Ruben Cohen is an operational risk consultant. He has been working in the financial industry for over 17 years, with most of the last 10 in operational risk analytics at Citi.
Prior to that, Ruben spent 10 years on the faculty of Mechanical Engineering & Materials Science at Rice University in Houston, specializing in Fluid Mechanics and Thermodynamics. He holds a Ph.D. in Mechanical Engineering from M.I.T. and has subsequently obtained an M.A. in Economics from McGill University.
Ruben is based in London and has published over 50 papers in a variety of areas, including engineering, physics, economics and finance.
Ahead of the 7th Annual Operational Risk Management Forum , we spoke with Mr. Ruben Cohen, independent consultant, about the role of local regulators in the implementation of SMA and the impact SMA will have on capital.
We asked Mr. Ruben Cohen What is the future of operational risk modelling following the SMA?
Focus will be on simplicity, consistency and transparency. Given the highly prescriptive and transparent nature of the SMA, it will be easier for local regulators to better understand the models and determine, on the spot, whether the numbers generated do or do not make sense. This way, regulatory checks and feedback will be much swifter, with time scales spent on regulatory reviews significantly shorter.
The SMA will also enable the risk managers to use the models independently, without having to rely on the op risk quants to generate the numbers. The SMA will therefore make communications between management and the modelling teams more interactive and, certainly, much less intimidating due to its more simple and transparent nature.
This marcus evans event will give companies the best practices and strategies to begin to implement the SMA and assess the impacts it will have on both internal modelling and operational risk management. They will discover and understand the major challenges on the horizon, including the move to the SMA and cyber and IT risk. They will gain an advantage over competitors by hearing from experts that will provide both insight and innovation in dealing with operational risk frameworks.
The 7th Annual Operational Risk Management Forum will take place from the 21st until the 23rd of November 2016 in London, UK.