice, discussed in the first part of this two-part session, provide a framework supporting the promulgation of “best practices” throughout the community of ERM practitioners. This session provides an overview and discussion of real-life applications of best practices in ERM, providing a dynamic demonstration of standards of practice in real-life situations. Attendees will learn: risk governance structure to support standards of practice, examples of how to apply standards of practice to real-life applications and characteristics of best practices.

Moderator:
Kathryn Hyland, Swiss Re
Russell Walker, Clinical Associate Professor, Northwestern University

General Session V – Track 1: The Last Stress: Sound Practices for Stress Testing (SST Track)

After two days of being immersed in stress and scenario testing topics, attendees who are invited to this final session “The Last Stress” will work together to establish best practices for stress and scenario testing and discuss core principles and standards of practice. To receive the exclusive invitation, you must have attended a minimum number of concurrent sessions covering stress and scenario testing over the course of the symposium. Non-participating individuals will be allowed to observe.

Moderator:
Dave Sandberg, VP & Corporate Actuary, Allianz Life

General Session V – Track 2: CROs Panel: ERM Programs in the 21st Century

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Are there really any common elements of risk management for firms in different sectors? Are we all just using the same name for totally different sets of activities? Is it just the details that are different? This session will explore similarities and differences between ERM programs. Risk managers from a range of organizations will come together in a panel discussion, highlighting common challenges, success stories, and expectations for the future. Based on their experiences overseeing risk management activities at very different organizations, these professionals will bring a broad perspective applicable to many practitioners today. At the end of this session, we will ask attendees to decide which it is.

Panelists:
James Allison, CRO Americas, ConocoPhilips
Michael Liebowitz, Senior Director, Insurance & Risk Management, New York University
John Rhodes, Chief Risk Officer, Lincoln Financial Group
Chad Runchey, Senior Actuarial Advisor, Ernst & Young LLP
Cary Lyne, former Senior Vice President & Senior Risk Officer, Northern Trust Asset Management and past President, GARP Buy Side Risk Managers Forum

Moderator:
Mark Abbott, Managing Director, Guardian Life