2018 Financial Services Regulatory Forum Washington D.C.

2018 Financial Services Regulatory Forum  Washington D.C.
PRMIA Washington DC and New York Chapters are pleased to announce their 2018 Financial Services Regulatory Forum!

 

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Agenda Speakers Credits

 
 

Date:

Wednesday, November 28, 2018

Time:

1:00 p.m. - 5:00 p.m.
Networking Reception: 5:15 - 6:30 p.m.

Location:
Steptoe & Johnson LLP
1330 Connecticut Ave NW # 400
Washington, DC 20036



The 2018 Forum will continue the precedent set by last year’s successful event concentrating on the theme of “Redefining Financial Services Regulation.”  This event gathered a roster of highly experienced and outspoken representatives from industry, government, and academia to share their views on the current and future states of financial services regulation.

This year’s Forum will feature an equally impressive line-up of speakers and address topical issues such as the impact of recent legislation, agency appointments, and political currents; the broader consequences of regulatory reforms implemented after the 2008 Financial Sector Crisis (which are only now coming to light); as well as the challenge of regulating the explosive growth of digital technology innovation and implementation in the financial services arena.


Agenda
 Time   Event
1:00 - 1:15 p.m.


               

Welcome
Vladimir Antikarov, Regional Director, PRMIA DC Chapter

1:15- 2:00 p.m.





 

The Financial Crisis – Ten Years After
The tenth anniversary of the crisis provides these distinguished speakers with a timely opportunity to evaluate the after-effects of the crisis, and the regulations introduced in its wake, on markets, systemic risk, the economy and society.

Richard Berner, Executive in Residence, NYU Stern
Karen Petrou, Managing Partner, Federal Financial Analytics, Inc.

2:00 - 3:00 p.m.











 


Panel Discussion

What Regulation Isn’t Working and Why?

The main objectives of regulatory reform in the wake of the financial crisis were to 1) End too-big-to-fail (TBTF), 2) Reinstate a lighter version of the Glass Steagall Act to separate proprietary from customer trading, and 3) Consumer protection. However, eight years since the Dodd Frank Act was signed into law, the largest banks, though better capitalized than before and able to withstand stress tests, are still TBTF, regulators are no closer by their own admission to being able to identify a prop trade from a customer trade despite the carload of data filed by banks, and the Consumer Financial Protection Agency is a failure. Why did these regulatory initiatives fail, and is there any way to fix them?

Panelists
Ethan M. Heisler, Senior Director, Kroll Bond Rating Agency, Inc.
Lance Auer, Managing Director, Financial Services Advisory, PwC
Sean Flanagan, Managing VP, ALM & Investments, Capital One

3:00 - 4:00 p.m.










 


Panel Discussion

What Regulation Is Working and How Can It Be Improved?

Nearly a decade after the financial crisis, the banking system is better capitalized and structurally sounder than in several decades. Capital stress testing, governance and liquidity management are aspects of the reform that are likely to endure in the culture of financial institutions regardless of the current rollback. Going forward, how should regulators calibrate bank regulations and their scope while preserving the best aspects of the original reforms?

Panelists

Sean Campbell, EVP, Director of Policy Research, Financial Services Forum
Kevin J. Clarke, Executive Director, Group Regulatory and Governance – Americas, UBS
Chris Laursen, Principal, The Brattle Group
Cynthia Williams, Principal, CWFG LLC

4:00 - 5:00 p.m.










 


Panel Discussion

What Roadmap Is Needed for the Regulation of Digital Finance?

The regulatory posture towards the use of advanced technologies in the financial services industry (“Digital Finance”) is currently fragmented. This panel will discuss how existing regulations apply to Digital Finance and what regulations are needed to ensure their future safe development. Types of Digital Finance to be discussed will include new or traditional financial services delivered via digital technology (eg. mobile banking), new financial markets based on technological innovations (eg. crypto-currencies), internal operations using advanced technology platforms (eg. blockchain), and cyber-defense for all of the above.

Panelists 

Shaun Brady, Executive Director, Center for Model Based Regulation 
Enrico Dallavecchia, Senior Advisor, Duff & Phelps
Steve Lindo, Principal, SRL Advisory Services

5:00 - 5:15 p.m.

 

Closing Remarks
Micah Green, Partner, Steptoe & Johnson LLP

5:15 - 6:30 p.m.

 

Networking Reception





Speakers

   Bio
    Lance Auer, Managing Director, Financial Services Advisory, PwC 

Lance Auer is a Managing Director in PwC Financial Services Advisory and is one of the leaders of the firm's Enterprise Risk Management practice in the US. Lance advises the firm’s largest global financial services clients on matters ranging from business strategy to governance, risk management, and regulation.  He focuses on working with management at large US and foreign bank holding companies to address risk and regulatory changes driven by the Dodd-Frank Act and other post crisis reforms.  His expertise has enabled him to advise on and implement solutions for clients in the areas of risk management strategy and policy; organization structure; and market, liquidity, and credit risk management and measurement. Prior to joining PwC, Lance held senior leadership positions at the Federal Reserve Bank of New York, including having lead responsibility for overseeing the Federal Reserve’s supervision of several of the largest financial institutions in the US; overall responsibility for the review of recovery and resolution plans for large, complex financial institutions; and leading the New York Fed policy positions on domestic and international financial sector issues.  Lance also served at the US Treasury Department working on the bill that became the Dodd-Frank Act and on post-crisis financial reform.

 

Richard Berner, Executive in Residence, NYU Stern
Richard Berner is Executive-in-Residence at the Center for Global Economy and Business at the NYU Stern School of Business, and Adjunct Professor in the Department of Economics. Previously, Mr. Berner served as the first Director of the Office of Financial Research (OFR) from 2013 until 2017. He was Counselor to the Secretary of the Treasury from April 2011 to 2013, where his principal responsibilities included advising the Secretary on financial and regulatory issues and standing up the Office of Financial Research. In his earlier career, Mr. Berner was a Managing Director, Co-Head of Global Economics and Chief U.S. Economist at Morgan Stanley, EVP and Chief Economist at Mellon Bank, and a member of Mellon's Senior Management Committee, a Principal and Senior Economist for Morgan Stanley, a Director and Senior Economist for Salomon Brothers, Economist for Morgan Guaranty Trust Company and Director of the Washington, DC office of Wharton Econometrics. He has also been an adjunct professor of economics at Carnegie-Mellon University and George Washington University.

 

Shaun Brady, Executive Director, Center for Model Based Regulation
Over the last 35 years, Dr. Shaun Brady has held leadership and advisory roles at some of the world’s largest financial institutions and government agencies, improving their risk visualization capabilities, managing evolving regulatory and cybersecurity requirements, mining and monetizing data, developing new products and services, and implementing a variety of technology enabled solutions to reduce operating risk, optimize capital, and deliver mission critical capabilities.  Shaun has a B.Sc. in Int'l Finance from San Francisco State Univ, and a Masters in MIS and a Doctorate in Risk Management from the University of Maryland.

  Sean Campbell, EVP, Director of Policy Research, Financial Services Forum 
Sean D. Campbell is the Executive Vice President, Director of Policy Research at the Financial Services Forum.  He joined the Forum in April 2018. Prior to joining the Forum, Dr. Campbell served as an Associate Director in the Federal Reserve Board’s Division of Supervision and Regulation and as a Deputy Associate Director in the Division of Research and Statistics. Dr. Campbell joined the Federal Reserve Board staff as a staff economist in June 2004.  While at the Board, Dr. Campbell contributed to the development and design of an array of regulatory policy initiatives regarding stress testing, capital, derivative markets, and a number of Dodd-Frank Act reforms. Dr. Campbell’s research focuses on financial risk management and the intersection between the macroeconomy and financial markets.  Dr. Campbell’s research has been published in a number of leading, peer-reviewed, academic journals including the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and the Journal of Business and Economic Statistics. Prior to joining the staff of the Federal Reserve Board, Dr. Campbell was an assistant professor of economics at Brown University.  Dr. Campbell has a Ph.D. in economics from the University of Pennsylvania and a B.A. in economics from the University of Massachusetts, where he graduated Phi Beta Kappa.

 

Enrico Dallavecchia, Senior Advisor, Duff & Phelps 
Enrico Dallavecchia is a senior advisor at Duff & Phelps and Genpact, where he focuses on risk management consulting for private equity and financial institutions. Dallavecchia previously led Headwaters risk management practice, providing risk management and strategy services to Family Offices and Family Business Holding companies. Enrico Dallavecchia was the Chief Risk Officer of PNC Financial Services until Dec. 2011. He had firm-wide responsibilities for credit, market, model and operational risk and compliance, and for Basel II implementation. From June 2006 to August 2008, Dallavecchia was the Chief Risk Officer of Fannie Mae where he had corporate responsibility for credit, market, counterparty, and operational risk oversight. Prior to Fannie Mae, Dallavecchia was with JPMorgan Chase for 19 years. He was the head of the Market Risk Management for the Chief Investment Office and Retail Financial Services, and co-head of Market Risk Technology. Mr. Dallavecchia served as lieutenant in the Italian Army and has a degree in economics from the Università Cà Foscari in Venice, Italy.

  Sean Flanagan, Managing VP, ALM & Investments, Capital One

Sean Flanagan is Managing Vice President ALM & Investments at Capital One. Sean joined Capital One in October of 2012 as a Vice President in Balance Sheet Management. Sean’s current role in Treasury involves using derivatives and the Investment Portfolio to address the firm’s interest rate and foreign exchange exposures. Prior to joining Capital One Sean spent over 15 years with Freddie Mac in various roles, such as Asset and Liability Management, Capital Markets Funding, Derivatives and Risk Management. Sean departed from Freddie Mac as Vice President of Asset & Liability Management and Assistant Treasurer. Sean graduated from the University of Scranton with a BS in Finance and minor in Philosophy. He also holds an MS in Finance from American University and is a CFA Charterholder. Sean lives in Arlington, VA with his wife, two children, Emma and Lily, and their Labrador.

 

Micah Green, Partner, Steptoe & Johnson LLP
Micah Green is a partner at Steptoe and Johnson LLP, where he advises clients on the full spectrum of legislative, regulatory, compliance, enforcement, and litigation issues, with a particular emphasis on issues affecting capital markets, financial products and financial services providers and tax policy matters. He frequently advises clients on matters before the US Congress, Commodity Futures Trading Commission (CFTC), Securities Exchange Commission (SEC), Department of the Treasury, Federal Reserve, Consumer Financial Protection Bureau (CFPB), and other federal financial regulatory agencies. Prior to entering private practice Micah served as president and co-CEO of the Securities Industry and Financial Markets Association (SIFMA), which was formed by a merger between The Bond Market Association and the Securities Industry Association. At the time of the merger, he had served as president and CEO of The Bond Market Association (BMA) for seven years. Before joining BMA, Micah was tax legislative counsel at MCI Communications, where he was responsible for implementing the federal, state, and local tax legislative efforts of the telecommunications company and leading MCI’s lobbying efforts during major tax reform. Micah also spent seven years working on Capitol Hill, including serving as staff director of the Subcommittee on Human Resources.

  Ethan Heisler, Senior Director, Kroll Bond Rating Agency, Inc.

Ethan Heisler has been talking to bank treasurers and CFOs of large and small banks since the early 1980s. He  began his career on Wall Street doing overnight repo specials on the Government Trading desk at Dillon Read, & Co, when the Fed Funds rate was at 21 percent and the coupon on the then-new “long bond” was 13.875 percent, soon after graduating Columbia College in 1979 with a major in Philosophy. Going back to school to graduate with an MBA from NYU’s Graduate School of Business in 1988 with a degree in Finance, Ethan went to work in the Bank Analysis Department at the Federal Reserve Bank of New York, where he covered large multinational banks during the financial crisis in the early 1990s, and also contributed to internal public policy memoranda on accounting and risk-based capital issues. After the Fed, Ethan joined Salomon Brothers in 1994 and covered both US and Yankee bank bond issuers in the Corporate Bond Research group, becoming regularly top-ranked in the annual surveys conducted by the magazine, Institutional Investor. Consolidated into present-day Citigroup, Ethan moved from research to the bank resource role in 2003, where he led the fixed income sales effort to cover US banks in the Agency MBS and derivatives space and also launched what quickly became a very popular, monthly newsletter addressed to bank treasurers, called The Bank Treasury Newsletter. Retiring from Citigroup in 2016, Ethan re-launched his newsletter as a paid-subscription publication and recently sold it to Kroll Bond Rating Agency, where he now holds the position of Senior Bank Analyst and continues to publish the newsletter as The Bank Treasury Newsletter by KBRA.

 

Steve Lindo, Principal, SRL Advisory Services
Steve Lindo is a financial risk manager with over 30 years’ experience managing risks in ALM, funding, banking and trading portfolios. His current role is Lecturer and Course Designer at Columbia University’s School of Professional Studies, teaching Financial Risk Management to MSc students in Enterprise Risk Management.  He is also Principal of SRL Advisory Services, an independent consulting firm specializing in risk governance, education and strategy, financial technology innovation, risk data management, regulatory expertise, information risk management and expert witness in complex litigation.  His previous positions include Director of Treasury Management and Mortgage Risk at Fifth Third Bancorp and Vice President of Risk Capital Management at GMAC Financial Services LLC (now Ally Financial).  In 2010, Mr. Lindo completed a two-year engagement as Executive Director of PRMIA.  Before that, Mr. Lindo held a number of risk management roles in Cargill’s proprietary financial trading group, which was subsequently de-consolidated into two separate hedge funds, Black River Investments and Carval Investors, and spent his early career as an international banking and credit officer with Lloyds Bank and First National Bank of Chicago (now part of JPMorgan Chase) in the UK, Spain and Brazil. Mr. Lindo is a regular presenter at conferences, webinar host and author of risk management articles and case studies. He has a BA and MA from Oxford University and speaks fluent French, German, Spanish and Portuguese.

   

Christopher Laursen, Principal, The Brattle Group
Mr. Laursen is an expert in financial products and institutions, markets, regulation, and risk management.He has more than 25 years of financial industry experience, which includes over 17 years as a Federal regulator, where he served as a policy-maker, supervisor, and senior examiner.Mr. Laursen has provided expert testimony and analysis as well as consulting services for numerous public and private clients. He has testified in disputes involving investment and trading strategies, mortgage-backed securities, municipal finance, structured notes, financial institution accounting, and insider trading. He has consulted for the Department of Justice, the State Insurance Commissioner of Connecticut, and the Financial Crisis Inquiry Commission.Mr. Laursen previously served as the Federal Reserve Board’s Manager of Risk Policy and Guidance, where he wrote and interpreted financial regulations and guidance. In 2009, he authored new Federal Reserve guidance requiring large financial institutions to enhance trading book stress testing and value-at-risk modeling. He also worked closely with other U.S. and international financial regulators to craft new rules, including as a member of the Basel Committee’s Trading Book Group.During the financial crisis, Mr. Laursen reported directly to Chairman Bernanke as well as other Governors and Reserve Bank Presidents on various risk, valuation, and regulatory issues. He led reviews of problem institutions and assisted in the development of special FRB actions to reduce market turmoil and economic damage.Mr. Laursen has an MBA with a concentration in finance from the Wharton School and holds the Certified Regulatory and Compliance Professional designation from FINRA.

  Karen Petrou, Managing Partner, Federal Financial Analytics, Inc.
Karen Petrou is the co-founder and Managing Partner of Federal Financial Analytics, Inc., a privately-held company that since 1985 has provided analytical and advisory services on legislative, regulatory, and public-policy issues affecting financial services companies doing business in the U.S. and abroad. Central banks, financial regulators, vendors, and financial-industry investors also rely on the firm’s advisory services. The firm’s practice is a unique blend of strategic advice and policy analysis that does not include lobbying or any other services that compromise its objectivity and independence. Ms. Petrou is a frequent speaker on topics affecting the financial services industry. In addition to presentations to the U.S. Congress and U.S. government agencies, she has spoken before such organizations as the Japanese Diet, the Office of the Comptroller of the Currency, various Federal Reserve Banks, the Economist’s Buttonwood conference, the Securities Industry and Financial Markets Association, the American Bankers Association, The Clearing House, the Financial Services Roundtable, the Institute of International Bankers, the Conference of State Bank Supervisors, the Brookings Institution, and many other industry, academic and policy-makers. She has also authored numerous articles in professional publications such as the American Banker and International Economy, as well as general-interest media such as The New York Times and Wall Street Journal. Ms. Petrou appears frequently in the media as an expert on banking legislation and regulation. Prior to founding her own firm in 1985, Ms Petrou worked in Washington as an officer at Bank of America, where she began her career in 1977. She is an honors graduate in Political Science from Wellesley College and also was a special student in an honors program at the Massachusetts Institute of Technology. She earned an M.A. in that subject from the University of California at Berkeley and was a doctoral candidate there. She has served on the boards of banking organizations and sits as a director on the board of the Foundation Fighting Blindness and the Fidelco Guide Dog Foundation.
   

Cindy L. Williams, Director, US Head of Risk Governance and Policy, Scotiabank Cindy is currently the US Head of Risk Governance and Policy at Scotiabank. Previously, she held the following positions.Cindy was founder and principal of an independent consulting firm that specialized in compliance and risk management, model governance, regulation, and policy framework for foreign and domestic banks and other financial institutions. As CRO Head of Regulatory Coordination at Credit Suisse, her main areas of responsibility included: central point of contact for all regulatory queries concerning market, credit, liquidity, and operational risks in the America’s region; represented the firm at industry and regulatory forums; ensured that models met specific US and European Union regulations and performed critical review/ drafting of new model application pack material; managed gap analyses of internal controls and corporate policies as required by the Basel Committee on Banking Supervision (BCBS), Intermediate Holding Company (IHC), and Alternative Net Capital (ANC) compliance requirements. She was Risk Analytics Officer in risk management/ risk reporting and a bank examiner in the supervision department of the US Federal Reserve System. Main areas of responsibilities included: spearheading the development of Enterprise Risk Management Reporting for the New York Fed’s balance sheet, including both new liquidity facilities created during the financial crisis of 2008 (AIG, Maiden Lanes, etc.) as well as the risk managing and reporting on the Federal Reserve System’s Discount Window. As a commissioned bank examiner, Cindy led and participated in Basel II and Basel II.5 horizontal exams. Results for the exams helped the Federal Reserve in the interpretation of Basel rules and provided Federal Reserve feedback to BCBS on proposed rulemaking. In addition, she held positions in Market Risk, Models and Methodology, Capital Markets and Liquidity, and relationship management teams.

 




Thank You To Our Sponsors
This event was made possible by their generous contributions.
   



Continuing Risk Learning Credits: 4

PRMIA Continuing Risk Learning (CRL) programs provide you with the opportunity to formally recognize your professional development, documenting your evolution as a risk professional. Employers can see that you are not static, making you a highly valued, dynamic, and desirable employee. The CRL program is open to all Contributing, Sustaining, and Risk Leader members, providing a convenient and easily accessible way to submit, manage, track and document your activities online through the PRMIA CRL Center. To request CRL credits, please email [email protected].


Registration

Membership Type Price
Non Member $75
Contributing Member $60
Sustaining, Corporate, and RIM Members $50

Government employee – Free* [must state government department, and re-confirm attendance 1 week before the event]
Contact [email protected] to redeem your special discount registration rate.

 $0
When
11/28/2018 1:00 PM - 5:00 PM
Where
Steptoe & Johnson 1330 Connecticut Ave NW #400 Washington DC 20036 UNITED STATES
 

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