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
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.
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