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May 29, 2013 Event – Speakers’ Biographies

prmia_s                                                             FinRisk_s

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

 

Welcoming & Opening Remarks

Steven Lee pic

Steven P. Lee

Co-chair, Organizing Committee 

Past Regional Director, PRMIA DC

Managing Director, Global Client Consulting

Steven is one of the key founding members of the Financial Risk Institute.  He previously served as Regional Director for PRMIA DC and the Editor-in-charge for PRMIA DC’s RiskJournal Magazine.  He is Managing Director leading Governance, Risk Management and Compliance services at Global Client Consulting, LLC.  Steven has more than 25 years international client service and corporate experience with some of the largest corporations and financial institutions in the United States and across the Asia-Pacific region (Singapore, Australia, Hong Kong, Japan).  Steven was formerly Firm Director at Deloitte leading business development and delivery of Enterprise Risk Services at several major financial institution and large corporate clients in the Greater Washington area.  Prior to his move to the United States, he was Director with Deloitte’s Enterprise Risk Services covering large corporate clients and major financial institutions in Singapore.  Before Deloitte, Steven was Director of Technology Security and Risk Services at Ernst & Young in Singapore.  He also held senior executive positions in Technology & Operational Risk and Internal Audit with large financial institutions including the DBS Bank and JP Morgan.  Steven currently serves on the Board of the Library of Congress Asian Division Friends Society and the US Asian Cultural Academy (UACA).

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

Allan Mendelowitz Photo for ABAllan Mendelowitz 

Strategic Advisor, Deloitte Consulting

Allan Mendelowitz is currently a strategic advisor with Deloitte Consulting. Following the financial crisis of 2008 he co-founded and co-led the Committee to Establish the National Institute of Finance. The objective of this volunteer organization was the passage of legislation to correct the government’s deficiencies in data and analytics needed to better regulate financial institutions and markets and to monitor systemic risk. In that capacity he developed and executed the committee’s legislative and communications strategies that resulted in the creation of the Office of Financial Research in the Dodd-Frank legislation. Previously he served as Chairman and Member of the Board of Directors of the Federal Housing Finance Board, the independent federal regulatory agency that was responsible for regulating the Federal Home Loan Banks. Before joining the Finance Board he served as Executive Director of the U.S. Trade Deficit Review Commission, a congressionally appointed bipartisan panel; Executive Vice President of the Export-Import Bank of the United States; and as the Managing Director for International Trade, Finance, and Economic Competitiveness at the U.S. GAO.  Dr. Mendelowitz was formerly an Economic Policy Fellow at the Brookings Institution and on the faculty of Rutgers University, where he taught courses in international trade and finance and urban and regional economics. His articles have appeared in the Journal of Business, the National Tax Journal, the Journal of Policy Analysis and Management, the Financial Times, Risk Professional, the American Banker, and other publications. He has also testified before the U.S. Congress more than 140 times.  His education includes economics degrees from Columbia University (A.B.) and Northwestern University (Ph.D.).

KhaldounDr. Khaldoun Khashanah 

Director, Financial Engineering Program & Distinguished Service Professor,

School of Systems and Enterprises, Stevens Institute of Technology

Co-Director of Stevens’ MBA in Financial Engineering Program

Dr. Khaldoun Khashanah is the Director Financial Engineering Program and a                                                   Distinguished Service Professor in the School of Systems and Enterprises at Stevens Institute of Technology and Co-Director of Stevens’ MBA in Financial Engineering Program. Dr. Khashanah joined Stevens in 1994 and started the FE program at Stevens in 2002. He holds a 1994 PhD in Applied Mathematics from the University of Delaware, Newark, Delaware, in the field of Partial Differential Equations and Mathematical Modeling of mixed media. He holds a Master of Science in Applied Mathematics, University of Cincinnati, in Complex Variables. Dr. Khashanah received two undergraduate degrees in Electrical Engineering and Mathematics from the University of Petroleum and Minerals in 1987.

Dr. Khashanah’s research interests and publications include underwater acoustics, elastic and porous-elastic media; inverse problems of parameter identification; ill-posed problems of mathematical physics; image processing, information theory, optimization, high-frequency financial modeling and modeling of complex phenomena. More recently his efforts are dedicated to research on systemic risk, the Science of Complex Adaptive Systems, Systems of Systems and Complexity Theory as they pertain to physical, financial and social sciences and System characteristics theory. Dr Khashanah is a member of the Committee to Establish the National Institute of Finance, the New York Society of Security Analysts, and the International Counsel on Systems Engineering.

Panel 1 – Systemic Risk Infrastructure: the When, How and Why of the LEI?

BraswellModerator: Jefferson Braswell

CEO, Tahoe Blue Ltd

Braswell’s efforts are focused on leading teams and providing guidance on the implementation of risk management solutions that incorporate option-adjusted, financial instrument cash flow analytics, detailed firm-wide contractual data integration, and dynamic behavioral customer and management decision models.  At Tahoe Blue, he is also working to develop industry strategies for achieving joint economic value in productive collaborations involving the financial industry and the public sector with regards to risk management systems and regulatory oversight.

As a founder and President of Risk Management Technologies (subsequently acquired by Fair Isaac Corporation), Braswell designed and implemented comprehensive risk management applications and enterprise solutions for many of the world’s largest financial institutions, including Wells Fargo, Credit Suisse, Chase, PNC, Sumitomo Mitsui Banking Corporation, Mellon, Abbey National, Wachovia, Union Bank, ANZ and the Office of Federal Housing Enterprise Oversight (OFHEO).

Braswell has been a coordinator of the FSB LEI Private Sector Preparatory Group (PSPG) and he was an editor of the recommendations, requirements analysis and system design of the federated global Legal Entity Identifier system that the PSPG handed off to the LEI Regulatory Oversight Committee (LEI ROC) when the ROC was recently created. He is a member of the PRMIA DC Steering Committee and is on the Editorial Committee of the PRMIA DC RiskJournal.

Matt ReedMatthew Reed

Chief Counsel, Office of Financial Research 

US Treasury &

Chair of the Regulatory Oversight Committee for the Global Legal Entity Identifier System

Reed serves as chief legal advisor to the Director of the OFR and directs all legal activities of the OFR, reporting to Treasury’s Office of the General Counsel. In this capacity, Reed coordinates legal issues with the legal counsel for the Council as related to the OFR’s work and data collection performed for the Council.  Reed also serves as the inaugural Chair of the Regulatory Oversight Committee for the Global Legal Entity Identifier System, a public-private partnership aimed at precise identification of financial market participants in global financial markets.  Reed previously served as Assistant Chief Counsel, Division of Risk, Strategy and Financial Innovation at the US Securities and Exchange Commission (SEC) where he led the modernization efforts designed to improve access to key disclosure information to investors and bolster regulatory oversight of markets and industry.  He previously chaired the Expert Group Workstream at the Financial Stability Board in Basel, and was also the Commission’s representative at industry events and frequent public speaker, and provided legal guidance for rulemaking and risk assessment activities.

Ken TraubKen Traub

Standards Strategy Consultant to GS1

Ken Traub is Standards Strategy Consultant to GS1, a nonprofit, voluntary global standards association that for 40 years has developed standards for global identification and electronic commerce.  Dr. Traub is actively involved in GS1’s work in financial services and represents GS1 in the LEI (legal entity identifier) activities of the international Financial Stability Board, including the Industry Advisory Panel and the Public Sector Preparatory Group.  Dr. Traub also serves on the US Treasury Office of Financial Research (OFR) Financial Research Advisory Committee (FRAC). Over the past ten years, Dr. Traub has led the creation of half a dozen new GS1 standards for identification and supply chain visibility, and also the GS1 System Architecture document which explains how all GS1 standards work together.  Dr. Traub serves actively on GS1’s Architecture Group that oversees all GS1 standards from a technical point of view.  Dr. Traub has been a founder and technical advisor to five high technology startups in the Boston area.  He received his B.S., M.S. and PhD in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology, with a minor from the Sloan School of Management.

MarianoMariano Perez Cruzado

Managing Partner, 3S Consulting 

Mariano Pérez Cruzado is currently Managing Partner at 3S Consulting, a French firm that has been advising and assisting large financial institutions in Europe to manage the adoption and implementation of the LEI in France and other local European jurisdictions.  Mariano is an active participant in the LEI Private Sector Preparatory Group (PSPG), a select group of global subject matter experts that was convened last year by the G-20 Financial Stability Board — and which the G-20 LEI Regulatory Oversight Council (“LEI ROC”) now directs.  Mariano was one of the contributing editors of the PSPG Operations work stream recommendations and report presented to the ROC in January 2013.  In his over 25 years of experience in the banking industry, Mariano has held such senior positions as the CEO of the brokerage arm of Société Générale as well as Deputy CEO of Société Générale in Spain. His international banking experience spans such diverse markets as Japan, Australia, Singapore, the U.S. and most of Western Europe.  In the last 10 years as a financial business consultant, Mariano has provided advisory services and solutions to major financial institutions (primarily the French SIFIs) in the areas of business operations and corporate finance, assisting in cross-border acquisitions, arranging the sale of business units, establishing subsidiaries in major emerging countries, and supply-chain reorganization.

Panel 2 – Derivatives: New World Order

Marti_Tirinnanzi_11-2011Moderator: Marti Tirinnanzi

President & CEO

Financial Standards, Inc.

Marti Tirinnanzi is a consultant to corporations on Dodd Frank regulations.  Her career includes notable accomplishments in the field of corporate finance, specifically financial risk management, hedging strategies using derivatives contracts and financial instrument accounting.   She was recently recognized by Futures Magazine as one of the Top 25 Most Influential People of 2010.  In financial reporting policy circles and in Washington, DC, Ms. Tirinnanzi is credited for her work for better transparency for derivatives pricing and financial reporting.  Most recently, she has worked with the Congress, the Commodity Futures Trading Commission and other regulatory agencies and industry groups in addressing the problems of the financial crisis of 2008, chiefly counterparty risk and risk management strategies using derivatives contracts.  She worked on legislation to centrally clear and settle derivatives contracts that eventually became law in Title VII of the Dodd-Frank Act in July 2010.  Since the failure of Lehman Brothers in 2008, Ms. Tirinnanzi was appointed Chairman of the Clearinghouse Working Group of the Federal Housing Finance Agency.  Her leadership involved directing Fannie Mae and Freddie Mac in the transfer of $2 trillion in interest rate swap contracts, the largest derivatives portfolios used for hedging interest rate risk, to central clearing and settlement.  Ms. Tirinnanzi is a nationally acclaimed expert in financial instruments accounting and derivative contracts reporting under US GAAP.  Familiar with fair-value-based accounting standards, she has created the financial reporting compliance protocols for more than 100 highly leveraged public companies.  Her experience includes hands on developing and directing a new deal capture and back office operation for national gas and electric commodity arbitrage programs.  She earned her MS in business from The Johns Hopkins University, and BA in liberal arts from the College of Notre Dame of Maryland.   She is also an adjunct professor of banking and finance at The Carey Business School of Johns Hopkins University.   She serves on the Board of Mobitrum, and on the Board of the Columbia Lighthouse for the Blind. She is an active member of the National Association of Corporate Directors (NACD) and holds a Certificate of Director Education from the NACD Corporate Directors Institute.

anand-radhakrishnan_150_052511091655Ananda Radhakrishnan 

Director, Division of Clearing and Risk (DCR), U.S. Commodity Futures Trading Commission (CFTC) 

Ananda Radhakrishnan is responsible for supervision of derivatives clearing organizations (DCOs), the clearing of swaps, futures, and options on futures, and risk surveillance of market participants. In addition, he provides policy advice to the Commission that promotes an effective oversight environment that is responsive to continually evolving market conditions.  Mr. Radhakrishnan has testified twice before the United States Congress on clearing related matters and has made numerous presentations to foreign regulatory authorities on the CFTC’s program for the oversight of clearing organizations. Mr. Radhakrishnan has an MBA in Finance and Marketing from the Kelley School of Business at Indiana University and an LLB (Honors) from the National University of Singapore Law School.  He is admitted to practice law in New York and Singapore.

Daniel DanelloDaniel F. Danello 

Counsel, Venable LLP

Chair of the Derivatives, Securitization, and Project Finance Committee 

District of Columbia Bar’s Corporations, Finance & Securities Law Section

Dan Danello has more than 25 years of experience as a corporate lawyer, including 18 years as a senior counsel at Fannie Mae and Sallie Mae. He focuses on delivering practical and cost-effective support to clients on finance transactions with a particular focus on derivatives, repos, foreign exchange contracts, and corporate governance, regulatory and compliance matters.  At Fannie Mae, Mr. Danello served as counsel to the Treasurer on governance and compliance matters and transactions in the equity, debt, foreign exchange and derivatives markets. He also supported the Multifamily division on its hedging programs and investments in community development financial institutions (CDFIs) as well as various company divisions on regulatory matters, including financial product taxation and hedging issues; federal, state, and local lobbying and gifts laws; and implementation and operation of a business code of conduct. While at Sallie Mae, Mr. Danello managed the legal group responsible for corporate finance, capital markets, tax, and M&A transactions and regulatory and compliance matters. He helped launch Sallie Mae’s student loan asset-backed securitization program.  Mr. Danello regularly represents corporations, non-profit organizations, endowments, pension funds, asset managers, and financial institutions in negotiating and documenting OTC and exchange-traded swaps, security-based swaps, futures, forwards, and options as well as prime brokerage agreements, repurchase agreements, foreign exchange contracts, and related custodial and electronic license agreements. Recent significant matters include advising clients on the central clearing, exchange trading and margin requirements of Title VII of Dodd-Frank Act; representing a European commercial bank and its affiliates and other clients on Lehman bankruptcy work-outs, restructurings, and litigation; and helping clients manage documentation, collateral, reporting, and tax risks arising from funding, cash management, investment, and hedging transactions.

Robert OwensRobert Owens

Manager, Treasury & Capital Markets

FarmerMac

Robert Owens is the Manager of the Capital Markets Department at Farmer Mac, a stockholder-owned, federally chartered instrumentality of the United States.  He began his career in 1994 at a regional public accounting firm, then moved into litigation consulting at Navigant Consulting.  After receiving his MBA in 2004, he joined Farmer Mac and, in 2005, became a trader on the Capital Markets desk issuing short and long term debt, acquiring and securitizing agricultural mortgages, and entering into derivative transactions. In 2009, he assumed his current responsibilities as head of the Capital Markets Department at Farmer Mac.

He received a BS in Accounting with an Accounting Information Systems concentration from Virginia Tech and a MBA with a Finance concentration from the University of Maryland.  Rob is a licensed CPA in Virginia.

Panel 3 – Systemic Risk Models/ Analytics: Are we there yet?

RossiModerator: Cliff Rossi

Executive‐in‐Residence & Tyser Teaching Fellow, 

Robert H. Smith School of Business, University of Maryland

Dr. Rossi is an Executive‐in‐Residence and Tyser Teaching Fellow at the Robert H. Smith School of Business, University of Maryland.  Prior to entering academia, Dr. Rossi had nearly 25 years’ experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies.  His most recent position was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction.  While there he was intimately involved in Citi’s TARP and stress test activities.  He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.  Previous to these assignments, Dr. Rossi held senior risk management positions at Freddie Mac and Fannie Mae.  He started his career during the thrift crisis at the U.S. Treasury’s Office of Domestic Finance and later at the Office of Thrift Supervision working on key policy issues affecting depositories.  Dr. Rossi was also an adjunct professor in the Finance Department at the Robert H. Smith School of Business for eight years and has numerous academic and nonacademic articles on banking industry topics.  Dr. Rossi is frequently quoted on financial policy issues in major newspapers and has appeared on such programs as Fox News, Canada’s BNN, C-SPAN’s Washington Journal and CNN’s Situation Room.  He is currently writing a book, Fundamentals of Risk Management for John Wiley & Sons, Inc. He also has a weekly column, Risk Doctor in the American Banker on risk and regulatory reform issues.  Dr. Rossi serves as an advisor to several private equity investment companies and hedge funds on banking and regulatory topics.  He received his PhD from Cornell University.

peyton youngPeyton Young

James Meade Professor of Economics at Oxford University,

Senior Fellow in Economic Studies, Brookings Institution &

Professor Emeritus, Research Professor in Economics, Johns Hopkins University

Peyton Young is James Meade Professor of Economics at Oxford University and a Senior Fellow in Economic Studies at The Brookings Institution in Washington.  Professor Young is a pioneer in evolutionary game theory and its application to the study of institutional and technological change.  He has also made major contributions to the theory of learning in games.  He has published widely on game theory, bargaining and negotiation, public finance, political representation, voting, and distributive justice.  His books include: Strategic Learning and its Limits (Arne Ryde Memorial Lectures, Oxford University Press, 2004), and Individual Strategy and Social Structure: An Evolutionary Theory of Institutions (Princeton University Press, 1998), Fair Allocation (American Mathematical Society, 1985, ed.), Cost Allocation: Methods, Principles, Applications (North-Holland, 1985, ed.), Negotiation Analysis (University of Michigan Press, 1991, ed.), Equity in Theory and Practice (Princeton University Press, 1994), Social Dynamics (MIT Press, 2001, ed. with Steven Durlauf), and Fair Representation (2nd ed., The Brookings Institution, 2001, with M.L. Balinski, and Yale University Press, 1982), Fair Allocation (American Mathematical Society, 1985, ed.).  Professor Young is President of the Game Theory Society, a Fellow of the British Academy, a Fellow of the Econometric Society, and an External Faculty member of the Santa Fe Institute.

Gregory H. Feldberg

Senior Advisor, Office of Financial Research, U.S. Department of the Treasury

Gregory Feldberg currently serves as Senior Advisor at the Office of Financial Research, the US Department of Treasury.  Greg previously served as Director of Research for the Financial Crisis Inquiry Commission, and has worked as a senior member of the Banking Supervision team at the Federal Reserve Board.  Prior to joining the FRB, Greg headed the Technology Research team at Credit Agricole and also led the team of Research analysts at ABN Amro.  He was previously Financial journalist with Bloomberg News.  Greg received his MPP from the Harvard University Kennedy School of Government, and was a graduate from Brown University.

 Albert Pete KyleAlbert “Pete” Kyle

Charles E. Smith Chair Professor of Finance

Robert H. Smith School of Business, 

University of Maryland

Professor Albert S. (Pete) Kyle has been the Charles E. Smith Chair Professor of Finance at the University of Maryland’s Robert H. Smith School of Business since 2006.  He earned his B.S. degree in mathematics from Davidson College (summa cum laude, 1974), studied philosophy and economics at Oxford University as a Rhodes Scholar from Texas (1974-1977), and completed his Ph.D. in economics at the University of Chicago in 1981.  He has been a professor at Princeton University (1981-1987), the University of California Berkeley (1987-1992), and Duke University (1992-2006).  Professor Kyle’s research focuses on market microstructure, including topics such as high frequency trading, informed speculative trading, market manipulation, price volatility, the informational content of market prices, market liquidity, and contagion.  His teaching interests include market microstructure, institutional asset management, venture capital and private equity, corporate finance, option pricing, and asset pricing.  He is a Fellow of the Econometric Society (since 2002). He has been a board member of the American Finance Association (2004-2006), a staff member of the Presidential Task Force on Market Mechanisms (Brady Commission, 1987), a consultant to the SEC (Office of Inspector General), a member of NASDAQ’s economic advisory board (2004-2007), a member of the FINRA economic advisory committee (2010-2012), and a member of the CFTC’s Technology Advisory Committee (2010-2012).

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