March 24, 2011
SAVE THE DATE – May 9, 2011 Third Annual Global Financial Services Risk Management Symposium
This year’s event will be held May 9, 2011 from 8:30 a.m. to 5:00 p.m. followed by a reception. Please save the date! Breakfast will be served beginning at 7am, and there will be coffee breaks, lunch is provided, and there is a cocktail reception.
This is the third symposium conducted by the Professional Risk Manager’s International Association DC Chapter and sponsored by the FDIC’s Corporate University. These events focus on current issues being faced by risk managers at internationally active financial services firms and offer a highly interactive forum at the FDIC’s Seidman Center in Arlington, Virginia that brings together regulators, risk managers, enterprise risk management and measurement experts, consultants and financial services advisors to share concerns and engage on risk issues of the day. The symposium presents expert panelists and speakers in three main areas: Global Supervision and Policy Issues, Enterprise Risk Management, and Corporate Governance.
We are very pleased to confirm that this year’s event will highlight highly respected economist and author, Robert J. Shiller, the Arthur M. Okun Professor of Economics, Department of Economics, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management. Professor Shiller will speak to his recent book: Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank.
PRMIA members can register on our website. If you are not yet a PRMIA member, please consider joining. We have many levels of membership available including free memberships. Please click here to join PRMIA.
non-PRMIA members can send an email to email@example.com with your name, title, company, phone number and email address. If you are a non-member, a $50 fee will be required at the door. We only accept checks made out to PRMIA.
Agency employees can also email Margretta Garnett at MJGarnett@FDIC.gov. All agency staff are eligible for the PRMIA member reduced rate of $25, a bargain when you consider you are also getting a copy of Shiller's book.
Dr. Robert Shiller, Arthur M. Okun Professor of Economics, Yale University
Directors as Guardians of Compliance, Risk and Ethics within Financial Institutions
You are invited to attend this important event on Tuesday May 3rd 2011. Download file
Registration is currently open and seats are limited.
When: May 3, 2011
Where: Alfred Lerner Hall, University of Delaware, Newark DE 19716 (link to directions)
The role of boards and directors in corporate oversight appears to be in the midst of change. The financial collapse of 2008 and the Great Recession that began thereafter have spurred public sentiment that inadequate controls, faulty organizational cultures, poor risk management practice, and lapses in governance all contributed in some way in the lead-up to the crisis. Many commentators have observed that the compliance and ethics (C&E) function within firms, which should have helped to protect large financial services companies from excessive risk-taking and (in some instances) dishonest practice, failed spectacularly. Of course, the eventual cascade of financial risk across institutions extended beyond the responsibility or influence of any single organization to mitigate. Nevertheless, the fact that many organizations undertook poorly understood risks in pursuit of unsustainable short-term gains, with only very limited transparency to senior executives and board oversight, suggests that basic aspects of organizational culture and controls failed to perform as expected by stakeholders. Some would view these shortcomings as a confirmation that C&E programs in too many firms are in fact nothing more than “check-the-box” exercises — i.e., they fulfill legal requirements specified on paper but do not effect fundamental change in corporate behavior. And of course, the shortcomings also invite the question, Where were the ultimate guardians of shareholder value in all of this? Where were the boards of directors when we needed them most?
Join the DC Chapter of PRMIA, the University of Delaware's Weinberg Center for Corporate Governance, and the RAND Center for Corporate Ethics and Governance explore the current topics of corporate governance and how governance failures, lapses in ethics and a sense of corporate "morality" served to undermine risk management structures and foist upon the world stage one of the worst financial crises in modern times. Can it happen again? Has the Dodd-Frank Act solved the problem? What else remains to be done?
* Registration/Breakfast 8:30 am
* Program 9:30 am ~ 11:30 am
* Followed by Lunch in the Atrium with Featured Speaker
Moderator: Charles M. Elson, Edgar S. Woolard, Jr., Chair in Corporate Governance, Director, Weinberg Center for Corporate Governance, University of Delaware
* Keith Darcy, Executive Director, Ethics and Compliance Officer Association
* Pat Gnazzo, Principal, Better Business Practices LLC
* Michael Greeenberg, Director, Rand Center for Corporate Governance and Ethics
* The Honorable Randy Holland, Justice, Delaware Supreme Court
* David Koenig, Chief Executive Officer, The Governance Fund
* Joseph E. Murphy, CCEP, Director, Public Policy, Society of Corporate Compliance and Ethics
* Charles Thayer, Chairman and Managing Director, Chartwell Capital Ltd.
* Melinda West, Chief, Policy and Program Development, FDIC, Co-Author, Basel Corporate Governance Principles
* Larry Zicklin, Director, Neuberger Berman LLC
Please feel free to forward this message to interested parties.
We ask that all guests register in advance by contacting:
2 hours Delaware CLE credits available
Pat Gnazzo, Principal, Better Business Practices LLC
Keith Darcy, Executive Director, Ethics and Compliance Officer Association
Michael Greenberg, Director, RAND Center for Corporate Governance and Ethics
The Honorable Randy Holland, Justice, Delaware Supreme Court
David Koenig, Chief Executive Officer, The Governance Fund
Joseph E. Murphy, Director, Society of Corporate Compliance and Ethics
Charles Thayer, Chairman and Managing Director, Chartwell Capital Ltd
Melinda West, Chief, Policy and Program Development, FDIC
Larry Zicklin, Director, Neuberger Berman LLC
March 10, 2011
RISKJOURNAL - A QUARTERLY PUBLICATION OF PRMIA DC
Welcome to the inaugural issue of PRMIA DC's newsletter.
(Click this Link to the Spring 2011 Issue)
We were moved to initiate this communication because of the increasing prominence of Washington, DC in the risk realm. We believe that our Chapter is best positioned to follow the significant developments on the Hill and the various government agencies that are involved in risk; and we will seek to position PRMIA DC to lead and support our members in this important area.
In this issue, we have included short articles which share some aspects of the crisis, what is installed for us in 2011 and thoughts on regulatory responses. Some are intentionally provocative to encourage debate and dialogue. We will be better off when there is rich exchange of perspectives and thoughts. We invite you to share your thoughts.
RiskJournal is also intended as another channel of resource that we hope our members will find useful. We have sections on:
* RiskEvents to keep you posted on coming PRMIA and other useful events;
* RiskEducation to help you explore the Certification and Training resources that PRMIA provide;
* RiskCareers to share with you on interesting career decisions and as available, career opportunities.
* RiskResources to identify for you some useful resources that are available.
This is just a start, and we seek to continue to improve. We encourage members to actrvely engage and contribute to the Chapter's activities, including our upcoming DFA webinars, risk symposia, the PRMIA DC LindedIn Group & Risk Journal forum discussion. Do send us your suggestions.
Steven Lee and the Newsletter Editors