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Agenda
Agenda
Risk Live North America Spring - 2023 Agenda
09:00 – 09:05
Opening Remarks
Kris Devasabai is the editor-in-chief for Risk.net. Previously, he was bureau head, US of Risk magazine and now he manages the editorial teams in APAC, EU and US. Prior to joining Risk, he covered hedge funds, asset management, cross-border investing and law for several publications. Kris holds a bachelor’s degree in law and government from the University of Manchester, and he completed his legal training at the Inns of Court School of Law in London. He was called to the bar of England and Wales in 2003.
09:05 – 09:30
Opening Keynote: 2023 Markets – liquidity preparedness in the face of a recession
09:30 – 10:15
Banks in crisis: could three failures all be one-offs?
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Explaining Credit Suisse, Signature and SVB
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Have central banks and regulators done enough? What further actions can we expect?
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Stockholders were wiped out at SVB; AT1 investors at Credit Suisse. Reviewing the risk of bank securities
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Looking for systemic crisis warning signs
Steve Boras is the Head of Model Risk Management & Validation at Citizens Bank in Boston, focused on managing the model risk of the bank via validation of models, performance management and monitoring of outcomes, and serving as a sounding board for new and emerging modeling techniques and their respective appropriateness. Since joining Citizens in 2015, Steve has led several risk analytics functions, most recently heading the Risk Architecture Center of Excellence (covering loss forecasting model development for CCAR/DFAST and CECL, and PD, LGD, and EAD modeling for wholesale), as well as anti-money laundering modeling, macroeconomic scenario generation, and Data Science. Steve also holds leadership roles in enterprise risk, ESG and Inflation/Stagflation scenario analysis, and artificial intelligence and machine learning governance.
Kris Devasabai is the editor-in-chief for Risk.net. Previously, he was bureau head, US of Risk magazine and now he manages the editorial teams in APAC, EU and US. Prior to joining Risk, he covered hedge funds, asset management, cross-border investing and law for several publications. Kris holds a bachelor’s degree in law and government from the University of Manchester, and he completed his legal training at the Inns of Court School of Law in London. He was called to the bar of England and Wales in 2003.
10:15 – 10:35
Keynote: The myth of diversification, reconsidered
- Diversification is one of the core principles of investing. Unfortunately, it tends to disappear when it is needed most and turns up again when it is unwanted
- To make matters worse, many investors and researchers measure these correlation asymmetries incorrectly
- We propose that investors measure correlations conditional on the main engine of portfolio growth – often equities
- By doing so, investors can focus on downside protection that is genuinely helpful when the growth engine falters
Will’s personal research has focused on recession forecasting, private equity investing, asset allocation, inflation and risk measurement. He and his co-authors received “outstanding article” awards for their research in 2013, 2014, 2015, 2016 and 2021. The second edition of his book, “Asset Allocation: From Theory to Practice and Beyond,” co-authored with Mark Kritzman and David Turkington, was published in 2021. He also serves on the editorial boards of the Journal of Portfolio Management and the Journal of Alternative Inestments. He holds an M.S. in finance from Boston College, a B.A. in Economics from Tufts University, and a CFA designation.
10:35 – 11:15
Morning Networking Break
11:15 – 11:55
Improving Consensus for Valuation Control and Independent Price Verification (IPV) in OTC Derivatives
- How global regulatory drivers are influencing valuation practices for sell-side and buy-side firms
- Improving risk assessment for optimised risk capital allocation
- Why better price transparency is needed in volatile markets
- Applying market observable data to corroborate valuations and address FRTB
Chris Dearie has more than 20 years’ experience in capital markets, managing commercial teams and strategy. Chris is currently Deputy CEO for Parameta Solutions and has worked at Tullett Prebon and TP ICAP for over 16 years. In addition to his role as Deputy CEO, Chris also manages global teams responsible for product development, strategic partnerships, acquisitions and Burton-Taylor, a leading market research company.
Prior to joining Tullett Prebon, Chris held a number of roles at Reuters including managing the team with responsibility for global exchange market data contracts, and management of the European Content Acquisition team. Chris sits on various industry discussion groups and speaks regularly on panels about policies and strategy in market data.
11:55 – 12:40
ESG, Greenwashing, and the greater understanding – who’s calling the shots?
- Regulation – is there ample data to keep up with government and internal policies?
- Adapting - using risk alerts and regulator activity to evaluate and adjust practices, policies, and training
- Impacting change – how can data show investment stewardship on dirtier equities?
- Keeping track – identifying and monitoring risks and events for mitigation purposes
- Outperformance – how ESG strategies have been reshaped after a liquidity drain in 2022
Louie Woodall is editorial lead at Manifest Climate, a leading climate technology company that provides businesses with an all-encompassing solution to manage climate risks and disclosures. Previously, Louie was editor of Risk Quantum and deputy editor for Risk.net's risk management desk. Louie holds a bachelor’s degree in modern history and politics from the University of London.
12:40 – 14:00
Networking Lunch
14:00 – 17:45
Technology disruptions in capital markets
14:00 – 14:45
Evolution of the risk function – taking analytics to the next level
- Stress testing – how many scenarios to run and how long does it take?
- Examining how analytics can help with ensuring good governance and regulatory compliance
- Investment risk – enhancing ways to analyze investment strategies
Steve Boras is the Head of Model Risk Management & Validation at Citizens Bank in Boston, focused on managing the model risk of the bank via validation of models, performance management and monitoring of outcomes, and serving as a sounding board for new and emerging modeling techniques and their respective appropriateness. Since joining Citizens in 2015, Steve has led several risk analytics functions, most recently heading the Risk Architecture Center of Excellence (covering loss forecasting model development for CCAR/DFAST and CECL, and PD, LGD, and EAD modeling for wholesale), as well as anti-money laundering modeling, macroeconomic scenario generation, and Data Science. Steve also holds leadership roles in enterprise risk, ESG and Inflation/Stagflation scenario analysis, and artificial intelligence and machine learning governance.
As Chief Risk Officer, Rodney leads the Risk Management, Compliance and Ethics, and Assurance and Advisory functions for OMERS. Under his leadership, these functions work closely with the businesses units across OMERS to fulfil their mandate, and to provide ongoing monitoring and reporting to senior management, the OMERS Board of Directors and its various committees.
Prior to joining OMERS in 2011, Rodney worked as a Partner at an international accounting firm, where he specialized in auditing complex public and private companies. During this time, he also held several leadership roles with the firm.
A graduate from the University of Kent at Canterbury, with an Honours Degree in Accounting with Computing (Honours), Rodney is an Associate of the Institute of Chartered Accountants in England and Wales (ACA-UK).
He is also a Chartered Professional Accountant (CA, CPA) in Canada. Originally from Ireland, Rodney is passionate about giving back through involvement with community. Rodney also serves on the Financial Committee for Crescent School. He lives in Toronto with his family.
Baha Rudin is the Head of buy side sales & account management, North America for ActiveViam, a data analytics company.
In this role Ms. Rudin is focused on the acquisition of new logos in asset management, hedge fund and asset owner space. She is also responsible for expanding partnerships with the existing clients.
Ms. Rudin has more than 20 years of experience in risk management, prop trading, securities lending and financial research that allow her to connect the dots and people across the business and find opportunities that result in new efficiencies and products.
Her fintech experience includes working at State Street Global Exchange and RiskMetrics.
Ms. Rudin holds an MS degree in Economics from University of Wisconsin-Madison and BS degree in Math and Economics from University of Minnesota-Minneapolis
14:45 – 15:15
Redesigning markets – what will it take to have securities and other traditional asset classes traded on blockchain?
- Tokenization – what assets are on the verge of being tokenized or fractionalized?
- Creating the liquidity – how do you get over the first hurdle of getting actual money on chain?
- Regulation – impact of Basel committee tax proposal on tokenized traditional assets
- Intermediaries – how does their role change under a new DLT market structure?
Reba Beeson is the General Counsel at AlphaPoint, a white label exchange software provider powering crypto exchanges worldwide and the technology behind El Salvador’s bitcoin wallet, Chivo. She is a member of 100 Women in Finance and Digital Asset Regulatory and Legal Alliance and a member of the New York State bar. Reba has also held numerous FINRA licenses.
Prior to joining AlphaPoint, Reba worked as an attorney and capital markets banker, having served as Deputy General Counsel – US for World Gold Council and its US affiliated sponsors of the largest global gold-backed ETF product suite. Reba formerly held roles as lead counsel for UBS Alternative Investment Group and SVP/Head of Complex Financing for BNP/Paribas.
Lynne is a frequent global speaker, investor and thought leader in the blockchain, digital assets and NFT ecosystems. A traditional finance professional, Lynne embraced blockchain in 2018 by completing the Oxford Blockchain Strategy Program, Said Business School at Oxford University.
Lynne’s deep understanding and experience in traditional Capital Markets FX, Liquidity, Trading and Execution, Clearinghouses, Global Payments, Corporate Note programs and investment vehicles has given her insights into many channels. She was most recently a Managing Director and Head of the Specialized Industry Segment within BNYMellon. Lynne was Senior Advisor to the EnterpriseWomen Program launched in 2019 at the Judge Business School, Cambridge University, UK. She is a Board-member of Fintech Women, The Northshore YMC’A’s Corporate Board, the Boston Ballet and the Copernicus Institute. She is a non-Executive Director to Altemis Labs, UK and AlphaClinix a UK and Africa based clinical trials startup.
Lynne currently advises corporations and financial institutions on navigating the digital asset space. While most of her work is in the financial sector she just led the team that launched an NFT collectible for a major manufacturer.
She is passionate about giving back and lifting up. Her speaking engagements are as follows:
Lynne is a sought-after global speaker, investor and thought leader in all things Blockchain, Digital Assets and Web3. She recently was nominated as an Unstoppable Women of Web3 (12|2022). She has been an Innovation Judge at MIT (3+ years), a Judge for the Fintech Banking Awards (2022) and the Northeast Innovation Symposium. Lynne’s most recent speaking engagements include:
*Finland MA, March 9, 2023-Blockchain in Corporate Finance
*Cambridge U, UK, February 2023-EMBA Blockchain in Corporate Finance
*SuffolkUniversity, January, 2022-Blockchain Revolution
*FintechWomen, November 2022-Real Talk Blockchain
*Charitable Giving Conference, November 2022-Ropes and Gray
*BBA, August, 2022- -Senator Cynthia Lummis and the RFIA interviewer
*BBA, July, 2022-BBA-Women Executives in the Blockchain Space moderator
*BBA, July, 2022-BBA-Anthony Scaramucci interview re: future of Crypto
*April, 2022- New England-Canada Business Council, April 2022 on Blockchain at
its Impact in Financial Services
*Texpo, April 2022, Blockchain Use Cases
*Mid-Atlantic AFP-Blockchain, April 2022, Crypto and Digital Assets
*Atlanta AFP, April 2022 Blockchain Round 2
*Tmany, NYC Virtual, April 2022, Blockchain in and around corporations
*New England AFP, May 2, 2022-Blockchain, the metaverse and tokenization
*Web3.0Summit, San Diego, May 2022-NFT roadmap of the Metaverse
*University of Oxford, April 2021 “Value for Money-Lean Canvas Valuations”
*University of Oxford, December, 2020 “Money Talks”
* Women in Housing and Finance, DC conference on Payment Innovation,
*2018 Oxford University Global Symposium, UK-Navigating Financial Change
*Third Annual Global Back Office & Operational Efficiency Summit,
November 2019, Barcelona, Spain - blockchain for operational efficiency
*The Boston Club- Merrill Lynch and BNYMellon’s WIN program | Blockchain
*Association of Financial Professionals (AFP) National and Regional programs
(NYC, NC, MidAtlantic, Texas, Midwest, Boston) on Blockchain.
Lynne is the past president of the New England Association of Financial Professionals (NE- AFP). She is currently Chair of Boston Blockchain Association, An Ambassador for GBBC and on the Board of The Boston Ballet and Copernicus Institute. She has been an advisor to Knovva Academy supporting their efforts globally to educate high school students for leadership, diplomacy and critical thinking.
15:15 – 16:00
Afternoon Networking Break
16:00 – 16:30
AI and Machine Learning – best use cases for asset managers
- Portfolio construction
- Portfolio management
- Risk analytics
- Predictive capabilities
Joseph Simonian is Senior Investment Strategist at Scientific Beta. Over the last 17 years Joseph has held senior portfolio management and research positions in several asset management firms, including PIMCO, Fidelity, Natixis Investment Managers, and JP Morgan Asset Management. He is also the founder and CIO of Autonomous Investment Technologies LLC.
Joseph is a noted contributor to leading finance journals and is also a prominent speaker at investment events worldwide. He is currently the co-editor of the Journal of Financial Data Science, on the editorial board for The Journal of Portfolio Management, and advisory board member for the Financial Data Professional Institute. Joseph is the author of over 40 academic publications.
Joseph also has vast experience in teaching both in academia and industry.
He holds a Ph.D. from the University of California, Santa Barbara; an M.A. from Columbia University; as well as a B.A. from the University of California, Los Angeles.
Dr. Lee is a Managing Director at PanAgora Asset Management and leads the Dynamic Equity Team. Her primary responsibilities include oversight and management of the team, conducting research to uncover new alpha sources, building quantitative stock selection models, and managing portfolios within the Dynamic Equity strategies. Dr. Lee is a key contributor to the innovative equity research used in the development of PanAgora’s Dynamic Equity models. Dr. Lee is a member of the firm’s Operating and Directors Committees.
Prior to joining PanAgora, Dr. Lee was a Managing Director of the Scientific Active Equity team at BlackRock, Inc. Dr. Lee joined Barclays Global Investors in 2007, which merged with BlackRock in 2009. While at BGI/BlackRock, she managed the Emerging Markets strategies and led the Emerging Markets portfolio management team, overseeing $15B AUM across long-only, 130/30 and market neutral strategies. Her prior experience includes a role as a Senior Portfolio Manager at Barclays Global Investors as well as Research and Portfolio Management roles at Quantal Asset Management, managing International equity strategies.
Dr. Lee graduated from the University of California, Berkeley with a Ph.D. in Economics.
Education:
University of California, Berkeley, Ph.D. Economics
Haas School of Business, University of California, Berkeley, MFE
University of Minnesota, Twin Cities, B.S. Economics
Vineel Gujjar, is a VP at AI Center of Excellence for Asset Management at Fidelity Investments, where he oversees the development of AI technologies for portfolio management and predictive modeling. His areas of expertise also include Natural Language Processing and Deep Learning.
Prior to his role at Fidelity, Vineel was a research scientist at GE Research, where he made significant contributions to the development of NLP models for GE businesses. Vineel has a master’s degree in computer science from the prestigious Indian Institute of Technology, and has four patents and several publications to his name.
Duncan Wood is the London-based editor-in-chief of Risk.net. He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.
In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up ERisk.com. He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.
16:30 – 17:15
Asset correlations – what risks are associated with asset classes becoming more in line with each other?
- Allocation – how can you hedge across asset classes?
- Liquidity – how do you avoid a dried up market?
- Clearing and settlement
Ronald Ratcliffe, PhD, is a Managing Director in BlackRock’s Applied Portfolio Analysis practice area within the Analytics & Quantitative Solutions (AQS) group. He focuses on multi-asset portfolio risk, scenario analysis, and portfolio construction.
Dr. Ratcliffe's service with BlackRock dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining AQS, he led the Market-Driven Scenarios (MDS) initiative as Head of Cross-Platform Scenario Analysis in the Risk & Quantitative Analysis (RQA) group. Previously in RQA, he was Head of Multi-Asset Investment Risk for the Americas West region. In the Portfolio Management Group (PMG), he was a portfolio manager and developed systematic macro trading strategies. Prior to joining BGI, Dr. Ratcliffe was a senior manager at KPMG in corporate valuation and international transfer pricing. Previously, he was the chief economist for Latin America at SG Cowen Securities, a subsidiary of Societe Generale. Before that he was with Bankers Trust Company (now part of Deutsche Bank) where he carried out country risk analysis.
Dr. Ratcliffe earned BA degrees in economics and in political science, with distinction and with departmental honors in economics, from Stanford University. He received a PhD in economics from the University of Pennsylvania.
Chris Callies has partnered with senior officers of major financial institutions to address growing complexity in the nature of financial risk and its propagation across geographic, asset class, market structure, and operational boundaries. After initially working with institutional asset managers, commercial and investment banks, and multi-family offices through the financial crisis that began in 2007–08, her professional domain later expanded to alternatives managers, insurance firms, non-bank lenders and regulators. Callies has advanced through a series of senior roles at Credit Suisse, Merrill Lynch and Bessemer Trust, including chief investment strategist, chief strategist, head of market risk strategy, and acting chief investment officer, with oversight of more than $40 billion in traditional and alternative assets. She is a dedicated advocate for fully integrated, flexible, proactive risk analytics as a vital tool for effective capital planning, product development and sustainable returns. Callies holds a bachelors degree from Northwestern University in Evanston, Illinois, with a sub-specialty in advanced applied mathematics.
Rahul Ajmera is a Senior Risk leader at Liberty Mutual Investments and spearheads risk management for global fixed income portfolios at LMI, overseeing all aspects of portfolio oversight, risk management, modeling and analytics processes, relative value analysis, and stress testing techniques used for asset allocation, portfolio management and reporting purposes.
Rahul is a seasoned Investment professional with over 15 years of experience on both buy and sell side, He specializes in Risk management across public and private markets, his expertise spans Portfolio construction and Asset allocation, Hedging strategies, Research and Modeling, and cross-asset exposure (Fixed Income, Equities, Derivatives, Private Equity/Debt, and Hard Assets).
17:15 – 17:45
Fireside chat: Policy risks and outlook for the US economy in 2023
Ronald Ratcliffe, PhD, is a Managing Director in BlackRock’s Applied Portfolio Analysis practice area within the Analytics & Quantitative Solutions (AQS) group. He focuses on multi-asset portfolio risk, scenario analysis, and portfolio construction.
Dr. Ratcliffe's service with BlackRock dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining AQS, he led the Market-Driven Scenarios (MDS) initiative as Head of Cross-Platform Scenario Analysis in the Risk & Quantitative Analysis (RQA) group. Previously in RQA, he was Head of Multi-Asset Investment Risk for the Americas West region. In the Portfolio Management Group (PMG), he was a portfolio manager and developed systematic macro trading strategies. Prior to joining BGI, Dr. Ratcliffe was a senior manager at KPMG in corporate valuation and international transfer pricing. Previously, he was the chief economist for Latin America at SG Cowen Securities, a subsidiary of Societe Generale. Before that he was with Bankers Trust Company (now part of Deutsche Bank) where he carried out country risk analysis.
Dr. Ratcliffe earned BA degrees in economics and in political science, with distinction and with departmental honors in economics, from Stanford University. He received a PhD in economics from the University of Pennsylvania.
Roberto Rigobon
Society of Sloan Fellows Professor of Management, and Professor of Applied Economics
MIT Sloan School of Management
08:00 – 09:00
Registration opens
09:00 – 09:05
Opening Remarks
Duncan Wood is the London-based editor-in-chief of Risk.net. He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.
In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up ERisk.com. He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.
09:05 – 09:20
Macro events & strategies
09:05 – 09:20
Opening Keynote: Rates, central banks, and the dollar
Simona Mocuta is the Chief Economist of State Street Global Advisors. In this role, she helps shape the team's views on key global economic developments and trends, produces forecasts and analysis for the G7 economies and key emerging markets, and presents these views to internal investment teams, clients, and the media. She is the lead author of the Weekly Economic Perspectives, produces thought leadership articles on a wide range of macroeconomic topics, and is a regular speaker at financial industry events. Simona is the current chair of the Economic Advisory Committee of the American Bankers Association.
Prior to joining State Street, Simona led the Asia macroeconomic practice at IHS Global Insight, where she oversaw the team's long-term economic forecasts and risk assessments for Asian countries and led the enhancement of the China Regional Economic Service.
Simona holds a Master's degree in International Economics from Suffolk University in Boston, MA, and an undergraduate degree in International Economic Relations from West University of Timisoara, Romania.
09:20 – 10:15
Macro markets – current state look at FX markets
- Dollar reaction function in a recessionary environment
- How undervalued are Euro and Yen right now?
- Impact of China reopening on asset classes and the broader dollar
Throughout his career on Wall Street, Chandler has advised private businesses, hedge funds and asset managers on navigating the foreign exchange market, and most recently joined Bannockburn Global Forex as Managing Director and Chief Market Strategist in their New York City office.
Keep up with Marc Chandler's ongoing analysis on his blog, www.marctomarket.com, or follow him on Twitter, @marcmakingsense.
John Velis is a member of BNY Mellon Markets' global strategy team and serves as FX and Macro Strategist for the Americas. He leads BNY Mellon's continued investment into North American commentary.
He joined BNY Mellon from State Street in Boston, where he was instrumental in running a Macro Research function that applied proprietary data on investor behaviour, market-risk modelling and real-time inflation analysis to the firm’s client base. Prior to his role as a senior multi-asset strategist at State Street Global Markets, John was based in London and worked at Vanguard Asset Management, Russell Investments and ABN Amro.
He holds a PhD in Applied Economics from Indiana University and a B.A. in Economics from the University of Pennsylvania. He was also a visiting scholar at the Federal Reserve Bank of Atlanta.
Mazen is a Senior FX Strategist for the Global Strategy team. Based in New York, Mazen provides strategic macro perspectives and tactical trading recommendations in G10FX for a wide range of institutional and corporate clients, as well as TD's trading desk. Mazen ranked Top 10 in FX Strategy in the 2022 Institutional Investor Survey (USA) and 1st in Canada in 2021. Mazen was previously a Senior Macro Strategist based in Toronto, focused on North American markets, where he was a top-ranked macro forecaster of Canada by Bloomberg News in 2012 and 2013. Prior to joining TD Securities, Mazen spent a number of years at BCA Research as the lead analyst for Global Fixed Income Strategy. In that role he was responsible for providing macro analysis and investment recommendations for the developed markets. Mazen holds a Masters of Finance degree and a B.Com in Finance with a major in Economics from the University of Toronto.
Ulf J. Lindahl, Chief Executive Officer, has 40 years of experience in currency research and in managing currency overlay and currency alpha portfolios for pension funds and family offices now applied at Currency Research Associates. The experience was gained at A.G. Bisset, which he co-founded in 1981. Ulf has published the Review of Emerging Trends since 1984 providing subscribers with advice they can trust on currencies, interest rates, equity markets and commodities. The Review of Emerging Trends is now published by Currency Research Associates.
Win Thin is the Global Head of Emerging Markets Strategy at Brown Brothers Harriman (BBH). He has a broad international background with a special interest in developing markets. Prior to joining BBH in June 2007, he founded Mandalay Advisors, an independent research firm providing sovereign emerging market analysis to institutional investors. Previously, Dr. Thin was a vice president and international economist covering major emerging markets in Asia and Latin America for Alliance Capital Management and HSBC. Earlier in his career, he worked at the U.S. Treasury and Columbia University.
Dr. Thin received a PhD in economics from Columbia University in 1995, specializing in International and Development Economics. He received an MA from Georgetown University in 1985 and a BA from Brandeis University in 1983. His current research projects focus on developing and refining portfolio allocation tools for institutional investors.
10:15 – 11:00
Morning Networking Break
11:00 – 11:45
Trade strategies – a view from the trading desk
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Navigating the return of a volatile market
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Can traders find new ways to access liquidity?
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When diversifying outside of the US, what currencies do you look at?
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Are quant and high frequency trading making a return to FX?
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FX use in hedging an international portfolio
Peter is a senior portfolio manager in the Currency Management team. His role is to generate alpha using currency forwards and options in overlay strategies, active hedging strategies, and pure currency alpha strategies. He is experienced in the development, evaluation and analysis of quantitative trading strategies as well as discretionary currency investing. Peter has over 10 years of investment experience and has specialised in currencies throughout his career. Prior to joining BNPP AM, via its predecessor firm FFTW in 2013, he was a currency options trader at J.P. Morgan. Peter holds a BSc in Mathematics & Economics from the University of Nottingham and a Master of Finance from the Massachusetts Institute of Technology.
11:45 – 12:15
Liquidity constraints – dealing with the ebbs and flows of the FX market
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Cost of trading – improving efficiencies in an increasingly fragmented market
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Market exits – how do you get out of restricted markets that have liquidity issues?
Neil has been in the foreign exchange market for 38 years. He started his career with Texas Commerce Bank (now JP Morgan) in 1985 as Chief Dealer, specializing in trading USD/MXN. He then joined Zions Bancorp in 2014 and turned his focus to FX sales. He spent his career in FX in the great state of Texas. Neil is also second generation FX, as his father was in the market for over 40 years.
Garth Appelt is a Managing Director, Head of Foreign Exchange at Mizuho Americas. Prior to Mizuho, Garth was a Senior Managing Director at UBS where he was the Global Head of Emerging Markets, Global Head of G10 Foreign Exchange Spot FX, and Global Head of Precious Metals Trading. At UBS, Garth was a member of the FRC Americas Executive Committee and FRC Global Management Committee. Garth also served as a board member for the Emerging Markets Traders Association (EMTA). Prior to joining UBS, Appelt was a Portfolio Manager at Moore Capital Management specializing in G10 and Emerging Market directional and relative value strategies in foreign exchange, interest rates, credit and equities. Over a 25-year career, Appelt has also held positions at Goldman Sachs, Morgan Stanley, and JP Morgan in New York, Paris and London.
12:15 – 12:45
Do central banks need to revisit their inflation models?
Moderator: Duncan Wood, Global editorial director, Risk.net
Arguing Yes:
Robert Savage, Head of FX sales Americas, BNY Mellon
Arguing No:
Don Cummings, FX and interest rate derivatives trader, Mizuho Securities
Don Cummings is head of G10 and EM Asia FX trading at Mizuho Americas (MSUSA). In his current role he is responsible for overseeing the provision and management of a broad portfolio of FX hedging products to MSUSA’s corporate and institutional clients. Since joining in 2017 Don has worked to build and develop MSUSA’s capabilities across the spectrum of FX derivatives. Prior to joining Mizuho Don worked in FX and Macro rates trading at Nomura securities. Don holds an MSc. In Economics from the London School of Economics & Political Science (LSE).
Robert Savage has recently been appointed Head of FX Sales Americas at BNY Mellon. Before landing his recent position at BNY Mellon, Robert formed CCTrack Solutions and was Chief Executive Officer for over 5 years.
Since commencing his career in February of 1996 as the FX Trading Head SVP at Lehman Brothers, Savage has gone on to hold a number of notable positions during his 23-year-long career. Most notably COO at FX Concepts and Managing Director of FX Macro Sales at Goldman Sachs, where began to publish widely-read and insightful research focusing on the FX markets and the macroeconomic environment.
Prior to his 11 years with Goldman Sachs, he was the Head of New York Foreign Exchange Trading for Lehman Brothers and a Director of Proprietary Trading at Bank of America Securities, where he worked as a proprietary trader in FX, reporting to Richard Breslow. Other notable positions include Senior Advisor at McKinsey & Company and CEO, Editor in Chief & Head of Track Research at Trackresearch.com.
In addition to his wealth of experience, Savage studied at Yale University from 1980 until 1984, earning himself a Bachelor of Political Philosophy.
Duncan Wood is the London-based editor-in-chief of Risk.net. He was promoted to the role at the start of 2015, to lead the editorial reorganisation of the website and its print titles. Wood had been editor of Risk magazine since July 2011. He rejoined Risk as European editor in October 2009, having originally worked for Risk and Asia Risk in London and Hong Kong as a writer and researcher between 1998 and 2000.
In the intervening years, Wood was news editor for the Oliver Wyman-founded online start-up ERisk.com. He also worked freelance for six years while living in Germany, with his work featuring in Euromoney, Financial News, IFR, and The Wall Street Journal, as well as Risk magazine and its sister titles. Wood has written about derivatives and risk throughout his 17-year career in journalism. He is a Neal Awards finalist, and has won Incisive Media's journalist and editor of the year awards.
12:45 – 14:00
Networking Lunch
14:00 – 17:45
FX Structure
14:00 – 14:45
FX hedging overlays – passive hedging to reduce currency risk
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How are buy side firms outsourcing their hedging programs?
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Should this be done by principal or agency traders?
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Reporting and analytics – accessing the best TCA data
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Custody – how can we get greater transparency
Steve Fenty is Global Head of Currency Management at State Street Global Markets. State Street’s Currency Management business delivers agency execution and foreign exchange hedging programs to institutional investors and today is a leading provider of outsourced FX solutions globally. Prior to his current role, Steve established and led State Street Global Markets’ Portfolio Solutions Strategy Team, responsible for client trade-strategy consulting and product development across State Street’s multi-asset agency trading businesses. Steve has a Bachelor of Science degree in Operations Research and Industrial Engineering from Cornell University. He is a CFA charterholder and holds FINRA Series 7 and 63 licenses.
Mike Harris is the Global Head of Cross Asset Electronic Distribution covering FX, Rates, Futures and Equities. His primary responsibilities including building RBC’s electronic Principal market making distribution to institutional, corporate and commercial clients, establishing and structuring engagement standards, outlining and performing optimization standards, expanding RBC’s riskless Principal suite of algo and developing industry leading cross asset analytic tools.
Don Cummings is head of G10 and EM Asia FX trading at Mizuho Americas (MSUSA). In his current role he is responsible for overseeing the provision and management of a broad portfolio of FX hedging products to MSUSA’s corporate and institutional clients. Since joining in 2017 Don has worked to build and develop MSUSA’s capabilities across the spectrum of FX derivatives. Prior to joining Mizuho Don worked in FX and Macro rates trading at Nomura securities. Don holds an MSc. In Economics from the London School of Economics & Political Science (LSE).
14:45 – 15:15
What’s next for the trading desk?
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Examining the future of trading technology
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Risk management automation – improved systems for realized risks coming into your books
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Less liquid pairs – how can you automate for currency pairs that suffer from liquidity issues?
Andriy is a Head of Algo Development for Equities and FX at Precision Algos, Cantor Fitzgerald where he primarily focuses on the software development effort for the Equities and FX products. He also contributes extensively to Precision’s cross-assets algorithmic offering.
Andriy joined the Precision team from FXall/Thomson Reuters where he ran the FX SOR and algorithmic trading engine development. Prior to FxAll/Thomson Reuters, Andriy held a position of VP, Equities/Derivatives DMA & Quantitative Technologies at Jefferies. He has extensive experience in building algorithmic systems for trading Equities and FX.
Andriy graduated with a B.S. in Physics from the State University of Ukraine, Chernivtsi in 1996.
Mike Harris is the Global Head of Cross Asset Electronic Distribution covering FX, Rates, Futures and Equities. His primary responsibilities including building RBC’s electronic Principal market making distribution to institutional, corporate and commercial clients, establishing and structuring engagement standards, outlining and performing optimization standards, expanding RBC’s riskless Principal suite of algo and developing industry leading cross asset analytic tools.
John Burke is a Senior Vice President at Northern Trust and Head of e-FX for Northern Trust Global Foreign Exchange. John began his career with Northern Trust in 2000, and joined GFX in 2015. Since then he has played a foundational role in developing and growing Northern Trust’s e-FX products, integrating solutions across the GFX product suite. Most recently, John assumed the overall leadership of the e-FX team, managing and growing the team globally; driving strategic initiatives including establishing a regional e-FX pricing engine in Singapore and enhancing our FX Algo product offering. John also oversees Northern Trust’s e-FX technology.
15:15 – 16:00
Afternoon Networking Break
09:00 – 09:10
Chair’s opening remarks: navigating risk in a hyper-connected world
Mark has over 30 years’ experience in global capital markets, consulting and associated technologies, focusing on risk management, front- and middle-office platforms and data management. Before Chartis he held executive positions in large global financial institutions, consultancies and FinTechs, in various roles including platform and software development, solution architecture, large-scale program management, vendor selection and implementation, and strategy development and execution.
With a background covering the front, middle and back office, Mark brings to Chartis a holistic view of business, technology and regulatory issues across the enterprise, and how these issues can be addressed by leveraging appropriate technology solutions. His primary focus has been risk technology, and his work in this area includes: leading the global teams for risk technology at RBS Capital Markets and AIG; working with middle- and front-office technology teams at Barclays Capital; extensive consulting experience with major consulting organizations including EY and Deloitte; and extensive vendor experience, including time at Algorithmics and Misys (now Finastra). Mark has an MA from Oxford University and is a Fellow of the Institute of Chartered Accountants in England and Wales.
09:10 – 09:40
Cyber resilience: examination priorities and perspectives
Norine A. Richards
Director of bank information technology policy
Office of the Comptroller of the Currency
Norine Richards is the Director for Bank Information Technology for the Office of the Comptroller of the Currency’s (OCC) Operational Risk Policy Division.
In this role, Ms. Richards manages the team responsible for developing, communicating, and interpreting policies for the OCC’s supervision of technology operations at financial institutions. She represents the OCC on several interagency groups, including the Federal Financial Institutions Examination Council’s Information Technology Subcommittee. The interagency groups focus on coordination and development of information technology risk management supervisory guidance for such topics as information security, resiliency, technology operations, corporate governance, and independent risk management. She assumed these responsibilities in May 2020.
Previously, Ms. Richards spent 22 years as a National Bank Examiner specializing in information technology examination for significant service providers and financial institutions and served as the Bank Information Technology lead expert for the OCC’s Western District. Ms. Richards has also worked as an information security consultant in Washington, D.C., and was the Director of Risk Management for a financial institution.
Ms. Richards attended Bloomsburg University and is a Certified Information Systems Auditor and Certified Fraud Examiner.
09:40 – 10:20
Taking a unified approach: weighing in on cyber risk, from third parties to the threat of systemic collapse
We're living in a hyper-connected world. As financial services firms continue to tread the path of digital transformation, hear how CISOs and CROs are envisioning the future of cyber risk, security and the threat landscape.
As Chief Risk Officer, Rodney leads the Risk Management, Compliance and Ethics, and Assurance and Advisory functions for OMERS. Under his leadership, these functions work closely with the businesses units across OMERS to fulfil their mandate, and to provide ongoing monitoring and reporting to senior management, the OMERS Board of Directors and its various committees.
Prior to joining OMERS in 2011, Rodney worked as a Partner at an international accounting firm, where he specialized in auditing complex public and private companies. During this time, he also held several leadership roles with the firm.
A graduate from the University of Kent at Canterbury, with an Honours Degree in Accounting with Computing (Honours), Rodney is an Associate of the Institute of Chartered Accountants in England and Wales (ACA-UK).
He is also a Chartered Professional Accountant (CA, CPA) in Canada. Originally from Ireland, Rodney is passionate about giving back through involvement with community. Rodney also serves on the Financial Committee for Crescent School. He lives in Toronto with his family.
Bob Kolasky
Nonresident scholar, technology and international affairs program
Carnegie Endowment for International Peace
Mr. Clinton is President and CEO of the Internet Security Alliance. Twice listed in “Corporate 100” most influential individuals in corporate governance. Primary author/editor of Cyber Risk Management Handbook published by NACD, endorsed by DHS and DOJ. PWC has independently assessed the books and found their use produces a variety of positive security outcomes. Mr. Clinton testifies before Congress, NATO, the G-20 Summit, and Federal Reserve. He teaches for NACD and Wharton, is Chair of IT Sector Coordinating Council, Subject Matter Expert for CISA’s, certified in cyber risk management by Carnegie Mellon, and author of books and articles internationally.
William Guenther is the Advanced Cyber Security Center’s (ACSC) Executive Chairman and organized the founding partners for the nonprofit in 2011 through his regional competitiveness consulting firm, Mass Insight Global Partnerships.
The Boston-based ACSC advances member cyber defense strategies through regional, national and global practice-sharing networks of industry leaders and provides professional opportunities for rising talent.
10:20 – 11:00
Running scenarios for the next geopolitical flair-up: cyber risk and threat intelligence
- Why cyber needs to be part of the discussion
- Banks sharing intelligence
- Why debriefing across banks is so crucial
- Why you need to start thinking about the next world war
Evan Wheeler, Senior Director, leads the Risk Identification & Assessment team within Technology Risk Management at Capital One. Evan got his start in cybersecurity working with the U.S. Department of Defense in a Security Operations Center (SOC) and has since held several executive level cybersecurity and operational risk management roles at global organizations such as MUFG Union Bank, Depository Trust & Clearing Corporation (DTCC), and various FinTech firms. At MUFG, Evan designed and implemented a new 2nd Line Information Risk Management program, focusing on harmonizing the tech/cyber assessments with the enterprise risk framework, and deploying a data driven methodology to quantify risk for IT processes.Evan originally joined the DTCC with responsibility for developing a risk framework for the cyber organization, and later moved on to oversee 2nd Line Operational Risk Management for ten diverse lines of business, subsidiaries, and joint ventures. Along the way, he drove major initiatives such as a migration to AWS, implementing DDoS protection, dynamic application security testing, and privileged access control. During his tenure at DTCC, Evan was actively involved with cross-sector initiatives through the FSSCC and FS-ISAC.
With more than 30 years of experience in cyber security, national security and critical infrastructure protection, Keith currently holds the position of National Security Advisor for the Federal Reserve Banks. In his present role he serves as the primary liaison between the Federal Reserve Banks, the intelligence community, and federal law enforcement. His mission is to ensure that our nation’s central bank benefits from timely and relevant classified national security information associated with global threat actors and associated risks.
Mr. Clinton is President and CEO of the Internet Security Alliance. Twice listed in “Corporate 100” most influential individuals in corporate governance. Primary author/editor of Cyber Risk Management Handbook published by NACD, endorsed by DHS and DOJ. PWC has independently assessed the books and found their use produces a variety of positive security outcomes. Mr. Clinton testifies before Congress, NATO, the G-20 Summit, and Federal Reserve. He teaches for NACD and Wharton, is Chair of IT Sector Coordinating Council, Subject Matter Expert for CISA’s, certified in cyber risk management by Carnegie Mellon, and author of books and articles internationally.
Prior to joining Risk, he reported on the futures and foreign exchange industries for Dow Jones' Financial News and the Euromoney group of publications. Osborn holds a bachelor's degree in English literature from the University of Warwick.
11:00 – 11:30
Networking coffee break
Knowledge café networking sessions
Grab a coffee and join one of our informal networking table tops located in front of the coffee station. Each discussion is expert led and confidential.
- Human capital management: staffing and resource problems attracting and retaining talent
- Resolving identify theft off the dark web: how can firms tackle this issue?
As Chief Risk Officer, Rodney leads the Risk Management, Compliance and Ethics, and Assurance and Advisory functions for OMERS. Under his leadership, these functions work closely with the businesses units across OMERS to fulfil their mandate, and to provide ongoing monitoring and reporting to senior management, the OMERS Board of Directors and its various committees.
Prior to joining OMERS in 2011, Rodney worked as a Partner at an international accounting firm, where he specialized in auditing complex public and private companies. During this time, he also held several leadership roles with the firm.
A graduate from the University of Kent at Canterbury, with an Honours Degree in Accounting with Computing (Honours), Rodney is an Associate of the Institute of Chartered Accountants in England and Wales (ACA-UK).
He is also a Chartered Professional Accountant (CA, CPA) in Canada. Originally from Ireland, Rodney is passionate about giving back through involvement with community. Rodney also serves on the Financial Committee for Crescent School. He lives in Toronto with his family.
11:30 – 12:10
Cyber risk quantification: building a practical approach from the ground up to help realise business goals
- What is the business problem that we are trying to solve
- What are the first steps to take? Moving beyond KPIs to realise real-world impact
- Data collection and identification: supressing outdated toolsets and mind-sets – how much more is there to do?
- What are the success stories in the current environment of nation-state bad actors?
- Being an agent for change: addressing risks beyond your control, winning hearts and minds and developing skillsets
Filippo Curti
Financial economist, supervision, regulation and credit
The Federal Reserve Bank of Richmond
Filippo is a financial economist in the Quantitative Supervision and Research (QSR) unit of the Federal Reserve Bank of Richmond. Filippo joined the Richmond Fed in 2014 after earning his doctorate in Finance at the University of Arizona. Prior to moving to the US, Filippo worked one year for Toro Assicurazioni S.p.a. (now Assicurazioni Generali S.p.a.) and obtained his master degree in Actuarial and Statistical Science from the University of Turin. Since he started working for the Richmond Fed he has been heavily involved in Operational Risk as both modeler and examiner.
Evan's background is in the measurement and quantification of credit risk and operational risk. His primary focus is currently on supporting institutions in building operational risk modeling for stress testing, developing their risk identification process and developing their model risk management frameworks.
Some of his recent client engagements include:
For a foreign global bank, helped them develop a comprehensive operational risk framework for their US based IHC. Ensured both integration of the framework in their international framework as well as US regulatory compliance.
For a large internationally active US bank: supported major change of course in CCAR operational risk stress estimates a few months prior to submission in reaction to regulatory guidance.
For a large regional bank: built their CCAR loss projection model and wrote the documentation for the full CCAR operational risk submission.
For a global bank conducted a validation of their operational risk modeling framework for CCAR
Prior to joining Oliver Wyman, Evan was the Head of Risk Consulting for Financial Institutions for Aon in Columbia, Maryland. He was in charge of building Aon's risk consulting practice for financial institutions and managed multiple teams based in North America and Europe to deliver services to clients worldwide. Previously, Evan was an Assistant Vice President of the Federal Reserve Bank of Richmond, where he created the center of excellence for operational risk which served the System needs for operational risk related matters. The team was in charge of the supervision of all AMA and CCAR banks in the US and developed the Fed's CCAR model for operational risk.
Evan earned a B.A. and M.A. in Economics from the Université Catholique de Louvain in Belgium. He received an additional M.A. as well as his Ph.D. in Economics from the University of California at Los Angeles.
Chris is a member of Milliman’s Cyber Risk Solutions (CRS) practice group. The practice delivers a portfolio of risk consulting services, such as enterprise risk design, cyber risk assessment and quantification, test and build projects, operational risk assessments, enterprise risk management (ERM) education and training, and ERM technology evaluation. The CRS practice uses diagnostic consulting strategies to understand an organization’s enterprise risk goals and challenges and then customize solutions to deliver required business results.
EXPERIENCE
Chris has 15 years of professional experience. His experience includes work in the banking, insurance, capital markets and card sectors helping clients assess and mitigate risk.
Prior to joining Milliman, Chris was a Senior Manager in Accenture’s Finance and Risk Management Consulting practice, delivering work for global financial service clients. Additionally, Chris served as an active duty Naval Officer and has multiple overseas deployments.
Professional experience and subject matter advisory includes:
- Cyber Security metrics and governance
- Financial Service Regulatory and Compliance initiatives
- Risk Management
- Corporate and Risk Governance
- Surveillance
- Financial Services operating model and cost reduction
- Regulatory remediation and responses
- Legal department risk and optimization
- Leading large cross functional projects and teams
EDUCATION
- BS Political Science, University of Wisconsin–Madison
- MBA, University of Chicago – Booth School of Business
12:10 – 12:40
Practical ways to strengthen the G in the GRC organization
- Why governance is a business enabler
- What are Successful elements of "Governance for the masses," in a new age of disruptive technology advancements
- Does the G in Governance, Risk and Compliance (GRC) deserve its attention?
Best known for leading security programs with a business mindset, Jill Leavens Jones offers nearly 18 years of corporate and public sector security experience in addition to a wealth of expertise in law and communications. In her previous role as Director of Executive Protection at Facebook, she delivered the strategies and plans to protect high-visibility executives as they trek the globe to accomplish business and community building initiatives. Her 10 years as a Special Agent with the US Secret Service included presidential and vice-presidential protective details as well as investigations of financial and electronic fraud cases.
Carlos Pereira is a distinguished governance, risk and policy management executive with 20+ years of industry and risk consulting experience working with Fortune 100 companies, he is an honorary speaker at several Governance and Risk Management Conferences.
12:40 – 14:00
Networking lunch
13:00 – 14:00
Getting around the data problem: how to make better business decisions when it comes to investing in cyber security
Working lunch briefing
Sponsored by:
- What are the fundamentals?
- The right level of analytics to get the decision right. It may be easier than you think…
- Identifying fit-for-the-job tools that can help you make the right business decision with the right risk appetite
- Taking advantage of data, and not looking for data that does not exist
Chris is a member of Milliman’s Cyber Risk Solutions (CRS) practice group. The practice delivers a portfolio of risk consulting services, such as enterprise risk design, cyber risk assessment and quantification, test and build projects, operational risk assessments, enterprise risk management (ERM) education and training, and ERM technology evaluation. The CRS practice uses diagnostic consulting strategies to understand an organization’s enterprise risk goals and challenges and then customize solutions to deliver required business results.
EXPERIENCE
Chris has 15 years of professional experience. His experience includes work in the banking, insurance, capital markets and card sectors helping clients assess and mitigate risk.
Prior to joining Milliman, Chris was a Senior Manager in Accenture’s Finance and Risk Management Consulting practice, delivering work for global financial service clients. Additionally, Chris served as an active duty Naval Officer and has multiple overseas deployments.
Professional experience and subject matter advisory includes:
- Cyber Security metrics and governance
- Financial Service Regulatory and Compliance initiatives
- Risk Management
- Corporate and Risk Governance
- Surveillance
- Financial Services operating model and cost reduction
- Regulatory remediation and responses
- Legal department risk and optimization
- Leading large cross functional projects and teams
EDUCATION
- BS Political Science, University of Wisconsin–Madison
- MBA, University of Chicago – Booth School of Business
Dr. Raphael (Rafi) Yahalom is an affiliated researcher at MIT Sloan School of Management and a
senior advisor focusing on emerging innovations and analytics in areas of cybersecurity,
business cyber resiliency, supply chain cyber risk, and digital trust. Dr. Yahalom made various
important contributions to the foundations of information security and was the inventor of the
influential “Yahalom Protocol” for authentication and key management, and the co-inventor of
the “Gong-Needham-Yahalom Logic” for the analysis of security protocols. He was a cofounder
and leader at Onaro, a successful infrastructure management software start-up that
was acquired by Netapp and has been generating revenue of hundreds of millions of Dollars per
year. Dr. Yahalom has obtained his PhD in Computer Science from Cambridge University. He
served in the Israeli Air-Force and Israeli Navy, and was a semi-professional basketball player in
the Israel premier league.
14:00 – 14:40
Third party risk management as a crucial part of the cyber risk puzzle
As the industry relies more heavily on outsourcing and third parties, from customer services through to cloud and fintechs, hear how FIs are rethinking their approach to third party risk, touching on:
- The impact of robust vendor risk management and examples of the implications of failures
- Strategies for higher risk vendors
- Metrics and external alerts
Isabel Rohrbeck
Director non financial risk management, head of NFRM infrastructure coverage
Deutsche Bank
Brian M. White is an accomplished IT Risk and Cyber Security leader with over 20 years experience across financial services and is currently serving as a Principal, Senior Vice President in the High Priority Initiatives function at Wells Fargo. He has held various Senior Leadership roles at Bank of America, TD Bank, MUFG Americas, and EY focused on IT Risk, Cybersecurity, Vendor Management & Testing, and Vulnerability Management.
Brian recently served as Head of Enterprise Application Security at Wells Fargo Bank, leading the enterprise Secure Development and Penetration testing programs for internally and vendor hosted applications. Prior roles include leadership of the Security & Customer Compliance programs for a Managed Services & Cloud Service provider supporting customers across Retail, HealthCare, and Government sectors.
He is passionate about making big problems boring, shifting risk management into risk prevention, and developing people. Brian holds a Masters degree in Business Administration from the McColl School of Business at Queen's University.
Jeffrey DiMuro is the deputy chief information security officer at ServiceNow. He works closely with the product, legal, and privacy organizations to create industry-focused capabilities to accelerate the adoption of the Now Platform globally while enhancing security initiatives to support the organization's financial services products. Jeffrey also leads ServiceNow’s data governance, insider threat, security risk, and vendor security strategy programs. He regularly liaises with the global regulatory community to proactively communicate pending changes to laws and regulations impacting ServiceNow customers.
Mark Hofberg is an accomplished risk management leader with over 20 years of industry experience. He previously served as a leader in a variety of audit, risk and compliance management functions within retail, wealth, and investment banking at Bank of America. Mark currently serves customers as Risk Solutions Executive within ServiceNow’s financial services division. Prior to joining ServiceNow, Mark served as RSA Archer’s field risk officer for US and Canada.
Mark has held various senior leadership roles at Accenture, Bank of America, RSA and now guides customers on their integrated risk transformation journeys with ServiceNow. He is passionate about the evolution of risk management, emerging risks, and the utilization of technology to optimize business outcomes. Mark has co-authored white papers on impacts of technical debt, digital risk, and has a patent on optimization of technology decisions (US 8,321,363 · Issued Nov 27, 2012) along with a patent pending process risk prioritization model. Mark holds a bachelor’s degree in engineering from North Carolina State University.
14:40 – 15:20
Rethinking cyber risk: taking a pragmatic approach to establish better practices panel
- Clearly scoping what you’re measuring
- Scoping cyber risk measurement to ensure reliability
- Defining measurement scale
Jack is one of the foremost authorities in the field of information risk management. As the Chairman of the FAIR Institute and co-founder and EVP R&D at RiskLens, he continues to lead the way in developing effective and pragmatic ways to manage and quantify information risk. As a three time Chief Information Security Officer (CISO) with forward-thinking financial institutions such as Nationwide Insurance, Huntington Bank and CBC Innovis, he received numerous recognitions for his work, including: the ISSA Excellence in the Field of Security Practices award in 2006; a finalist award for the Information Security Executive of the Year, Central US in 2007; and the CSO Compass Award in 2012, for advancing risk management within the profession. Prior to that, his career included assignments in the military, government intelligence, consulting, as well as the financial and insurance industries. Jack is the author of FAIR, the only international standard VaR model for cybersecurity and enterprise technology. A sought-after thought leader, he recently published 'Measuring and Managing Information Risk: A FAIR Approach', which was recently inducted into the Cyber Security Canon as a "must read" within the profession, and is a regular speaker at industry conferences.
Evan's background is in the measurement and quantification of credit risk and operational risk. His primary focus is currently on supporting institutions in building operational risk modeling for stress testing, developing their risk identification process and developing their model risk management frameworks.
Some of his recent client engagements include:
For a foreign global bank, helped them develop a comprehensive operational risk framework for their US based IHC. Ensured both integration of the framework in their international framework as well as US regulatory compliance.
For a large internationally active US bank: supported major change of course in CCAR operational risk stress estimates a few months prior to submission in reaction to regulatory guidance.
For a large regional bank: built their CCAR loss projection model and wrote the documentation for the full CCAR operational risk submission.
For a global bank conducted a validation of their operational risk modeling framework for CCAR
Prior to joining Oliver Wyman, Evan was the Head of Risk Consulting for Financial Institutions for Aon in Columbia, Maryland. He was in charge of building Aon's risk consulting practice for financial institutions and managed multiple teams based in North America and Europe to deliver services to clients worldwide. Previously, Evan was an Assistant Vice President of the Federal Reserve Bank of Richmond, where he created the center of excellence for operational risk which served the System needs for operational risk related matters. The team was in charge of the supervision of all AMA and CCAR banks in the US and developed the Fed's CCAR model for operational risk.
Evan earned a B.A. and M.A. in Economics from the Université Catholique de Louvain in Belgium. He received an additional M.A. as well as his Ph.D. in Economics from the University of California at Los Angeles.
John Goodman is a Senior Vice President for the Cyber Risk Institute. Mr. Goodman specializes in cybersecurity control standards for the financial services sector. He currently acts as the principal lead for CRI’s Profile, a NIST CSF-based standard for financial services.
He previously served as the Vice President of IT Management and Controls and as Deputy CIO for PenFed Credit Union. While there Mr. Goodman was primarily responsible for technology governance, cybersecurity compliance, and technology risk management. Mr. Goodman also contributed to the development of the CRI Profile as a volunteer while at PenFed.
Mr. Goodman holds a Bachelor of Science in Computer Science and Psychology (double major) from the University of Maryland, College Park and maintains several industry-recognized certifications, to include the CISSP, CCSK, CISM, CRISC, CGEIT, Open FAIR, and PMP. He currently lives in Fairfax, Virginia.
15:20 – 16:00
Networking coffee break
Knowledge cafés
Join one of our interactive, informal knowledge cafes. Situated in front of the coffee station, the table top discussions are completely confidential.
- The new realm of capturing e-comms: BYOD
- Staying ahead of insider threats – policies, encryption and controls
Brian M. White is an accomplished IT Risk and Cyber Security leader with over 20 years experience across financial services and is currently serving as a Principal, Senior Vice President in the High Priority Initiatives function at Wells Fargo. He has held various Senior Leadership roles at Bank of America, TD Bank, MUFG Americas, and EY focused on IT Risk, Cybersecurity, Vendor Management & Testing, and Vulnerability Management.
Brian recently served as Head of Enterprise Application Security at Wells Fargo Bank, leading the enterprise Secure Development and Penetration testing programs for internally and vendor hosted applications. Prior roles include leadership of the Security & Customer Compliance programs for a Managed Services & Cloud Service provider supporting customers across Retail, HealthCare, and Government sectors.
He is passionate about making big problems boring, shifting risk management into risk prevention, and developing people. Brian holds a Masters degree in Business Administration from the McColl School of Business at Queen's University.
Evan Wheeler, Senior Director, leads the Risk Identification & Assessment team within Technology Risk Management at Capital One. Evan got his start in cybersecurity working with the U.S. Department of Defense in a Security Operations Center (SOC) and has since held several executive level cybersecurity and operational risk management roles at global organizations such as MUFG Union Bank, Depository Trust & Clearing Corporation (DTCC), and various FinTech firms. At MUFG, Evan designed and implemented a new 2nd Line Information Risk Management program, focusing on harmonizing the tech/cyber assessments with the enterprise risk framework, and deploying a data driven methodology to quantify risk for IT processes.Evan originally joined the DTCC with responsibility for developing a risk framework for the cyber organization, and later moved on to oversee 2nd Line Operational Risk Management for ten diverse lines of business, subsidiaries, and joint ventures. Along the way, he drove major initiatives such as a migration to AWS, implementing DDoS protection, dynamic application security testing, and privileged access control. During his tenure at DTCC, Evan was actively involved with cross-sector initiatives through the FSSCC and FS-ISAC.
16:00 – 16:30
Data minimization/ data deletion: the new risk control
- Deleting data as the new legal risk control
- Reducing attack surface by reducing data
- Application control and user managed data controls
Jenny W. Hedderman Esq. is Risk Counsel from the Office of the Comptroller in Massachusetts. Attorney Hedderman specializes in compliance, internal controls and risk management in the areas of statewide accounting, payroll, financial reporting, and statewide financial audits for the 154 state agencies. Her current focus is developing the Comptroller’s Statewide Risk Management program, including cybersecurity internal controls and cybersecurity awareness to reduce fraud and cyber incidents. Recent projects include the CTR Cyber Center website (macomptroller.org/ctr-cyber/) with Cybersecurity Department Responsibilities, Cybersecurity Tips of the Week, CTR Cyber 5 (5 minute videos) and other internal controls to improve financial responsibility and protection of data, assets and resources across the Commonwealth. Attorney Hedderman is Chair of the State Records Conservation Board as well as Adjunct faculty in Business Law at Endicott College.
Prior to joining Risk, he reported on the futures and foreign exchange industries for Dow Jones' Financial News and the Euromoney group of publications. Osborn holds a bachelor's degree in English literature from the University of Warwick.
16:30 – 16:40
Chair’s summary
Mark has over 30 years’ experience in global capital markets, consulting and associated technologies, focusing on risk management, front- and middle-office platforms and data management. Before Chartis he held executive positions in large global financial institutions, consultancies and FinTechs, in various roles including platform and software development, solution architecture, large-scale program management, vendor selection and implementation, and strategy development and execution.
With a background covering the front, middle and back office, Mark brings to Chartis a holistic view of business, technology and regulatory issues across the enterprise, and how these issues can be addressed by leveraging appropriate technology solutions. His primary focus has been risk technology, and his work in this area includes: leading the global teams for risk technology at RBS Capital Markets and AIG; working with middle- and front-office technology teams at Barclays Capital; extensive consulting experience with major consulting organizations including EY and Deloitte; and extensive vendor experience, including time at Algorithmics and Misys (now Finastra). Mark has an MA from Oxford University and is a Fellow of the Institute of Chartered Accountants in England and Wales.