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May 29, 2013 Event – Brochure

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May 2013 Risk & Regulatory Summit

……………………

PRMIA D.C. and the Financial Risk Institute

Present

May 2013 Risk Management & Regulatory Summit

Managing Systemic Risks: Challenges & Opportunities

on

Wednesday, May 29, 2013

at the

George Washington University

Jacob Burns Moot Court Room

Lerner Hall, first floor, 2000 H Street, NW

Washington, DC

 

Overview

One of the fundamental changes in reforming financial markets and institutions is the attempt to get a better handle on Systemic Risks. Many key issues have surfaced and top regulators and industry experts are engaged in building a framework that will be sustainable and meaningful; and it is clear there are many challenges ahead. Despite the challenges, many proponents of Systemic Risk regulations have also aptly articulated the benefits and opportunities that can accrue to the industry, the overall markets and even the individual institutions themselves.

Given the high costs of this major rework of the plumbing, it is not surprising that there will be pushbacks. Much has been discussed to build a credible framework; and the implementation process is starting to take shape. To avoid missteps, a process that continues to engage all key stakeholders will be crucial to making this effort yield the results intended.

Given these challenges, the Washington D.C. Chapter of PRMIA is capitalizing on its strategic location to bring together top regulators and supervisory officials, financial institution risk managers, market analysts and leading academics to discuss key issues surrounding Implementation of Systemic Risk Regulations.

Join us to gain a fresh perspective on identifying and meeting critical challenges, and leveraging implementation to create new opportunities.

Agenda Summary

7.30 a.m.   Registration

———-

8.00 a.m.  Welcoming Remarks: Steven Lee, Co-­‐chair, Organizing Committee

———-

8.15 a.m.   Special Opening Session: Improving Systemic Risk Monitoring and Financial Market Transparency: Standardizing the Representation of Financial Instruments

Synopsis: The financial crisis of 2008 made one fact absolutely clear: neither government financial policy makers and regulators nor firm level executives and risk managers had the data and analytics to understand the risks they were facing. The Dodd-Frank Act (DFA) recognized this deficiency and included specific provisions to correct the situation. These provisions require the Office of Financial Research (OFR) to create two critical reference databases and reporting standards for reporting granular transaction and position data: to create unique identifiers for counterparties to financial obligations, and to standardize the representation of financial obligations suitable for the analytical use case. Good progress has been made on the first reference database as part of the Global Legal Entity Identifier (LEI) effort. This session discusses progress on the second reference database, the standardized representation of financial instruments, to address the challenge of financial market complexity to cover virtually all different types of financial obligations, with a high level of precision. This session discusses the proposed approach to this, which focuses on state contingent cash flows which are the aspects of financial contracts that are the critical inputs to financial analysis.

Speakers:

  • Allan Mendelowitz, Strategic Advisor, Deloitte Consulting
  • Dr Khaldoun Khashanah, Distinguished Service Professor, School of Systems & Enterprises, Stevens Institute of Technology

———-

9.00 a.m.  Panel I: Systemic Risk Infrastructure: the When, How and Why of the LEI?

Synopsis: The Global Legal Entity Identifier System (GLEIS) was launched with a letter from Lewis Alexander in November of 2010 when he was counselor to the Secretary of the Treasury and tasked with initiating the creation of the Office of Financial Research as prescribed by the Dodd-­‐ Frank Act. This panel, tapping key participants from the private and public sector in the collective development of the LEI, will discuss the current status of this important global standards initiative, its planned mode of operation, and how the LEI implementation is part of a larger architecture intended to greatly improve the systemic risk management of the global financial system.

Moderator: Jeff Braswell, Founding Partner of Tahoe Blue Ltd

Panelists:

  • Matt Reed, Chief Counsel, OFR and Chair, LEI Regulatory Oversight Committee
  • Ken Traub, Standards Strategy Consultant, GS1
  • Mariano Perez Cruzado, Managing Partner, 3S Consulting

———-

10.00 a.m.    Break

———-

10.15 a.m.     Panel 2: Derivatives New World Order

Synopsis: Title VII of the Dodd Frank Act mandates a centrally cleared, fully collateralized, electronically traded, transparent marketplace for plain vanilla swaps. While risk managers welcome these changes, the transition is inherent with challenges—from legal to operational. This panel will present and discuss the regulatory requirements, and the practical operational changes that need to occur to participate in the new swaps marketplace.

Moderator: Marti Tirinnanzi, President & CEO, Financial Standards, Inc.

Panelists:

  • Daniel F. Danello, Counsel, Venable LLP, and Chair of the Derivatives, Securitization & Project Finance Committee, District of Columbia Bar’s Corporations, Finance & Securities Law Section
  • Robert Owens, Manager, Capital Markets, FarmerMac
  • Ananda Radhakrishnan, Director, Division of Clearing and Risk (DCR), U.S. Commodity Futures Trading Commission (CFTC)

———-

11.15 a.m.  Panel 3: Revisiting Systemic Risk Models/ Analytics: Are we there yet?

Synopsis: The Office of Financial Research in their 2012 Annual Report to Congress outlined three primary focus areas for research; 1/ development of early warning analytic tools and metrics of potential threats to financial stability; 2/ stress test analysis to support macro-­‐prudential policymaking and 3/ counterparty risk assessment. This panel examines the progress, status, issues and challenges in the OFR’s systemic risk research activities with particular interest on both short-­‐term efforts and long-­‐term goals with respect to such modeling capabilities. This panel will discuss the various types of models being explored by the OFR and their suitability to address OFR’s three modeling focus areas.

Moderator:  Cliff Rossi, Tyser Teaching Fellow & Executive-in-­Residence, Robert H. Smith School of Business, University of Maryland

Panelists:

  • H. Peyton Young, James Meade Professor of Economics, University of Oxford, and Senior Fellow, Economic Studies, Brookings Institution
  • Gregory Feldberg, Senior Advisor, Office of Financial Research, U.S. Department of the Treasury
  • Pete Kyle (UMd), Charles E. Smith Chair Professor of Finance, the University of Maryland’s Robert H. Smith School of Business

———-

12.00 noon     Closing Remarks: Jefferson Braswell, co-Chair, Organizing Committee

———-

Learning Objectives

Participants will learn about the current status of and challenges to ongoing regulatory reform on systemic risk. Participants will benefit from the contributions of a variety of regulators, academics, practitioners and consultants who will discuss systemic risk implementation considerations, challenges and opportunities.

Who Should Attend?

Financial institution risk management professionals, regulators and supervisors, consultants, students and others engaged in the areas of financial institution risk management and regulations.

Cost

PRMIA Sustaining Members $10

Students/ Financial Regulators/Federal Employees $10

PRMIA Free Members & Non-­‐Members $30

Registration is required for this event. You are encouraged to sign up as soon as possible as space is limited.

Refund Policy

Please note that there will be no refund for registrations that are subsequently cancelled.

Registration

To register, please: go to:

https://prmia.org/index.php?page=events&option=eventsRegister&event_id=5423

For any questions about registration, please call PRMIA @ (612) 605-­‐5370

Professional Development Credits

CPEEarn up to 4.5 CPE Credits

Program Level: Intermediate

Prerequisites: None

Delivery Method: Group Live

PRMIA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website: http://www.learningmarket.org.

CFAAs a participant in the CFA Institute Approved-­‐Provider Program, PRMIA has determined that this program qualifies for 4 credit hours. If you are a CFA Institute member, CE credit for your participation in this program will be automatically recorded in your CE Diary upon the report of your CFA member number to http://chaptersupport@prmia.org.

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