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Following the recent turmoil in the financial markets, both the senior management of individual institutions and their regulators are reviewing how well their internal risk management function has taken on board the lessons that need to be learnt. These lessons are summarised in the report that the Senior Supervisors Group submitted to the Financial Stability Forum.
It concluded that firms that avoided significant problems demonstrated a comprehensive approach to viewing firm-wide exposures and risk, sharing quantitative and qualitative information more effectively across the firm and engaging in more effective dialogue across the management team.
The report goes on to say that the senior managers in these firms also exercised critical judgement and discipline in how they valued holdings of complex or potentially illiquid securities both before and after the onset of the market turmoil. They had more adaptive (rather than static) risk measurement processes and systems that could rapidly alter underlying assumptions to reflect current circumstances; management also relied on a wide range of risk measures to gather more information and different perspectives on the same risk exposures and employed more effective stress testing with more use of scenario analysis.
In addition, the Group concluded that management of better performing firms typically enforced more active controls over the consolidated organisation’s balance sheet, liquidity and capital, often aligning treasury functions more closely with risk management processes, incorporating information from all businesses into global liquidity planning, including actual and contingent liquidity risk.
The highly topical conference brings together an exceptional panel of expert speakers to discuss these issues in the round. We are delighted that Paul Sharma, Director of Wholesale and Prudential Policy in the FSA, and Deborah Bailey, Deputy Director for Supervision and Risk Management, Division of Banking Supervision and Regulation at the Federal Reserve Board, have agreed to give keynote presentations.
Attendance at this conference will be essential for the senior management of financial institutions, as well as heads of risk management, heads of treasury, heads of operations, heads of compliance and heads of key business units. It will also be of interest to the advisory community.
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Confirmed Speakers
Keynote Addresses
Paul Sharma, Director of Wholesale and Prudential Policy, Financial Services Authority
Deborah Bailey, Deputy Director for Supervision and Risk Management, Division of Banking Supervision and Regulation, Federal Reserve Board
Other Expert Speakers
Professor Charles Goodhart, Programme Director, Regulation and Financial Stability, LSE
David Clark, Chairman, Charity Bank
Thomas Garside, Managing Director and Global Head of Finance and Risk, Mercer Oliver Wyman
Nigel Harman, Head of Risk, Actuarial & Regulatory Head of Investment Banking, KPMG
Dr Gavin Kretzschmar, Global Head, Banking Risk, Barrie & Hibbert
William Perraudin, Chair in Finance, Imperial College London
Eduardo Viegas, Director, Advisory - Performance Improving Consulting FS, PricewaterhouseCoopers LLP
The Conference in Brief
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Likely future developments in prudential policy and the critical importance of senior management oversight in the United Kingdom
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The US outlook on risk management in the current market situation and key risk management priorities in the new era for the US
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Liquidity risk management
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Effective firm-wide risk identification and analysis
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Applying independent and rigorous valuation practices across the organisation
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Lessons from credit risk modelling from recent events
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Is risk management in banks broken? A look at key pressures faced by banks post UBS
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Counterparty risk and the credit risk
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Stress testing and scenario analysis
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The blurring boundaries between credit risk, market risk and operational risk
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