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NEW YORK CHAPTER NEWSLETTER |
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Volume 8 No. 1 November, 2005 |
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RMA NEW YORK CHAPTER BOARD
Officers
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2005/2006 YEAR – A Blockbuster Year in Progress!
The Board of Governors of your chapter has spent the past six months planning programs for the initial part of the 2005/2006 year that will, hopefully be valuable for all of our members. Once again, we have planned insightful evening programs to expand the knowledge and skills of our members and training opportunities on unique topics of interest. The Capital Markets Credit Analysts Society and you chapter co-sponsored a hugely successful program on counterparty credit risk management in October with over 350 in attendance. See the Special Program Review at the end of this newsletter for more on this event, including some photographs! The Board continues its training activities by offering a course in December and, once again the RMA Lending Academy in the spring. We are striving to broaden our membership base in an effort to serve all of the potential constituents within our region. We thank you for your membership and welcome your comments and suggestions. For those who are not currently members, we encourage you to visit the website below for membership information, or simply ask a board member at our next event. Have you missed these opportunities for skill enhancement and networking?
So far this year, your Chapter has provided excellent opportunities for you to meet with and learn from fellow risk management professionals. Not surprisingly, our location provides many possibilities to become acquainted with risk managers from commercial banks, investment banks, and insurance companies from international financial centers around the world. Nearly 500 attendees to our evening programs increased their knowledge and networking contacts as follows:
September 28th—Synthetic CDO’s
October 19th—The Counterparty Risk Management Policy Group II’s Report Towards Greater Financial Stability: A Private Sector Perspective (See Special Program Review at the end of this newsletter)
October 25th—Bloomberg Networking Event |
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UPCOMING EVENING PROGRAMS
Your Board continues to strive to serve the varying needs of the financial services community in New York City. As our market changes and evolves, your chapter will follow these trends. In that regard, we are pleased to announce the following upcoming programs.
This Wednesday, November 16, 2005 don’t miss our program on “Fraud: New Twists on the Oldest Crime”. Come and hear David A. Holley, Managing Director at Kroll, Inc. lead a program that will help you better understand the various types of frauds and what you and your institution can do to minimize the chance of being a victim. David will discuss the latest trends in fraud against banks, "hot spots" to watch and clues for identifying potential fraud, risk management practices that can help protect you and your institution.
Wednesday, January 18, 2006 will be our annual “Chief Risk Officers Panel”. Every year, this is a program that generates a high level of interest and our panelists for this year will continue the tradition. We will have Donald Wilson from JPMorgan Chase, Jessica Palma from Citicorp and Doctor Gerhard Gribkowsky from Bayerische Landesbank on our panel. Come and hear their candid perspectives on the current risk environment and concerns they have as we move forward.
Watch for announcements for our programs I February, March and April 2006!
These programs, with the exception of the January 18th program, will take place at the JPMorgan Chase Conference Center (270 Park Avenue) starting at 5:30pm. The venue for the January 18th program will be Citigroup (399 Park Avenue) also starting at 5:30pm. Further details are available on the RMA NY Chapter website, www.rmany.org.
In a world of consolidation and changing opportunities in risk management, you cannot afford to miss these timely sessions. educational opportunities
Again this year your Chapter is co-sponsoring training courses along with RHA Headquarters. We are excited to offer the following courses to you and/or your staff, depending on your training needs. |
Friday, December 2, 2005: Analyzing Construction Contractors
RMA New York Chapter is grateful to AIG for providing and donating the space for these courses.
In the spring, your chapter is co-sponsoring its second, ever RMA Lending Academy. This five-day program will be offered on April 3rd through the 7th, 2006.
The Chapter is grateful to JPMorgan Chase for providing and donating the space for this program.
Please visit the RMA Headquarters’ website at www.rmahq.org for more information and registration instructions. Click on “Credit Risk” and then on “training events” in the narrative on the right-hand side.
membership developmentRMA New York Chapter has received thirty-six new memberships since August 2005. (see the welcome note at the end of this newsletter). Your confidence and support is the foundation of our ability to provide programs and training events that are focused, relevant and use your time effectively. There are few venues in NYC where you can obtain such current information on key risk management topics as in our concise evening programs. The networking opportunities are another important value. Additionally, these programs are located conveniently to major transportation centers in the city.
YOUR MEMBERSHIP
To facilitate communication with our members and reduce administrative costs, your Chapter relies primarily on e-mail communication. If any of your contact information changes, please send all updates, including your e-mail, to rma@rmany.org. Please remember that in order to take advantage of our member discount on programs, your name must appear on our membership records. Program discounts are only offered to Individual members of the Chapter who are current with their Chapter membership dues. You do not qualify for a member discount simply for being an employee of an Institutional member of RMA. |
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Suyeon An Deutsche Bank John C Beaudouin REL Consultancy Group Alfredo Fernandez UBS AG Clifford Griep Standard & Poor's John Higgins Bank of Tokyo-Mitsubishi Ltd Yoko Katagishi Bank of America Joshua Kirschner Standard & Poors Thomas Panitz DebtX Judy Wang Deutsche Bank J. Anthony Seay ByernLB David Berninger Societe Generale Paul E Anderson Bank of America Donald Ball SMBC- Capital Markets Peter Berardi Merrill Lynch Lori A Brown U.S. Trust Robert Caiati Daiwa Securities America Daniel C Cillie WestLB John Dellaquila Societe Generale Catherine Dwyer Rabobank International Karen Feingold AIG Global Investment Group Darren J Gaffney Societe Generale Christopher Hunter Federal Reserve Bank of NY Mark Hurley JP Morgan Chase Manuj Naman J Risk Jay G. Newberry Citigroup, Inc Andy Pargament ING Financial Markets Peter Rivera Theory & Reality Risk Management Roberta Rollo Societe Generale
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Adam Rosenthal UBS Investment Bank Bernard Scozzafava William Singer Unites States Trust Company Mark P. Sparano U.S. Trust Theodore Wolf ANZ Bank Justin Wray Barclays Capital Judy Yip Merrill Lynch John Zora ING Financial Markets LLC October 19, 2005 — The Counterparty Risk Management Policy Group II’s Report Towards Greater Financial Stability: A Private Sector Perspective
This was the first joint program sponsored by RMA NY Chapter and Capital Markets Credit Analyst Society in several years. With over 350 in attendance, we congratulate CMCAS on their efforts in making this important event the huge success that it was.
We were extremely fortunate to have Jerry Corrigan join us to lead the discussion. Jerry joined Goldman Sachs in 1994 and became a partner in 1996. At Goldman Sachs, Jerry is co-chair of the firm-wide Risk Management Committee, vice chair of the Business Practices Committee and a member of the firm-wide Commitments Committee. Jerry ended his 25 year career with Federal Reserve System in 1993 when he stepped down from his position as president and chief executive officer of the Federal Reserve Bank of New York. Jerry had been chief executive officer of the New York Fed and vice chairman of the Federal Open Markets Committee since 1984. Jerry has also served as president of the Federal Bank of Minneapolis and Special Assistant to Fed chairman, Paul Volcker. Most importantly for this program, Jerry is Chairman of the Counterparty Risk Management Policy Group II.
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With Jerry’s assistance, CMCAS and RMA NY Chapter pulled together a distinguished panel to add their own perspectives to the issues and findings of the CRMPG II Report. The panel included:
Mike Alix - Mike is Senior Managing Director and Head of Global Credit Risk Management for Bear Stearns & Co. He chairs his firm’s Credit Policy Committee and serves on its Operations, New Product and Special Structured Transactions, Model Review, Due Diligence Risk, and Principal Activities committees. Mike also chairs the Securities Industry Association’s Risk Management Committee. Mike was also a member of the first Counterparty Risk Management Policy Group in 1999.
Adam Gilbert – Adam is Managing Director in the Risk Management Services Group of JPMorgan Chase. Adam is responsible for supervision and examination issues, regulatory and industry initiatives, and project management related to his bank’ risk management framework, including economic capital, credit exposure measurement and internal credit ratings. Adam co-heads his firm’s Basel II regulatory capital implementation effort and advises JP Morgan Chase businesses on regulatory matters.Stefan Walter - Stefan is a Senior Vice President in the Bank Supervision Group of the Federal Reserve Bank of New York where he heads the Financial Sector Policy and Analysis Department. He is responsible for assessing financial sector developments and risks, and for developing bank supervisory policies on issues related to risk management and capital adequacy. Stefan is the Bank’s representative on the Basel Committee and a number of its working groups. He co-chaired the Basle Committee’s Working Group on Highly Leveraged Institutions, as well as the Committee’s Technical Working Group on Operational Risk.
Andrew Feldstein - Andrew is a co-founder of BlueMountain Capital Management and is its Senior Portfolio Manager and CEO. Prior to co-founding BlueMountain Capital Management, Andrew was a Managing Director at JP Morgan. At JP Morgan, Andrew served in a senior capacity across a variety of derivatives and credit businesses, including Head of Structured Credit, Head of Global Credit Portfolio Management and Head of High Yield Sales, Trading and Research.
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We heard Jerry discuss his reasons for reconvening the Policy Group and his thoughts on the state of global finance and how market participants (such as those in attendance) can mitigate risk. In reviewing background for reconvening the Policy Group, he emphasized the need for a preventive approach rather than reactive one. He spoke about how substantive the report is, including the exhibits. Jerry advised the audience to read the report carefully.
Jerry made the point that, if firms are treating the self assessment process seriously, they shouldn’t be scoring themselves favorably against the Report’s recommendations and guiding principles.
Each attendee to the program received a copy of an interview that Jerry Corrigan gave to RMA Headquarters in September that will appear in the November RMA Journal. It contains a quote that summarizes his view of risk management. It is,
“Risk management, to me still comes down to the very simple proposition of getting the right information to the right people at the right time so those people can ask the right questions and make the best judgments. That’s the essence of it”. Jerry Corrigan
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