Risk USA 2022 Agenda
08:30 – 09:10
Dodging AI mistakes – examining the pitfalls of AI through examples of previous failures
- Ethics – debating the ownership of data-related legal rights
09:15 – 09:20
09:20 – 09:45
09:45 – 10:15
Fireside Chat: A CRO conversation
Kris Devasabai is the New York-based editor-in-chief of Risk.net. Previously, he was bureau chief and US editor of Risk magazine. He manages the editorial team. Prior to joining Risk, Kris covered hedge funds, asset management, cross-border investing and law for several publications.
Kris holds a bachelor’s degree in law and government from the University of Manchester, and he completed his legal training at the Inns of Court School of Law in London. He was called to the bar of England and Wales in 2003.
Vice chair and chief risk officer
Jodi Richard is vice chair and chief risk officer of U.S. Bancorp, a well-respected financial services holding company with businesses across the United States, Canada and Europe. U.S. Bancorp is headquartered in Minneapolis and is the parent company of U.S. Bank, which is the fifth-largest commercial bank in the United States. U.S. Bancorp is also the parent company of Elavon, a leader in the payment processing industry. Jodi oversees all aspects of the company’s risk management activities, including operational risk, credit risk, market risk, model risk, compliance, AML/BSA, independent risk review and regulatory services. She became vice chair and chief risk officer in 2018 and is a member of the company’s Managing Committee, the highest-ranking executives within the organization.
Jodi’s financial career spans nearly 30 years. She joined U.S. Bancorp in 2014 as executive vice president and chief operational risk officer, managing the company’s operational risk management activities.
Before joining U.S. Bancorp, Jodi was executive vice president and head of operational risk and internal control for HSBC North America. She was there for 11 years, serving in enterprise risk roles including head of risk governance and administration and director of regulatory compliance.
Jodi also spent 12 years at the Office of the Comptroller of the Currency (OCC), where she served as national bank examiner, specializing in retail credit and credit card bank supervision. Between two periods with the OCC, she was chief compliance officer for Sears National Bank.
At U.S. Bancorp, Jodi is executive sponsor of Business Resource Group Board. She also is the executive sponsor of U.S. Bank Spectrum LGBTQ BRG and Women of Risk chapter of the U.S. Bank Women BRG.
Jodi serves on the boards of Fairview Health Services and Catholic Charities of St. Paul and Minneapolis. She is active in the financial service industry, serving as chair of the board of directors of the Risk Management Association. She also is on the Advisory Committee for Minnesota Center for Financial and Actuarial Mathematics. She is a frequent speaker at risk industry events.
Jodi is a graduate of the Leading Women’s Executive program and was part of American Banker’s Most Powerful Women in Banking Top Team Award in 2013, 2015, 2019 and 2020. She was named Best Technology Executive in 2017 by Waters Technology. In 2017, U.S. Bank was named Operational Risk Bank of the Year by Risk.net.
Jodi holds a bachelor of arts degree in finance from the University of Northern Iowa.
10:15 – 11:00
Keynote Panel: Geo-political risks - Pandemics, emerging markets, war and the global financial system
- Inflation – how do supply shocks impact expectations for monetary policy?
- Growth – how do you think of measuring risk with a series of altering historical events?
- Asset implications – how are shifts in globalization impacting exposure and allocation?
- Private vs. Public - a comparison of risk and returns
- Resilience – where can we strengthen weaker points in global markets?
Chief risk officer
Natixis Investment Managers
Kristen has 25+ years of experience in risk management and analytics at large buy- and sell-side firms. She has been the Chief Operating Officer of BlackRock's Risk and Quantitative Analysis (RQA) Group since 2012. Kristen reports to the firm's Chief Risk Officer (CRO) and is a member of RQA's EXCO. Her current responsibilities include ensuring RQA effectively manages market, counterparty credit, liquidity and operational risk on behalf of BlackRock and fiduciary clients. She is also responsible for RQA’s strategic technology, analytics and reporting initiatives partnering with BlackRock’s financial modeling and application development teams. Kristen has been a member of the Commodities Futures Trading Commission’s (CFTC) Market Risk Advisory Committee since 2014 and works closely with BlackRock’s Vice Chairman / Head of Government Relations on risk-related regulatory issues.
Kristen previously worked for BlackRock’s CRO when he was co-heading BlackRock Solutions and focused on developing analytics for fixed income bonds and derivatives as well as portfolio risk analytics, such as VaR and stress testing. She also worked with BlackRock’s Institutional Client Business and Sovereign Wealth clients on risk measurement for AUM managed by BlackRock.
Kristen has also held senior positions in risk management at Goldman Sachs, PIMCO and Barclays Capital. Many of her risk roles have also involved addressing regulatory issues pertaining to risk management, including managing the Federal Reserve's initial stress testing exercise for Goldman Sachs during 2009. She has also done significant work developing analytics for market, credit and liquidity risk across cash and derivatives markets.
Kristen started her career in Supervision and Regulation at the Federal Reserve Bank of Boston and holds a MBA from Babson College and an undergraduate degree in accounting from the University of Massachusetts at Amherst.
Managing director, head of market risk
Apollo Global Management
Ms. Garcia joined Apollo in 2021 as the Head of Market Risk. Prior to joining Apollo, Ms. Garcia was an Executive Vice President and Portfolio Risk Manager at PIMCO from 2007-2021. While at PIMCO she served on various management committees, oversaw investment and counterparty risk, and led firm planning for LIBOR transition. Prior to PIMCO, Ms. Garcia was employed by Barclays Capital within the CDO Structuring group. She graduated from University of California, Berkeley with a Masters of Financial Engineering and Columbia University with a BS in Applied Mathematics.
Managing director, applied portfolio analysis
Ronald Ratcliffe, PhD, is a Managing Director in BlackRock’s Applied Portfolio Analysis practice area within the Analytics & Quantitative Solutions (AQS) group. He focuses on multi-asset portfolio risk, scenario analysis, and portfolio construction.
Dr. Ratcliffe's service with BlackRock dates back to 2004, including his years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Prior to joining AQS, he led the Market-Driven Scenarios (MDS) initiative as Head of Cross-Platform Scenario Analysis in the Risk & Quantitative Analysis (RQA) group. Previously in RQA, he was Head of Multi-Asset Investment Risk for the Americas West region. In the Portfolio Management Group (PMG), he was a portfolio manager and developed systematic macro trading strategies. Prior to joining BGI, Dr. Ratcliffe was a senior manager at KPMG in corporate valuation and international transfer pricing. Previously, he was the chief economist for Latin America at SG Cowen Securities, a subsidiary of Societe Generale. Before that he was with Bankers Trust Company (now part of Deutsche Bank) where he carried out country risk analysis.
Dr. Ratcliffe earned BA degrees in economics and in political science, with distinction and with departmental honors in economics, from Stanford University. He received a PhD in economics from the University of Pennsylvania.
11:00 – 11:30
Morning networking break
11:30 – 12:15
Keynote Panel: Leveraging technology for better and faster decision making
- Reaping the benefits of emerging tech for the risk function for better decision making
- Using real-time insights and analytics to identify changing consumer behaviors and respond to unexpected demands – making the most of AI, ML & Big Data
- Managing risk when introducing new technologies
- Developing digital fluency and technology-conversant risk workforce
12:15 – 13:00
Risk Scenarios Simulation (US Elections)
- It’s the day after election day and the Republican party has gained back the House and Senate majority. What sort of impacts might this have on inflation, volatility, and potential market gains?
- It’s the day after election day and the Democratic party has held onto the majority in the House and Senate. What sort of impacts might this have on inflation, volatility, and potential market gains?
Editor, risk benchmarking
Tom Osborn is the desk editor of Risk.net's risk management coverage. Prior to joining Risk, he reported on the futures and foreign exchange industries for Dow Jones' Financial News and the Euromoney group of publications. Osborn holds a bachelor's degree in English literature from the University of Warwick.
Managing director enterprise risk management Americas, deputy head
Fabrice Fiol is a Managing Director and Deputy Head of the Enterprise Risk Management Americas division. In this capacity, he co-manages a team responsible for risk appetite statement and reporting, risk identification, enterprise wide stress testing and governance including regulatory oversight for the Americas.
He was previously in charge of the market risk cross-asset team overseeing regional limit framework, Market Risk Stress Testing and various regulatory market risk initiatives. His prior role was heading the Equity/Fixed Income/Commodity market risk teams for SG in the Americas, including NY, Canada and Brazil trading platforms.
Fabrice Fiol joined Societe Generale NY in 2009. Prior to SG, Mr. Fiol was a Senior Vice President at Natixis-NY in charge of Trading Risk Management on a U.S Agency MBS portfolio. Prior to Natixis, Mr. Fiol was a Vice President at the reinsurance company SwissRe-NY where he was initially in charge of front-office quantitative pricing and subsequently joined the U.S Rates Derivative Desk trading.
He graduated from ENSAE (National School of Statistics and Economics) in 1998 and holds a Degree (DEA) from Paris VII University.
Fabrice Fiol has participated as a speaker and panelist at various risk conferences (Bloomberg,Risk.Net,Cefpro) and has co-authored an article in the RMA Journal in 2017 “Risk Appetite: How Banks are responding to risk in a new regulatory environment”
- Member, RMA Risk Management Association (2012– Present)
13:00 – 14:00
Lunch briefing: Is examining the past still the best way to look into the future?
Volatility and extreme outcomes – are they more likely today than 50 years ago?
Global financial imbalances – how do you think about current and future implications?
Reverse stress testing – readying your organization for the next recession
Chief risk officer
Nick Silitch is senior vice president, chief risk officer of Prudential Financial, Inc. In this role, Silitch oversees Prudential’s risk management infrastructure and risk profile across all business lines and risk types. Under his direction, his team develops models, metrics, frameworks and governance to manage risk, and works with internal corporate partners and business groups to identify, assess and prioritize risk across the company. He is chairman of the organization’s Enterprise Risk Committee that evaluates current and emerging risks relevant to the company, and is a member of Prudential’s Senior Management Council.
Silitch also works with external stakeholder groups to forward industry interests. He is head of the International Affairs Committee for the North American Chief Risk Officers’ Council, and is a member of the Advisory Council for the International Association of Credit Portfolio Managers.
Silitch joined Prudential in 2010 as chief credit officer and head of investment risk management, overseeing Prudential’s general account and other proprietary investment risks globally, as well as maintaining and approving Delegations of Authority and Investment Policy Statements.
Prior to joining Prudential, Silitch held the position of chief risk officer of the Alternative Investment Services, Broker Dealer Services and Pershing businesses within Bank of New York Mellon. He also served on the Pershing Executive Committee.
Silitch joined Bank of New York Mellon in 1983 as a credit trainee. Throughout his career at the bank, he held senior positions in client management, investor relations, risk management, loan restructuring, credit portfolio management and Basel compliance.
He received a bachelor’s degree in economics from Colby College.
14:00 – 14:45
Executive Boardroom: Trade risk management – technology that enhances real-time decision making and preventative controls across the trade lifecycle
Real-time controls – making fast, unequivocal, “ready-to-trade” decisions
Policy automation – harnessing relevant information across multiple internal systems to provide a clear “yes / no” decision and to trigger subsequent workflows
Full auditability – bringing greater transparency to decision-making with increased operational efficiencies and a repeatable, defendable process
Founder & CEO
Prior to founding Droit, Brock was an Executive Director of Fixed Income E-Commerce at Morgan Stanley. He was the global head of product for Matrix, Morgan Stanley’s client portal, and led SEF strategy and Dodd-Frank compliance programs across ISG. Prior to Morgan Stanley, Brock worked at UBS as a technology leader for credit and interest rate derivatives.
Brock holds a Master of Engineering and Bachelor of Science in Engineering Physics from Cornell University and an MBA from the University of Chicago.
14:45 – 15:30
Executive Boardroom: Evolution of model validation
How are we updating risk models to properly account for inflation?
- Stimulus impact – understanding the complexities of credit when a stimulus doesn’t come into play
Rising rates – what role does interest play in inflation and on the market as a whole?
Structural issues – fossil fuels and the transition to renewable energy
Executive Vice President
Steve Boras is the Head of Model Risk Management & Validation at Citizens Bank in Boston, focused on managing the model risk of the bank via validation of models, performance management and monitoring of outcomes, and serving as a sounding board for new and emerging modeling techniques and their respective appropriateness. Since joining Citizens in 2015, Steve has led several risk analytics functions, most recently heading the Risk Architecture Center of Excellence (covering loss forecasting model development for CCAR/DFAST and CECL, and PD, LGD, and EAD modeling for wholesale), as well as anti-money laundering modeling, macroeconomic scenario generation, and Data Science. Steve also holds leadership roles in enterprise risk, ESG and Inflation/Stagflation scenario analysis, and artificial intelligence and machine learning governance.
Managing director, model risk management
Royal Bank of Canada
As Managing Director in Enterprise Model Risk Management (EMRM), Jing Zou is responsible for validating models in Securitized Products, Pre-Provision Net Revenue, Retail Credit models, and interest rate derivatives models. She also developed Comprehensive Capital Analysis and Review (CCAR) model fragility analysis, which identifies the impact of model uncertainty on capital ratios. She is an invited speaker for many industry model risk management training courses.
Jing joined RBC in 2014 as a Director in local model risk manager, where she was responsible of engaging the business about model risks. Later on, she was promoted to Senior Director and then Managing Director and has expanded the scope to cover the validation of 40% of CCAR models. Prior to joining RBC, Jing worked at Goldman Sachs, Wells Fargo, and Fannie Mae in various quantitative analytics roles covering front office quant, market risk, and model risk areas.
Jing has a Ph.D. in Applied and Computational Mathematics from Princeton University and a B.S. and M.S. in Computational Mathematics in Xi’an Jiaotong University.
15:30 – 16:15
Executive Boardroom: Current expected credit loss (CECL) – what kind of assumptions do you make about what a recession might look like in the next 12 months?
Standard calculations – understanding the newest rules for loan loss forecasting
Computational reduction vs. approximation errors – does loan grouping hold up beyond retail loans?
Future methodologies – can technology speed up loan-level calculations?
16:15 – 16:30
Afternoon networking break
16:30 – 17:15
Closing Keynote: Developing the next CRO - What are the skills necessary to succeed in tomorrow’s economy?
- Multi-vertical careers – how much of an advantage can rotational programs and cross-departmental experiences provide for future leaders of risk?
- Understanding the tools – as risk management becomes more technical, how vast of a knowledge must a CRO have of computing power for things like machine learning and quantum computing?
Chief risk officer, Americas
Jonathan Hummel is the Chief Risk Officer (CRO) of the Americas for Deutsche Bank which includes oversight for Credit, Market, Non-Financial, Model and Liquidity Risk. He is a member of the Group CRO Executive Council as well as the Americas Regional Executive Council and serves as the Chair of the U.S. Management Risk Council, Americas Reputational Risk Committee, U.S. Liquidity Risk Council and Risk Data Governance Steering Forum. He is also the regional sponsor of the Diversity and Inclusion (D&I) strategy for Risk Americas to promote an inclusive organization.
Jonathan joined Deutsche Bank in 2004. He has held various senior roles in Credit Risk Management including global oversight of Financial Institution and Hedge Fund Portfolios. Additionally, he has held cross risk roles including Global Head of Risk for FX, Rates and Institutional Clients Group overseeing Market, Credit, Liquidity and Non-Financial Risk. Prior to working at Deutsche Bank, Jonathan was at Goldman Sachs where he worked in Credit Risk and Legal.
Jonathan has held leadership roles in a number of industry organizations. He is the former Chairperson of the Capital Markets Credit Analysts Society from 2008-2011. He is currently on the Board of Governors for the Risk Management Association (RMA) of New York. He has been a speaker on a number of industry panels and a guest lecturer at the London School of Economics and Fordham University.
Jonathan attended Dartmouth College where he graduated with honors.
Managing director, global head of enterprise risk
Rajat Baijal is the Managing Director – Global Head of Enterprise Risk at Cantor Fitzgerald. In this role, he is responsible for designing and embedding a robust Risk Framework across the firm. This includes articulating and implementing a robust Risk & Control Self-Assessment (RCSA), Risk Event Management, Key Risk Indicators etc. and ensuring that the Board is suitably informed about all material issues.
Rajat has an MBA in Finance and has previously worked for Kensington Mortgages, Lloyds Banking Group and Aviva specialising in global implementation of their Risk Framework. Rajat is a regular speaker at risk conferences across London and New York and has authored a number of articles for risk journals/textbooks.
17:15 – 19:00