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  Issue 8 | Archive   August 2011

RMI's Fifth Annual Risk Management Conference Marks Another Success

The NUS Risk Management Institute (RMI) successfully hosted its Fifth Annual Risk Management Conference from 7 - 8 July 2011 at the Grand Hyatt Hotel, Singapore. The topical theme of the conference was 'Global Imbalances and their Risk Management Implications.' The event featured a one-day policy forum, followed by a one-day scientific program which drew over 300 delegates from the banks and financial institutions, central banks, regulatory agencies, academia and think tanks.

RMI Director Prof. Jin-Chuan Duan opened the two day conference with his welcome and introductory remarks. The first session 'Risks in the Post Crisis Economy', chaired by Mr. John Sequeira, the Principal Economist of the Monetary Authority of Singapore, saw speakers Mr. Chi Lo, Chief Executive Officer of HFT Investment Management (HK) Ltd and Mr. Ravi Balakrishnan, Resident Representative of the International Monetary Fund, giving their views on emerging risks in the post crisis economy.

One highlight of the conference was the keynote speech given by Prof. Martin Feldstein, George F. Baker Professor of Economics at Harvard University. The former president of the well-regarded National Bureau of Economic Research talked about his pessimistic outlook for the U.S. economy in the intermediate term and pointed out the weak condition and structural headwinds facing the U.S. economy, the failures of recent fiscal policies, and the seemingly incoherent policy towards the value of the dollar. He concluded by offering some suggestions regarding recovery measures for the economy, a coherent and favorable economic policy and a competitive dollar.

The keynote speech was followed by the Chief Risk Officer Panel, which focused on the discussion about navigating through the uncertain times faced by today's financial world. This session was chaired by Mr. Lutfey Siddiqi, Managing Director and Asia Pacific Head of FICC Corporates at UBS. Mr. Chia Tai Tee, Chief Risk Officer of the Government of Singapore Investment Corporation, Mr. Gopalan Vedartham, Managing Director & Head of Market Risk, Asia Pacific at Barclays Capital and Mr. David Li, Chief Risk Officer of the China International Capital Corporation shared with everyone their take on the changing roles of risk managers in the new economic era. The conference had an informative lunch break during which a briefing of RMI's Credit Rating Initiative (CRI) was given by the RMI Research Team. A group of interested audience attended the briefing to gain a more holistic view of the project.

The conference resumed with a session which zeroed in on the credit risk area. A group of leading credit risk specialists including Mr. David Rowe, Senior Advisor of Kamakura Corporation, Mr. Tom McNerney, Managing Director and Head of APAC Region of the Markit Group and Mr. David Hendler, Head of U.S. Financial Services at CreditSights discussed issues like statistical entropy, impact of macro-economic factors, domestic CDS markets in Asia, OTC derivatives clearing and trade repositories, GSEs/mortgages, Basel III capital and liquidity. The session was chaired by Mr. Soh Kian Tiong, Managing Director and Head of Credit Risk at DBS.

Subsequently, in the first of two part sessions jointly organized with the International Association of Credit Portfolio Managers (IACPM), speakers discussed the current issues including stress testing and capital adequacy. Chaired by Mr. Jeff Bohn, Chief Executive Officer of Soliton Financial Analytics, the session discussed the development of a stress testing framework including implementation considerations and applications with a practical example of stress testing in scenario development, approach and use. The session's speakers were Mr. Noel D'Cruz, Head of Risk Portfolio Management at OCBC Bank, and Mr. Davide Crippa, Head of Risk Optimization & Reporting Wholesale Banking Risk at Standard Chartered. In the second session chaired by IACPM's Associate Director Marcia Banks, the speakers talked about issues and opportunities related to building markets for credit risk distribution. They included Mr. Tan Boon Yick, Regional Head of Trading, Loan Exposure Management Group Asia Pacific of Deutsche Bank, Mr. Paul Hare, Global Head Portfolio Management of Standard Chartered and Mr. Gary Wee, Chief Investment Officer of Orchard Global Asset Management.

The second day of the 2-day conference consisted of the scientific program which was organized along the lines of an academic conference following a competitive global call for papers. The highlights were the two plenary sessions, chaired by NUS Business School's Prof. Joseph Cherian, which brought a full house audience. The first speaker, Mr. David Li of the China International Capital Corporation, spoke on 'A Risk Neutral Approach to Credit Portfolio Modeling'. The second speaker of the session was Prof. Per Mykland of the University of Chicago and he presented the background and new developments regarding the statistics of high frequency to the 130 delegates present in the session.

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Published quarterly by Risk Management Institute, NUS
Editor: Ivy Wang (rmiwy@nus.edu.sg)