Loyola University Chicago

CENTER FOR BUSINESS LAW

School of Law

Conferences & Events

New Legal and Regulatory Terrain for ERM:
Outlook for Companies and Risk Managers

Sponsored by Loyola University Chicago’s Business Law Center
and Quinlan School of Business

Friday, March 20, 2015
9 AM – 5:30 PM
Philip H. Corboy Law Center, 25 E. Pearson Street
Kasbeer Hall, 15th Floor 

REGISTER NOW 

This program has been approved by the Illinois MCLE Board for 6.5 hours of CLE credit, including 1.25 hours of Professional Responsibility credit.

About The Conference

On February 18, 2014 the Federal Reserve issued new Regulation YY establishing “enhanced prudential standards” for large bank holding companies and large foreign banks operating in the United States.  This regulation mandates an independent enterprise-wide risk management (ERM) function and corporate governance changes in the financial sector.  The Office of the Comptroller of the Currency has promulgated similar ERM standards for large banks. These and related regulatory initiatives will undoubtedly influence best practices and will impact many large firms in many sectors.

The new standards for ERM in the financial sector reflect Congressional and financial regulatory findings regarding ERM failures during the financial crisis. More importantly, empirical data supports these findings and increasingly suggest a significant firm valuation advantage for firms embracing appropriate ERM practices. Designed to avert a repeat of the 2008 financial crisis, these regulations therefore arguably create a set of best practices to guide firms that may not specifically fall directly within the scope of these new regulations—even beyond the financial sector.

These recently promulgated regulations will broadly impact all facets of a firm’s operations. This is because risk is in every facet of a firm's operations, from ethics guidelines to diversity policies and from derivatives trading to compliance and reputation risk.  The uncharted path created by new ERM learning and standards proves the need for senior corporate managers to now deliberate on sound ERM mechanisms that will manage the full breadth of risk-taking, and to exploit new opportunities to use ERM profitably.

This conference will bring together financial executives, industry experts, academics and regulators to share insights on how sound ERM can enhance financial performance as well as assure regulatory compliance.  The conference seeks to identify how boards, senior managers, and risk managers may leverage ERM opportunities to achieve superior operational performance while meeting rapidly evolving regulatory mandates as well as the best learning on ERM.

Session highlights include:

  • A review of Regulation YY and recent regulatory initiatives and how they will shape best practices and risk management in the financial sector and beyond.

  • A survey of research findings and case studies supporting how firms embracing ERM practices may experience a significant valuation advantage

  • A deliberation on operational risks and how they may be addressed through sound ERM mechanisms that will manage risk taking through new ERM opportunities

  • An analysis of how boards, senior managers, and risk managers are meeting rapidly evolving regulatory mandates as well as the best learning on ERM.
8:30-8:55 a.m. Registration
8:55-9:00 a.m.

Welcome Opening Remarks

9:00-10:00 a.m.

Keynote: Jeffery D. Cohodes, EVP and Chief Risk Officer, Northern Trust

10:00-10:15 a.m.
Break
10:15-11:30 a.m.

ERM after the Financial Crisis

Moderator: andré douglas pond cummings, Interim Dean and Professor of Law, Indiana Tech Law School 

Panelists:

Dr. Colleen Baker, Lecturer, College of Business, University of Illinois Urbana-Champaign

Nadelle Grossman, Associate Professor of Law, Marquette University Law School

Cheryl L. Wade, Professor of Law, St. John’s University School of Law 

11:30-12:15 p.m.

Enhanced Prudential Standards: Impact on Banks, Non-Financial Companies and the Capital Markets

Moderator: Robert J. Graves, Partner, Jones Day

Panelists:

Lisa M. Ledbetter, Partner, Jones Day

Marc Baum, General Counsel and Chief Administrative Officer, Serengeti Asset Management 

James I. Kaplan, Partners, Quarles & Brady

12:15-1:15 p.m.

Supervision Matters: How Heightened Standards get Operationalized

Keynote: Martin Pfinsgraff, Senior Deputy Comptroller for Large Bank Supervision, Office of the Comptroller of the Currency, U.S. Department of the Treasury 

1:15-1:30 p.m. Break
1:30-2:45 p.m.

The Risk Committee and CRO: The Role of Ethics in Meeting Regulatory Compliance

Moderator: John Boatright, Director, Center for Social Enterprise and Responsibility, Loyola University Chicago

Panelists: 

Steven A. Ramirez, Associate Dean for Research and Faculty Development, Director, Business law, Loyola University Chicago, School of Law

Ann Marley Chilton, Global Compliance Officer and Regional Managing Attorney for US/Canada, ERM (Environmental Resources Management)

Michael Neus, Managing Partner & General Counsel, Perry Capital LLC 

Charles W. Murdock, Professor and Loyola Faculty Scholar, Loyola University Chicago, School of Law

2:45-3:00 p.m. Break
3:00-4:15 p.m.

Outlook for ERM: Perspectives from Financial Firm Executives and Markets Experts

Moderator: Serhat Cicekoglu, Director, Center for Risk Management Loyola University Chicago, Quinlan School of Business

Panelists:

Kristen N. Pate, Sr. Assistant General Counsel, General Growth Properties 

Melissa Sexton, Executive Director, Product and Investment Risk, Morgan Stanley Wealth Management

Adam H. Litke, Chief Risk Strategist and Head of Enterprise Risk Services, Bloomberg LLP 

Kreg S. Weigand, Partner, KPMG 

Patrick D. Hughes, Senior Director & Insurance Regulatory Practice Leader, Alvarez & Marsal Insurance and Risk Advisory Services

4:15-4:45 p.m.

Solvency II Underway in Europe: Case Story

Presenter: Peter Skjodt, International Advisor, Danish Insurance Association 

4:45-5:30 p.m.

Risk-Based Capital and Related Requirements: How is Regulation YY Simply Basel Principles Brought Ashore?

Moderator: Serhat Cicekoglu, Director, Center for Risk Management Loyola University Chicago, Quinlan School of Business

Panelist: Peter Skjodt, International Advisor, Danish Insurance Association 

Ben Lum, Risk Management Professional, Investment Banking

5:30-6:45 p.m.

Reception

Program Sponsor: