Episodit
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In this podcast, Julie Muckleroy, Global Banking Strategist from SAS, and Abraham Izquierdo, Managing Director of Trading and Treasury Risks at Grupo Financiero Banorte, explore the top risk management trends for 2024.
With the start of 2024, persistent high interest rates and inflation remain key concerns. Adding to these challenges are potential conflict escalation in the Middle East, threats to global shipping lanes, and historically low water levels in Panama, among others.
The fallout from the failure of Silicon Valley Bank and the rapid growth of Generative AI are also being analyzed, impacting both smaller financial institutions' balance sheets in the U.S. and the wider financial landscape.
Speakers’ Bios:
Abraham M Izquierdo, FRM: Managing Director of Trading & Treasury Risks at Grupo Financiero Banorte, overseeing balance sheet oversight, policy compliance, hedging strategies, and interest rate risk management. He also manages liquidity risk framework and the Basel III directive, as well as capital management and surveillance for Grupo Financiero Banorte.
Julie Muckleroy: Global Banking Strategist in SAS’ Global Industry Marketing organization. With a background in marketing leadership roles at SaaS organizations and large US banks like Bank of America and Wells Fargo, Julie brings extensive knowledge and expertise in global banking trends and marketing strategies. She evaluates the future state of banking as a strategist at SAS.
Over the years, GARP and SAS have partnered to bring risk practitioners unique insights on a variety of topics related to risk management. Now we present a series of podcasts focused on making financial risk-based decisions in light of the rapid evolution of artificial intelligence and machine learning.
Learn more of the trends shaping the banking sector in 2024: The Year Ahead: Bank Trends for 2024
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk
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Hear from Moody’s Analytics’ Cris deRitis about geopolitical risk, cybersecurity, political unease, supply-chain threats, and other key issues that will impact risk managers this year.
2023 was a hectic and extremely challenging year for risk managers. The U.S. regional banking crisis grabbed headlines, with failures being blamed on everything from poor risk culture and ineffective risk modeling to interest-rate volatility – and even to the speed at which news travels in the social media era.
Geopolitical risk and supply-chain risk also contributed to an environment of volatility and uncertainty, fueled by the start of a violent conflict between Israel and Hamas, the ongoing Russia-Ukraine war, and attacks on commercial shipping vessels in the Red Sea. Technology, moreover, has evolved, with cyberattacks becoming more sophisticated and more prevalent, and with new innovations – like generative AI – bringing both risks and opportunities.
That leads us to today’s topic: namely, how will the remainder of 2024 shake out? What changes may be on the horizon, and which trends will have the greatest impact on the financial risk management landscape?
Cris deRitis, the deputy chief economist at Moody’s Analytics, sheds some light on what lies ahead for risk managers.
Links From Today’s Discussion:
GBI® survey on energy security risk | Global Association of Risk Professionals (GARP) posted on the topic | LinkedIn
https://www.garp.org/garp-benchmarking-initiative
https://www.garp.org/risk-intelligence/modeling-risk/all
SPEAKER BIO:
Cristian deRitis is the Deputy Chief Economist at Moody's Analytics. As the head of model research and development, he specializes in the analysis of current and future economic conditions, consumer credit markets and housing. Before joining Moody's Analytics, he worked for Fannie Mae. In addition to his published research, Cristian is named on two U.S. patents for credit modeling techniques. Cristian is also a co-host on the popular Inside Economics Podcast. He can be reached at [email protected].
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Hear veteran risk manager, advisor and professor Clifford Rossi’s viewpoints on trends, threats and opportunities in the commercial and residential real estate markets.
The past couple of years have been an extremely challenging time for risk practitioners charged with measuring and managing real estate risk. In both commercial real estate and residential real estate, concerns have been raised globally about interest rates, inflation and economic uncertainty. Indeed, in a recent Federal Reserve survey on salient risks – part of the Fed’s October Financial Stability Report – roughly 75 percent of respondents cited the potential for “large losses on CRE and residential real estate.”
CRE, more specifically, has been plagued by escalating vacancy rates for office buildings, thanks in part to the remote work trend that started during the pandemic and has since taken off. Residential real estate, meanwhile, has dealt with worries about housing affordability.
As a former CRO at multiple banks and as an ex-senior risk manager at Fannie Mae and Freddi Mac, Cliff Rossi, our honored guest today, knows all about the CRE and residential real estate risks facing financial institutions today. Cliff, the current Director of the Smith Enterprise Risk Consortium at the University of Maryland (UMD), speaks with GARP editorial director Robert Sales about global real estate concerns and challenges, and offers advice on how firms can more effectively manage their exposures.
SPEAKER’S BIO:Clifford Rossi (PhD) is the Director of the Smith Enterprise Risk Consortium at the University of Maryland (UMD) and a Professor-of-the-Practice and Executive-in-Residence at UMD’s Robert H. Smith School of Business. He is also the author of GARP’s monthly “CRO Outlook” column.
Prior to entering academia, Rossi had nearly 25 years of experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies. His most recent position was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group, where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi’s TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.
Previous to these assignments, Rossi held senior risk management positions at Freddie Mac and Fannie Mae. He started his career during the thrift crisis at the U.S. Treasury’s Office of Domestic Finance and later at the Office of Thrift Supervision working on key policy issues affecting depositories. Rossi was also an adjunct professor in the Finance Department at the Robert H. Smith School of Business for eight years and has numerous academic and nonacademic articles on banking industry topics. Rossi is frequently quoted on financial policy issues in major newspapers and has appeared on such programs as C-SPAN’s Washington Journal and CNN’s Situation Room. His book for risk practitioners and graduate students, A Risk Professional's Survival Guide, was published in 2014 by John Wiley & Sons, Inc. His research interests are in financial and nonfinancial risk management, risk governance and analytics and climate risk.
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Hear from Wall Street veteran and author Aaron Brown about the impact of fast-evolving technology on risk management.
Financial institutions are now using everything from machine-learning modeling and generative AI to blockchain and public-key cryptography for risk monitoring, measurement and mitigation. What’s more, we can see on the horizon the development of other tools – like central bank digital currencies – that could further alter the landscape.
However, each of these technologies present their own set of challenges, and it’s important for risk managers to understand both their advantages and potential drawbacks.
Aaron Brown, a renowned author and former CRO of AQR Capital Management, has had a front-row seat to the evolution of technology in financial risk management.
He joins GARP editorial director Robert Sales to discuss the pros and cons of technological innovations, and to explore what’s on the horizon, drawing on his previous work as a trader, portfolio manager, head of mortgage securities and risk manager for several global financial institutions.
SPEAKER'S BIO
Aaron Brown teaches finance and mathematics as an adjunct at NYU and writes Risk Intelligence’s monthly “Tech Perspectives” column. He is a distinguished risk manager who has held a variety of high-level positions on Wall Street, dating back to the early 1980s. Most recently, he served for 10 years as chief risk officer of the large hedge fund AQR Capital Management. His books on risk management include The Poker Face of Wall Street, Red-Blooded Risk, Financial Risk Management for Dummies and A World of Chance. In 2011, he was named GARP’s Risk Manager of the Year.
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In this podcast Zeynep Salman, Head of Risk Decisioning, EMEA at SAS, will explore the top trends and market practices for financial institutions as they adapt to digitizing credit decisioning.
We will dive deeply into key success factors for establishing innovative credit customer journeys while achieving successful business outcomes that keep the lending business profitable. We will also discuss how a country’s regulatory requirements and market dynamics can affect the transformation journey.
Link from today’s discussion can be found here:
The Value of Credit Risk Transformations and the Role of AI
Speaker’s Bio
Zeynep Salman is a credit risk professional with experience managing originations, customer management, and collections teams for consumer and small business portfolios. She joined SAS in 2022 and is currently leading risk decisioning advisory activities across EMEA. Zeynep is passionate about driving automation, seamless customer experiences, convergence of credit and fraud evaluations across customer lifecycle, AI-driven customer engagements, and working with clients to support near and long-term strategic roadmaps to drive value.
Before joining SAS, Zeynep held key roles at financial institutions including Citibank, HSBC, Toyota Finance, and UniCredit, as well as software vendors such as FICO.
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Over the years, GARP and SAS have partnered to bring risk practitioners unique insights on a variety of topics related to risk management. Now we present a series of podcasts focused on making financial risk-based decisions in light of the rapid evolution of artificial intelligence and machine learning.
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk
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Is it possible for financial institutions to offer on-demand, superior customer experiences while making risk decisions in near real-time in an increasingly digital and interconnected world? That is the question we’ll explore in this podcast featuring Terisa Roberts, Global Solution Lead, Risk Modeling and Decisioning at SAS, and Bruce Erb, Director – Credit Risk Consulting, KPMG.
Traditional financial institutions are encountering additional hurdles, including fierce competition from agile newcomers, new regulatory demands for operational resiliency, and increased technology risk. In an age of digital lending driven by artificial intelligence, what are modern financial institutions doing differently to remain agile and profitable while keeping costs in check?
We’ll delve into several strategies that financial institutions are adopting for risk-based decision-making to bolster their resilience in times of uncertainty.
Speakers
Terisa Roberts, Global Solution Lead, Risk Modeling and Decisioning, SAS
Terisa Roberts is a risk management professional with 15 years of experience primarily in the financial services sector. She is currently a Director and Global Solution lead for Risk Modeling and Decisioning at SAS.
Terisa has an extensive background in risk modeling for retail and commercial portfolios including regulatory capital stress testing and IFRS9/CECL. She advises banks, other financial services providers, and regulators concerning innovations in Risk Modeling and Decisioning including artificial intelligence and machine learning.
Teresa holds a Ph.D. in Operations Research and Informatics and lives in Sydney, Australia.
Bruce Erb, Director – Credit Risk Consulting, KPMG
Bruce Erb has been a risk professional for over 23 years in both industry and consulting. At KPMG, he has supported financial services clients in a variety of risk programs and initiatives with a current focus on transformation of credit and risk governance operating and execution models leveraging alternative approaches including automation, advanced analytics, and cognitive technologies.
Bruce was the product owner and co-inventor of an audit investigation tool that leveraged digitization, automation, and cognitive components to augment the way risk professionals evaluate and score a commercial loan. He was a loan officer for more than nine years before joining KPMG.
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Over the years, GARP and SAS have partnered to bring risk practitioners unique insights on a variety of topics related to risk management. Now we present a series of podcasts focused on making financial risk-based decisions in light of the rapid evolution of artificial intelligence and machine learning.
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk
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Hear veteran risk manager, advisor and professor Clifford Rossi’s perspective on recent turmoil in the banking system, on where risk management fell short, and the profession’s readiness for future challenges.
The collapse of Silicon Valley Bank (SVB) and subsequent events inevitably invited comparisons with past crises. It was widely assumed that the damages of 2023 would be more contained than those of the Great Financial Crisis of 2008. But they could similarly leave a long tail, with economic and regulatory repercussions well into the future.
A clear parallel between 2008 and 2023 is the spotlight placed on risk management. In the intervening years, the risk function in banking and financial services grew in prestige and responsibility – and its failings were documented as having played a role in SVB’s demise.
Drawing from regulatory experience early in his career, to senior risk and credit positions at major financial institutions, to his current professorship at the University of Maryland, Cliff Rossi has lived through multiple crises while observing the effectiveness and evolution of risk management. GARP Risk Intelligence’s CRO Outlook columnist, Rossi has been especially critical of boards of directors’ risk governance, one of many timely subjects covered in his podcast conversation with GARP contributing editor Jeff Kutler.
SPEAKER'S BIO
Clifford Rossi (PhD) is an Executive-in-Residence and Professor of the Practice at the Robert H. Smith School of Business, University of Maryland. He is also the author of GARP’s monthly “CRO Outlook” column.
Prior to entering academia, Rossi had nearly 25 years of experience in banking and government, having held senior executive roles in risk management at several of the largest financial services companies. His most recent position was Managing Director and Chief Risk Officer for Citigroup’s Consumer Lending Group, where he was responsible for overseeing the risk of a $300+B global portfolio of mortgage, home equity, student loans and auto loans with 700 employees under his direction. While there he was intimately involved in Citi’s TARP and stress test activities. He also served as Chief Credit Officer at Washington Mutual (WaMu) and as Managing Director and Chief Risk Officer at Countrywide Bank.
Previous to these assignments, Rossi held senior risk management positions at Freddie Mac and Fannie Mae. He started his career during the thrift crisis at the U.S. Treasury’s Office of Domestic Finance and later at the Office of Thrift Supervision working on key policy issues affecting depositories. Rossi was also an adjunct professor in the Finance Department at the Robert H. Smith School of Business for eight years and has numerous academic and nonacademic articles on banking industry topics. Rossi is frequently quoted on financial policy issues in major newspapers and has appeared on such programs as C-SPAN’s Washington Journal and CNN’s Situation Room. His book for risk practitioners and graduate students, A Risk Professional's Survival Guide, was published in 2014 by John Wiley & Sons, Inc. His research interests are in financial and nonfinancial risk management, risk governance and analytics and climate risk.
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Hear from Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions at SAS, and Professor Robert Jarrow of Cornell University’s SC Johnson College of Business as we continue our discussion of the current banking climate as it relates to integrated balance sheet management — and specifically asset and liability management (ALM).
This special two-part podcast series will explore conditions under which a bank is at risk of a “run” by looking internally at their assets and liabilities. We will also consider how to model simulations to project when assets will become negative relative to liabilities and determine how to ensure resiliency within financial institutions.
Part 1 of this series will tackle the following topics:
Introduction to deposit models for FDIC insurance How to handle hedging and mismatched balance sheets Determining what analytical methods are essential to "doing it right" An introduction to non-maturity demand deposit runoff that will be a key component for part 2 of this seriesSpeaker Bios
Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions @ SAS
He joined the Risk Research and Quantitative Solutions group at SAS Institute, Inc. in June 2022 through SAS’ acquisition of his previous firm, the Kamakura Corporation. He founded Kamakura in 1990 and served as Chairman and Chief Executive Officer until the acquisition.
Dr. van Deventer's emphasis at SAS Institute, Inc. is enterprise-wide risk management and modern credit risk technology. His primary financial consulting and research interests involve the practical application of leading-edge financial theory to solve critical financial risk management challenges.Robert Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at Cornell University’s SC Johnson College of Business. He is a co-creator of the Heath-Jarrow-Morton (HJM) model, the reduced form credit risk model, and the forward price martingale measure, the standards for pricing and hedging derivatives at major financial institutions. Jarrow is a pioneer of arbitrage-pricing theory and has written seven textbooks and over 225 pieces for academic journals.
Jarrow is on the advisory board of numerous academic journals including the Frontiers of Mathematical Finance. His research has won many awards, and he was named IAFE Financial Engineer of the Year in 1997. Jarrow is in the Fixed Income Analysts Society Hall of Fame, Risk Magazine’s 50-member Hall of Fame, is listed in the Who’s Who of Economics, and received Risk Magazine’s Lifetime Achievement Award in 2009. He is currently an IAFE senior fellow and serves on various industry advisory boards.
Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to risk management. This time, we are partnering on a brand-new podcast, Risk and Resiliency to take a closer look at ways to face the challenges ahead, to be more agile, vigilant, and quickly adapt to shifting market conditions.
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk
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Welcome back for the conclusion of this special two-part podcast series featuring Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions at SAS, and Professor Robert Jarrow of Cornell University’s SC Johnson College of Business. We continue the discussion of the current banking climate as it relates to integrated balance sheet management — and specifically asset and liability management (ALM).
Part two of this series will tackle the following topics:
A further exploration of non-maturity demand deposit runoff Deeper understanding of the estimated default probabilities for a bank that funds investments in Treasury securities with deposits Examples of how those default probabilities vary by maturity and the bank's initial capital position Tangible actions for aligning your balance sheet and optimizing your risk profileSpeaker Bios
Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions @ SAS
He joined the Risk Research and Quantitative Solutions group at SAS Institute, Inc. in June 2022 through SAS’ acquisition of his previous firm, the Kamakura Corporation. He founded Kamakura in 1990 and served as Chairman and Chief Executive Officer until the acquisition.
Dr. van Deventer's emphasis at SAS Institute, Inc. is enterprise-wide risk management and modern credit risk technology. His primary financial consulting and research interests involve the practical application of leading-edge financial theory to solve critical financial risk management challenges.Robert Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at Cornell University’s SC Johnson College of Business. He is a co-creator of the Heath-Jarrow-Morton (HJM) model, the reduced form credit risk model, and the forward price martingale measure, the standards for pricing and hedging derivatives at major financial institutions. Jarrow is a pioneer of arbitrage-pricing theory and has written seven textbooks and over 225 pieces for academic journals.
Jarrow is on the advisory board of numerous academic journals including the Frontiers of Mathematical Finance. His research has won many awards, and he was named IAFE Financial Engineer of the Year in 1997. Jarrow is in the Fixed Income Analysts Society Hall of Fame, Risk Magazine’s 50-member Hall of Fame, is listed in the Who’s Who of Economics, and received Risk Magazine’s Lifetime Achievement Award in 2009. He is currently an IAFE senior fellow and serves on various industry advisory boards.
Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to risk management. This time, we are partnering on a brand-new podcast, Risk and Resiliency to take a closer look at ways to face the challenges ahead, to be more agile, vigilant, and quickly adapt to shifting market conditions.
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk
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Hear from risk modeling expert Tony Hughes about the parts various risk management techniques played in recent bank failures, as well as the current challenges facing modelers.
Risk models have grabbed headlines for all the wrong reasons over the past couple of years, and now they are in the news again thanks to the sudden collapses of Silicon Valley Bank and Signature Bank. People want to know why the internal risk models at these banks did not properly account for interest-rate risk and why they seemed completely unprepared when their depositors made a mad dash for the exits.
The failures have also raised thought-provoking questions about liquidity risk management deficiencies, the proper use of stress testing, risk governance problems, and the flaws in current bank regulation.
What’s more, these issues are being raised at a time when modelers are contending with other significant challenges, such as forecasting for expected credit losses during a time of great uncertainty.
Risk modeling maestro Tony Hughes, Risk Intelligence’s “Risk Weighted” columnist, joins GARP editorial director Robert Sales to discuss some of the hottest FRM issues of today.
Speaker's Bio:
Tony Hughes is a risk modeling and ESG expert. He has more than 20 years of experience as a senior risk professional in North America, Europe and Australia, specializing in model risk management, model build/validation and quantitative climate risk solutions.
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Hear risk management prognostications from Cris deRitis, the deputy chief economist at Moody’s Analytics.
Risk managers have been severely tested over the past 12 months. Rising interest rates, supply-chain problems, inflation and heightened geopolitical risk contributed to an environment of volatility and uncertainty, and many financial institutions grabbed headlines for all of the wrong reasons.
Operational risk disasters, for example, have cost large banks hundreds of millions of dollars. Credit risk modelers, meanwhile, are still trying to figure out the best path forward after wrongly forecasting a wave of defaults amid the pandemic.
The financial sector was also hit hard by data breaches that exposed cybersecurity flaws, while cryptocurrencies, highlighted by the collapse of FTX, experienced a host of failures as part of the so-called “crypto winter.” Last but certainly not least, we’ve witnessed the expansion of artificial intelligence in financial risk management, though concerns about explainability, bias and transparency remain.
How will the remainder of 2023 of shake out? What regulatory changes may be on the horizon, and which trends will have the greatest impact? Cris deRitis, the deputy chief economist at Moody’s Analytics, speaks with GARP editorial director Robert Sales about what lies ahead for risk managers.
Speaker’s Bio:
Cristian deRitis is the Deputy Chief Economist at Moody's Analytics. As the head of model research and development, he specializes in the analysis of current and future economic conditions, consumer credit markets and housing. Before joining Moody's Analytics, he worked for Fannie Mae. In addition to his published research, Cristian is named on two U.S. patents for credit modeling techniques. He can be reached at [email protected].
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Hear from Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions @ SAS, as we discuss the impact of current market trends on asset liability management
With a possible recession looming and inflation near its highest levels since the 1980s, navigating around balance sheet issues remains complex. In this first of a series of podcasts on asset and liability management (ALM) featuring academic and industry experts, we will tackle the following topics:
· The current regulatory and marketplace-driven challenges for risk analytics
· How to handle term structure modeling in times of rising interest rates and inverted yield curves
· Requirements for quantitative approaches in ALM in the current environment
Speaker Bio
Dr. Donald van Deventer, Managing Director--Risk Research and Quantitative Solutions @ SAS
Dr. Donald van Deventer joined the Risk Research and Quantitative Solutions group at SAS Institute, Inc. in June 2022 through SAS’ acquisition of his previous firm, the Kamakura Corporation. He founded Kamakura in 1990 and served as Chairman and Chief Executive Officer until the acquisition.
Dr. van Deventer's emphasis at SAS Institute, Inc. is enterprise-wide risk management and modern credit risk technology. His primary financial consulting and research interests involve the practical application of leading-edge financial theory to solve critical financial risk management challenges.
Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to risk management. This time, we are partnering on a brand-new podcast, Risk and Resiliency to take a closer look at ways to face the challenges ahead, to be more agile, vigilant, and quickly adapt to shifting market conditions.
About SAS
As a leader in analytics, SAS’ award-winning capabilities in analytics, risk management, and other technology areas have helped customers across the globe solve their toughest and ever-evolving business problems. Its unrelenting commitment to innovation enables organizations across financial services to modernize and sustain a competitive edge. Through the latest developments in machine learning, natural language processing, forecasting, and optimization, SAS supports diverse environments and scales to meet changing needs. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk -
Hear from Alla Gil, the co-founder and CEO of Straterix, as we examine the liquidity risk challenges and trends that have been fueled by extremely rare market conditions.
In a recent survey conducted by the Securities Industry and Financial Markets Association, 80% of economists named stagflation – or a combination of high inflation and stagnant growth – as the greatest long-term risk to the U.S. economy. The economists said that stagflation presents an even bigger threat than a 2023 recession, and this news has undoubtedly added to the consternation currently felt by liquidity risk managers.
We haven’t seen a true period of stagflation in the U.S. since the oil crisis of the 1970s, and its therefore very difficult to factor this anomalous macroeconomic risk into contemporary liquidity risk models.
Alla Gil joins GARP editorial director Robert Sales to discuss the impact of stagflation and the steps risk practitioners responsible for modeling and managing liquidity risk can take to ensure that they have enough cash on hand, both now and in the future?
SPEAKER’s BIO:
Alla Gil is CEO and co-founder of Straterix Inc. With an academic background in theoretical mathematics, she began her Wall Street career at Goldman Sachs, working on stochastic models for derivative pricing. While heading Global Strategic Advisory teams at Citigroup, Nomura - and again at Goldman Sachs - she introduced stochastic modelling and an optimization approach to the world of corporate finance. Over a 20-year period, Alla advised banks, sovereign treasuries, insurance companies, asset managers, and pension funds on ALM, stress testing, long-term risk projections, liquidity, optimal capital allocation and balance sheet optimization With Straterix, she has developed a methodology and tools that enable clients to automate the process of scenario creation and expansion to assist in strategic capital planning and optimization, as well as risk management and stress testing.
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Hear from Prof. Clifford Rossi as we examine some of today’s biggest financial risk modeling challenges.
Risk modelers have recently been befuddled by rare and powerful non-financial events, including the pandemic, geopolitical conflicts, radical weather happenings, and a supply-chain crisis. What are the characteristics and impacts of these unpredictable incidents? In this podcast, University of Maryland professor and GARP CRO Outlook columnist Clifford Rossi will address these issues, and also share his views on how financial institutions can better understand these risks and link them properly to financial losses.
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In the financial services industry, risks related to climate change are now considered major, resulting in all firms assessing how to incorporate climate risk in financial decision making. As we find ourselves in the decisive decade, there is an urgency for financial services to not only better manage the financial and non-financial risks of climate change but also lead the way in sustainable finance. The scale and complexity of the problem demand new thinking and new technologies that will integrate well with existing risk management ecosystems.
In this episode, we’ll explore how AI and advanced analytics can help assess and address climate risk, while keeping the business lights on.
This episode concludes a four-part series examining Responsible AI. Listen to the previous episodes here:
Part One: Alternative Data in Risk Modeling
Part Two: Explainable/Interpretable AI
Part Three: Addressing Bias and Fairness in AI Systems
Learn More: From Crisis to Opportunity: Redefining Risk Management | SAS
Speakers
Mark Nasila, Chief Data and Analytics Officer, FirstRand Risk
Dr. Mark Nasila is the Chief Data and Analytics Officer of FirstRand Risk, a Singularity University Faculty. He is also a steering committee member of the National Institute for Theoretical Physics and Computational Sciences (NITheCS). As an experienced AI and data science expert, he ensures the techniques and methodologies he introduces into FNB are at the forefront of where banking is headed, both locally and internationally. He is the developer and the brain behind Manila, an AI system FNB has harnessed to reimagine its risk management and forensic due diligence processes. He holds a PhD in Mathematical Statistics from the Nelson Mandela University, and is also an alumni of the SingularityU South Africa Executive programme. He was named one of the Corinium Global Intelligence “2020 Global Top 100 Innovators in data and analytics.”
Terisa Roberts, Global Solution Lead, Risk Modeling and Decisioning, SAS
Terisa Roberts is a well-rounded risk management professional with 15 years of risk management experience working predominantly in the financial services sector. She is currently a Director and Global Solution lead for Risk Modeling and Decisioning at SAS.
She has extensive experience in risk modeling topics for retail and commercial portfolios including regulatory capital stress testing and IFRS9/CECL. She advises banks other financial services providers as well as regulators on innovations in Risk Modeling and Decisioning including Artificial Intelligence and Machine Learning.
She holds a Ph.D. in Operations Research and Informatics and lives in Sydney, Australia with her family.
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Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to financial risk and have partnered on this episode of our podcast series.
About SAS
As a leader in analytics, SAS has more than 40 years of experience helping organizations solve their toughest problems. Our unrelenting commitment to innovation enables banks to modernize and sustain a competitive edge. SAS provides an integrated, enterprise-wide risk-management platform for managing risk in an organization, from strategic to reputational, operational, financial or compliance-related risk management. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk.
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In this episode, we will continue with part three of a four-part series looking at Responsible AI (Listen to part one: Alternative Data in Risk Modeling and part two: Explainable/Interpretable AI).
“Fairness in AI” is getting a lot of attention, especially related to credit decisioning, not only for onboarding but throughout the credit lifecycle. This episode explores the intersection of fairness and trust, demonstrates why defining - much less ensuring - fairness is more difficult than it sounds, and provides strategies organizations can use to enable fair and trustworthy AI.
Learn More: From Crisis to Opportunity: Redefining Risk Management | SAS
Speakers
Preeti Shivpuri, Head of AI Strategy and Governance, Deloitte Canada
Preeti Shivpuri is a leader in data and analytics strategy helping organizations effectively manage data and information assets to generate insights, elevate customer experience, drive growth and operational efficiency, while meeting evolving regulatory demands. She advises clients on execution strategies and sound governance, enabling them to realize benefits aligned to their business goals throughout their data insights journey. She leads Trustworthy AI and Ethics within Deloitte helping organizations to operationalize and scale AI solution responsibly with the right balance of innovation vs controls.
Kimberly Nevala, Strategic Advisor, SAS
Kimberly Nevala is a Strategic Advisor at SAS. Kimberly provides counsel on the strategic value and real-world realities of emerging advanced analytics and information trends to companies worldwide. Kimberly is currently focused on demystifying the business potential and practical implications of artificial intelligence (AI) and machine learning (ML).
-----------------------Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to financial risk and have partnered on this episode of our COVID podcast series.
About SAS
As a leader in analytics, SAS has more than 40 years of experience helping organizations solve their toughest problems. Our unrelenting commitment to innovation enables banks to modernize and sustain a competitive edge. SAS provides an integrated, enterprise-wide risk-management platform for managing risk in an organization, from strategic to reputational, operational, financial or compliance-related risk management. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk. -
In this episode, we will continue with part two of a four-part series looking at Responsible AI (Listen to part one: Alternative Data in Risk Modeling).
One of the major challenges with effectively developing, deploying, and managing AI systems are often related to the “black box” nature of the model. Specifically, the complexity and non-linear nature of variables in some black-box AI models may be difficult to explain or understand. This includes explainability of the model logic as well as the individual decisions made by the model. In addition, the relative lack of transparency challenges model development and model validation teams to foresee unintended consequences from model usage, which could create an operational risk if the model is implemented in production.
Speakers
Iain Brown, Ph.D., Head of Data Science, SAS UK&I
Matthew Jones, Ph.D., Head of Retail Decision Modelling, Risk Community, Nationwide Building Society
Moderator:
Lisa Ponti, Ph.D., Vice President, Educational Outreach, Global Association of Risk Professionals (GARP)
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Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to financial risk and have partnered on this episode of our COVID podcast series.
About SAS
As a leader in analytics, SAS has more than 40 years of experience helping organizations solve their toughest problems. Our unrelenting commitment to innovation enables banks to modernize and sustain a competitive edge. SAS provides an integrated, enterprise-wide risk-management platform for managing risk in an organization, from strategic to reputational, operational, financial or compliance-related risk management. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk. -
In this episode, we begin a four part series looking at Responsible AI by looking at Alternative Data in risk Modeling. Over the course of the coming months we will also look at Explainable / Interpretable AI, Fairness and Bias in AI, and the new frontier of climate models.
Survey Says: Risk management key to resiliency in 2021 and beyond; click her to learn more and read the full report.
To view GARP's DE&I webcast, "Risk Modeling to Further Diversity and Inclusion", mentioned in this episode - click here.
Learn More: From Crisis to Opportunity: Redefining Risk Management | SAS
Speaker Bio
Terisa Roberts is a well-rounded risk management professional with 15 years of risk management experience, working predominantly in the financial services sector. She is currently a Director and Global Solution lead for Risk Modeling and Decisioning at SAS.
She has extensive experience in risk modeling topics for retail and commercial portfolios including regulatory capital, stress testing and IFRS9/CECL. She advises banks, other financial services providers as well as regulators on innovations in Risk Modeling and Decisioning including Artificial Intelligence and Machine Learning.
She holds a Ph. D in Operations Research and Informatics and lives in Sydney, Australia with her family.
-----------------------Over the years, GARP and SAS have worked together to bring risk practitioners unique insights on a variety of topics related to financial risk and have partnered on this episode of our COVID podcast series.
About SASAs a leader in analytics, SAS has more than 40 years of experience helping organizations solve their toughest problems. Our unrelenting commitment to innovation enables banks to modernize and sustain a competitive edge. SAS provides an integrated, enterprise-wide risk-management platform for managing risk in an organization, from strategic to reputational, operational, financial or compliance-related risk management. Learn more about how SAS is driving innovation and business value for risk and finance professionals at www.sas.com/risk.
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Many companies are considering their de-risking options and strategies for pension risk transfer (PRT). PRT is steadily increasing in the U.S. but comes with a high-level liability. Today we speak with Sarvesh Soi, Principal, Wealth Practice at Buck to get insight on the latest strategies around pension de-risking.
Speaker Bio:
Sarvesh Soi, FCA, EA, CFA | Principal, Wealth practice, Buck
Sarvesh serves as the head of the Financial Risk Management group at Buck. He is a seasoned actuary with 19 years of broad and diverse experience in pensions and investments. In recent years, his primary focus has been developing, implementing, and monitoring liability driven investment solutions for defined benefit pension plan sponsors. Sarvesh graduated with a bachelor's degree in actuarial mathematics from the University of Michigan and is an Enrolled Actuary (EA), CFA Charterholder, and a Fellow of the Conference of Consulting Actuaries (FCA).
Please note that in discussing pension policies during COVID, Mr. Soi intended to say “withdrawal funds” and not “borrow funds.”
To view the video referenced in the discussion, click here.
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Artificial intelligence and machine learning are transforming the ways in which financial institutions manage risk. Driven by a proliferation of data and computing power, institutions are harnessing these tools to build predictive models that enhance decision making. Today, firms are using AI and ML to improve risk management by identifying early warning signals to manage credit risk and providing investment managers with capabilities to interpret unstructured ESG data for portfolio management.
In this podcast, Jeff D’Avignon, from FIS Global, leads a conversation with Riyaz Nakhooda, Vice President of Strategic Partnerships at Accern and Justin Chan, Product Director for FIS’ Cross Asset Trading and Risk business. They discuss the machine learning revolution and what it means for the financial services industry, practical applications of new and emerging technologies, potential challenges to adoption, and their outlook for the future.
Justin Chan, Product Director, Cross-Asset Trading & Risk, FIS Global
Jeff D’Avignon, Senior Sales Executive, Cross-Asset Trading & Risk, FIS Global
Riyaz Nakhooda, Vice President of Strategic Partnerships, Accern
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