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  Issue 24 | Archive August 2015

RMI Hosts its Ninth Annual Risk Management Conference Jointly with the Second GOSS Private Equity Conference

RMI successfully hosted its Ninth Annual Risk Management Conference from 30 to 31 July at the St. Regis Hotel Singapore. For the first time RMI partnered with GOSS Institute of Research Management, a Hong Kong-based research institute dedicated to decision-making theories and empirical research in the field of financial investment, for its annual conference. The joint conference was attended by more than 200 participants and featured discussions on private equity (PE) along with risk management while bringing together policy makers, leaders from the industry, regulators, and internationally renowned academics.

GOSS President, Mr. Quanjian Gao together with RMI Director, Prof. Steven Kou, opened the conference and welcomed all the speakers and guests. The first day of the conference featured the Policy forum which started with a focus on the nature of private equity investments, especially in Asia, and went on to panel discussions on the evolving paradigm of regulation, and how banks are managing risks in the emerging markets.

The events of the day commenced with a keynote speech by Mr. Yichen Zhang, Chairman and Chief Executive Officer at CITIC Capital Holdings Limited, who shed some light on the development and transformation of buyouts in the Chinese private equity market. Mr. Zhang discussed the changes taking place in the Chinese financial market and their implications on PE investments.

Subsequently, the first panel discussed the success and failure of PE investments as a form of alternative asset. This panel featured Mr. Tim Craighead, Director of Asian Research and Senior Gaming Analyst at Bloomberg Industries, Dr. Linbo He, Senior Managing Director at China Investment Corporation, Mr. Meng Ann Lim, Adjunct Faculty at Singapore Management University, Mr. Colin Toh, Head of Commodities (Asia Pacific) at the Bank of America Merrill Lynch, Ms. Fayanna Wang, Regional Director at Wind Information (Hong Kong), Mr. Jack Wang, Deputy CMO and Head of Sales at CSOP Asset Management, and Mr. Hanson Wong, Chief Executive Officer at Belos Capital (Asia). The session was chaired by Dr. Xueping Wu, Associate Professor at City University of Hong Kong who led the discussion on what makes a successful PE business, the regulations protecting PE investors, and allocating alternative assets to a portfolio.

After a short coffee break, the day progressed onto the second panel, which shifted focus on risk management and how it is evolving along with changing regulations. Chaired by Mr. Lutfey Siddiqi, Global Head of Emerging Markets ¨C FX, Rates, and Credit at UBS and Adjunct Professor at RMI, the panel featured Ms. Ng Chuin Hwei, Lead Specialist at the ASEAN+3 Macroeconomic Research Office, Mr. Ilhyock Shim, Principal Economist at the Bank of International Settlements, and Mr. Wong Nai Seng, Assistant Managing Director, Policy, Risk, and Surveillance Group at the Monetary Authority of Singapore. The panel mulled over issues such as the threat of shadow banking to Asian financial stability to using stress testing as a scenario planning tool, and key challenges on the global regulatory agenda.

After lunch, Prof. Steven Kou, RMI Director, started off the afternoon session with a brief talk on ¡°Forward-Looking Market Return and Volatility Indices: An Improved Approach to the VIX¡± followed by the Chief Risk Officer¡¯s (CRO) panel, which Prof. Kou chaired. The CRO panel, with a focus on emerging markets, featured three CROs, namely, Bank of Ceylon¡¯s Mr. Lalith J. Fernando, Bank of China (Singapore)¡¯s Mr. Xinquan Hu, and DBS Bank¡¯s Mr. Elbert Pattijn. After each panelist shared their insights on balancing business growth and risk mitigation, Prof. Kou guided the discussion with a few questions relating to the challenges faced by banks and financial institutions in the emerging markets.

The International Association of Credit Portfolio Managers (IACPM), co-hosted the last two sessions for the day. The first session featured a talk by Mr. Yen Chu Cheng, Partner at Oliver Wyman. Mr. Cheng discussed the ways in which institutions in Asia can better manage their capital and maintain their liquidity. After which he took part in the last session and panel discussion for the day, with fellow panelists Mr. Wolfgang Beckmann, Global Head of Loan Management at ANZ Bank, Mr. Kausik Dutta, Director of Market Risk Control at UBS, and Dominic Lim, Managing Director of Risk and Performance Management at GIC Group. This session titled ¡°Evolving Roles of Banks vs Nonbanks¡± was chaired by Ms. Marcia Banks, Deputy Director at IACPM.

The second day of the conference is a full-day Scientific Program and started with two plenary talks. First, Prof. Arthur P. Dempster, a world renowned statistician and one of the four founding faculty members of the Department of Statistics at the Harvard University, made a solid case for "Why the Econometrics of Finance should be Recast in Dempster-Shafer Terms¡±. The second speaker, Prof. Eric Ghysels, Bernstein Distinguished Professor of Economics from University of North Carolina at Chapel Hill, gave an insightful talk titled ¡°Back to the Future: Backtesting Systemic Risk Measures During the Great Depression and Historical Bank Runs."

After the plenary talks, the conference broke into two tracks to zero in on various research areas, consisting of both RMI and GOSS¡¯s scientific programs. While GOSS¡¯s track discussed the decision-making theories and related researches, RMI¡¯s sessions featured academic paper presentations followed by discussions on each paper. The papers presented were from the following areas of study: Asset Pricing I and II, Credit Risk, Contracts, Incentives, and Insider Trading, and Regulation and its Consequences.

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Published quarterly by Risk Management Institute, NUS
Editor: Shivani Nakhare (rminsr@nus.edu.sg)