Navigating macroeconomic and regulatory challenges to stay competitive in volatile markets March 25-26, 2025 New York City
20+
20+ 150+ Sessions Speakers Attendees
Key themes 2025:
Macroeconomic Landscape
Reviewing the current macroeconomic landscape and preparing for potential market downturn
Hedging Interest Rate Risk
Enhancing interest rate risk management through hedging strategies
Basel 3
Establishing the new Basel 3 rules and how this could impact treasury & alm teams
Liquidity Resilience
Building out a robust liquidity resilience program to prepare for potential runs
Discount Window
Leveraging the central banks discount window and reducing the stigma around its use
Collateral
Reviewing reliance on collateral in a crises with bond and asset values being unstable
Who’s Participating:
Thomas Sullivan MD – Head of Business Development for Digital Assets Societe Generale
Teresa Tian Director, Market and Liquidity Risk Brighthouse Financial
Oskar Rogg Head of Treasury Americas Credit Agricole
Nidhi Singh Director, Treasury Risk UBS
Simon Raisin Director, Senior managing Counsel, Head of Legal for Corporate Treasury, Risk and Stress Testing BNY Mellon
Agenda | Day 1 | March 25, 2025
8:00 REGISTRATION AND BREAKFAST
8:50 CHAIR’S OPENING REMARKS
Moderated by Daniel Delean, U.S Head of Risk, Zanders
MACROECONOMIC LANDSCAPE – PANEL DISCUSSION
9:00 Reviewing the current macroeconomic landscape and preparing for potential market downturn
Reviewing potential weakening in the labour market and impact to asset prices
Understanding if a recessionary environment is ahead
• Managing the balance sheet in line in response to the market
• Reviewing the rate changes and how this could impact
Reviewing and preparing for a potential market downturn
o Having enough liquidity available and not being overleveraged
o Having readily available capital
Opening up additional sources of cash
Thomas Braun, Head of Market & Treasury Risk, UBS Bank USA
Avi Lopchinsky, Head of Asset Liability Management, Apple Bank
MONETARY POLICY
9:45 Adapting to monetary policy shifts and strategies to manage interest and liquidity risks
• Assessing the impact of current central bank policy on interest rates
• Understanding changes in monetary policy that affect funding costs & asset valuations
• Repositioning the balance sheet under different monetary policy for interest rate cuts
Analyzing the policy rate adjustments and implications for interest rate risk
Reviewing the impact of monetary policy on liquidity risk and the availability of funding
Katie Craig, VP, US Rates Strategy, Bank of America Merrill Lynch
10:20 MORNING REFRESHMENT BREAK AND NETWORKING
INTEREST RATES – PANEL DISCUSSION
10:50 Understanding the extent of the upcoming rate cuts and preparing strategies to manage exposure
• Managing assets with a lower interest rate margin
• Monitoring and managing IRRBB
Understanding the extent of the upcoming rate cuts
o Managing the risk of incorrect expectations
o Adjusting internally to fit the new environment
Building a flexible balance sheet to accommodate various interest rate scenarios
• Reviewing the liquidity implications moving forward with interest rate risk
• Analyzing the impact of interest rates and spreads on the credit cycle
o Reviewing the impact at a macro level
Managing interest rate risk arising from mismatches and assumption changes
• Managing interest rate risk exposure with repricing and maturity gaps
Oresta Mehta, Regional Head of Markets Treasury, Americas, HSBC Gabriel Krochmal, Treasurer Americas Region & Member of the CIB Americas Executive Committee, UniCredit Xiaowei Han, Head of ALM, TIAA
LIBOR
11:35 Assessing risk sensitivities of transferring from libor to sofr
Managing the risk of using a less credit sensitive rate
• Reviewing from Libor transition and derivatives use
• Understanding impact to derivatives clearing with interest rate risk practices
Transitioning to different instrument types with high volatility
Managing impacts since Libor has been decommissioned
• Managing long-term funding strategies with the absence of credit sensitivity in sofr
o Mitigating funding mismatches with increased spread
Oskar Rogg, Managing Director, Head of Treasury, Americas, Crédit Agricole
HEDGING INTEREST RATE RISK
12:10 Enhancing interest rate risk management through hedging strategies
Keeping margins high
• Divesting some portfolios to have profitable balances
• Hedging interest rate risk exposure and managing deposit duration
Managing volatile interest rates with a potential negative convexity in the asset & liability portfolio
Anthony Santos, former Senior Group Manager, Head of NII/NIM Analytics, Citi
12:45 LUNCH BREAK AND NETWORKING
LIQUIDITY & FUNDING
1:45 Preparing for reduced source of liquidity with higher funding costs
Managing asymmetric global economy
o Reviewing affect to balance sheet
• Raising cheap funding and putting money into high yield assets
• Reduced source of liquidity with higher funding costs
Preparing for a potential liquidity crisis with higher funding costs
o Reviewing impact to treasury, assets & liabilities
• Managing funding risks with high deposit withdrawals
Diversifying liquidity sources on the balance sheet and contingent liquidity
• Rethinking funding strategies with increased need for cash from regulators
Gopi Devaraaj, Director of Treasury, Western Alliance Bank
BASEL 3
2:20 Modern ALM for Banks: A forward thinking approach powered by risk technology
• Strategic ALM as the core of integrated balance sheet management
AI/ML powered ALM analytics
Elevating ALM with risk technology
• Case study
Luis Estrada, Co – Founder & COO, Mirai Risk Tech
2:55 AFTERNOON REFRESHMENT BREAK AND NETWORKING
REGULATION – PANEL DISCUSSION
3:25 Analyzing the increased regulatory requirements for regional banks after last year’s bank collapses
• Accommodating regulatory scrutiny and added requirements
• Managing regulator expectations versus market expectations
Integrating a more stringent regulatory environment to regional banks
o Looking more in-depth at depositor characteristics and behaviour
o Enhancing the analysis to understand the deposit portfolio better
Building a process to collect useful data to comply with new regulations
Shahab Khan, Head of Liquidity Risk, HSBC USA
Althea Pieters, Managing Director - Head of Regulatory Strategy, SMBC
Mark Benharon, ERM: Director of Liquidity, Market and Capital Stress Testing Risk Management, Flagstar Bank
Gina Harth-Cryde, former Managing Director and Senior Banker, Credit Agricole
CFP
4:10 Implementing an actionable CFP plan to present to the regulators
• Running relevant scenarios to capture this stress within CFP plans Setting up the bank to be able to react quickly to crises
• Testing current CFP plans to evaluate efficiency
• Presenting a more actionable playbook to regulators
Performing tabletop exercises to prepare for potential impact
o Showing plan devised to regulators
• Integrating trigger points to activate a CFP plan
Preparing for future shocks and risks regarding the funding plan
Ashish Deccanawar, Head of Liquidity Governance, Methodology and FR 2052a Oversight, Flagstar Bank
CRE LOANS
4:45 Mitigating potential CRE loan risks on the horizon
• Reducing exposure of CRE loans across regional banks
• Balancing the total of capital and CRE loan
o Reducing loan defaults
Increasing the level of capitalization
• Managing the cost of current leases
Recovering value by selling to pay back the CRE loan
Accessing assets without impacting the balance sheet
5:20 CHAIR’S CLOSING REMARKS
5:30 END OF DAY ONE AND NETWORKING DRINKS RECEPTION
Agenda | Day 2 | March 26, 2025
8:00 REGISTRATION AND BREAKFAST
8:50 CHAIR’S OPENING REMARKS
9:00 Streamlining Financial Reporting Processes: Key findings from CeFPro and Workiva survey
• An interactive session, revealing the results of an industry-wide survey, including Q&A and polls
9:15 Building out a robust liquidity resilience program to prepare for potential runs
Reducing exposure to a significant liquidity run
o Managing ease of moving money between accounts
• Monetizing liquidity portfolio from the buffer
Managing liquidity with more exposure to volatile markets
• Having liquidity reserves available with uncertain stickiness of deposits
o Holding liquid liabilities
o Positioning assets with uncertainty of duration
• Raising liquidity with deposits becoming increasingly sensitive to rates
o Increased transparency on what depositors could earn on cash
Managing liquidity as global stock markets become volatile
• Maintaining a leading practice program in liquidity
Jorge Segura, Senior Director, Head of IRBBB/ALM Risk Oversight, Santander
Nidhi Singh, Director, Treasury Risk, UBS
Victoria Xu, Head of Liquidity Risk Oversight, American Express Wayne Lu, Head of Asset and Liability Management, Goldman Sachs
BALANCE SHEET OPTIONALITY
10:00 Streamlining understanding of optionality measures and inputs into models
Regulatory triggers as result of recent failures
NMD Parameters that matter
• Modeling rates in NMD
• Prepayments may become important again (rates leading to activity)
Case study: improving efficiency and the end of the deposit study
Dan Delean, U.S Head of Risk, Zanders
10:35 MORNING REFRESHMENT BREAK AND NETWORKING
DISCOUNT WINDOW
11:05 Leveraging the central banks discount window and reducing the stigma around its use
Accessing liquidity through the discount window
Reducing stigma around leveraging the discount window
o Reducing depositors to pull money out
Moving assets at the discount window
Balancing the use of the discount window with market capacity
• Accessing the funding discount window during a crises
• Leveraging the discount window as a structure of funding
Vineet Gumasta, Head Balance Sheet Management, Rabobank
DEPOSITS
11:40 Optimizing deposit strategies and reducing run off within the dynamic market
Determining a proper deposit run off
• Reviewing strength of client relationships to reduce run off
• Identifying deposit mix from clients
Understanding the stickiness of deposits
o Holding liquidity against deposits in case of a rapid move
• Managing the cost of deposits and also yielding loans
Understanding the potential for rapid deposit outflows under stress
Analyzing enough historical data to understand customer behaviour
o Mitigating the risk of false stability from historical data reliance
• Managing the risk of change in customer behaviour with increased interest rates
Christopher Sadej, Risk Specialist, The OCC
12:15 Hedging structural and non-structural FX Risk
• Exploring long-term solutions for hedging currency exposure arising from foreign subsidiaries
Addressing short-term foreign exchange fluctuations due to market volatility
• Optimizing balance sheet strategies whilst integrating FX risk hedging
• Managing FX risk from transfer pricing and accrual products
Chetan Chowdhury, Director Treasury FX Risk, Citi
12:50 LUNCH BREAK AND NETWORKING
INTRADAY LIQUIDITY
1:50 Implementing effective controls to capture intraday in real time
• Managing intraday impact to liquidity
Managing intraday liquidity peaks actively rather than relying on fixed buffers
Showing regulators more visibility from real time activity
o Reviewing how fast data can be sourced
• Having agile and controlled intraday data to fit the requirements
Predicting cash outflows on an intraday basis
• Streamlining and centralizing intraday payments
o Adapting the operating model
o Mitigating new risks when entering centralized clearing
• Investing in automation infrastructure to help update intraday
• Implementing an intraday buffer to withstand a stressed event
Joel Feazell, Head of Liquidity Management, SAP Fioneer
COLLATERAL - PANEL DISCUSSION
2:25 Reviewing reliance on collateral in a crises with bond and asset values being unstable
Reviewing collateral with a weak labour market and interest rate changes
Balancing liquidity vs counterparty risk via collateral and margin products
• Monitoring intraday cash flows
• Current state of non-cash collateral adoption
The use DLT for non-cash collateral and CFTC adoption
Teresa Tian, Director, Market and Liquidity Risk, Brighthouse Financial
Thomas Sullivan, MD - Head of Business Development for Digital Assets, Societe Generale
Joseph Spiro, Digital Assets Product Director, DTCC
3:00 AFTERNOON REFRESHMENT BREAK AND NETWORKING
RISK APPETITE
3:30 Setting risk appetite with rapid changes in the operating environment
• Reviewing how risk is being constrained with market environments move fast
• Reviewing how hedging activity and capacity is being impacted with risk appetite set Setting risk appetite with an interval Vs external view
• Running a trade-off between impact to income or capital
• Setting risk appetite limits in a robust and resilient way
Staying within set risk appetite whilst executing a hedging program
Oksana Cherniavsky, former Head of ALM & Investment Strategy, New York Life Insurance Company
SVB CRISES - PANEL DISCUSSION
4:05 Adopting best practices since the SVB crises and managing heightened regulatory scrutiny
• Reviewing measures the FED has taken since SVB
• Integrating tools and techniques since the crises
Continuing lessons learnt from SVB
• Reviewing the new regulatory environment and managing increased scrutiny
• Understanding when is best to disclose liquidity issues and stress
Managing balance sheets effectively to mitigate risk
Sudhir Kumar, Head of Capital Management Oversight, US Bank
Frank Sansoner, Treasurer, SVP – Head of Treasury, China Construction Bank
Simon Rasin, Director, Senior Managing Counsel, Head of Legal for Corporate Treasury, Risk and Stress Testing, BNY Mellon
4:50 CHAIR’S CLOSING REMARKS
5:00 END OF DAY ONE AND NETWORKING DRINKS RECEPTION
Why should you be attending these sessions?
MACROECONOMIC LANDSCAPE
Reviewing the current macroeconomic landscape and preparing for potential market downturn
• Understanding if a recessionary environment is ahead
• Managing the balance sheet in line in response to the market
• Reviewing potential weakening in the labour market and impact to asset prices
INTEREST RATES
Understanding the extent of the upcoming rate cuts and preparing strategies to manage exposure
• Understanding the extent of the upcoming rate cuts
• Managing assets with a lower interest rate margin
• Managing interest rate risk arising from mismatches and assumption changes
BASEL 3
Establishing the new Basel 3 rules and how this could impact treasury & alm teams
• Interpreting the proposal once released
• Understanding if Basel 3 will impact capital
• Reviewing the downstream impact from Basel 3
CFP
Implementing an actionable CFP plan to present to the regulators
• Setting up the bank to be able to react quickly to crises
• Testing current CFP plans to evaluate efficiency
• Integrating trigger points to activate a CFP plan
LIQUIDITY RESILIENCE
Building out a robust liquidity resilience program to prepare for potential runs
• Reducing exposure to a significant liquidity run
• Managing liquidity with more exposure to volatile markets
• Having liquidity reserves available with uncertain stickiness of deposits
DISCOUNT WINDOW
Leveraging the central banks discount window and reducing the stigma around its use
• Reducing stigma around leveraging the discount window
• Balancing the use of the discount window with market capacity
• Accessing the funding discount window during a crises
COLLATERAL
Reviewing reliance on collateral in a crises with bond and asset values being unstable
• Reviewing collateral with a weak labour market and interest rate changes
• Managing equity with bonds being driven higher
• Managing collateral to drive cash flow behaviour
SVB CRISES
Adopting best practices since the SVB crises and managing heightened regulatory scrutiny
• Reviewing measures the FED has taken since SVB
• Integrating tools and techniques since the crises
• Understanding when is best to disclose liquidity issues and stress
Sponsorship & Partnerships
Thought leadership
Advance your expertise, knowledge, and experience with a presentation, a panelist, or a roundtable discussion. Why not enhance that with an article published in Connect Magazine and CeFPro® Connect?
Lead generation
Meet with key decision makers and senior professionals at CeFPro® events, roundtables, or at an invite-only dinner.
Branding and awareness
Want to advance your organization and/or your products or offerings? What better way than at a live in-person event where you will meet leading decision-makers, or online through CeFPro®’s market intelligence reports, Connect Magazine, or Connect member’s hub.
Networking
Whether over coffee, lunch, drinks reception, or dinner, expand your network connections in person.
Knowledge partners
Co-sponsors
Associate sponsor
Positioning in the industry
Whether you are the industry leader or a start-up, CeFPro® has opportunities to maintain, advance, or promote your standing among the risk community.
Targeted and one-on-one meetings
General promotion is no replacement for connecting with key decision-makers and C-suite professionals, whether at an event, a closed-door forum, a networking reception, or a VIP dinner.
Reach business buyers
Outside of marketing and promotion, CeFPro®’s extensive range of offerings can provide clients with opportunities to reach key decision-makers and buyers.
Would your organization like to partner with us on this event?
To discuss how we can deliver your thought-leadership at the event, help you generate leads, and provide you with unique networking and branding opportunities, please contact sales@cefpro.com or call us on (+1) 888 6777007 | +44 (0)207 164 6582 for more information.
2025 Speaker Line-up
Mark Benharon ERM: Director of Liquidity, Market and Capital Stress Testing Risk Management Flagstar Bank
Katie Craig VP, US Rates Strategy Bank of America Merrill Lynch
Estrada Co – Founder & COO Mirai Risk Tech
Gina Harth-Cryde former Managing Director and Senior Banker Credit Agricole
Avi Lopchinsky Head of Asset Liability Management Apple Bank
Althea Pieters Managing Director - Head of Regulatory Strategy SMBC
Frank Sansone Treasurer, SVP – Head of Treasury China Construction Bank
Joseph Spiro Digital Assets Product Director DTCC
Victoria Xu Head of Liquidity Risk Oversight American Express
Thomas Braun Head of Market & Treasury Risk UBS Bank USA
Ashish Deccanawar Head of Liquidity Governance, Methodology and FR 2052a Oversight Flagstar Bank
Joel Feazell Head of Liquidity Management SAP Fioneer
Gabriel Krochmal Treasurer Americas Region & Member of the CIB Americas Executive Committee UniCredit
Wayne Lu Head of Asset and Liability Management Goldman Sachs
Simon Rasin Director, Senior Managing Counsel, Head of Legal for Corporate Treasury, Risk and Stress Testing BNY Mellon
Christopher Sadej Risk Specialist The OCC
Thomas Sullivan MD - Head of Business Development for Digital Assets Societe Generale
Oksana Cherniavsky former Head of ALM & Investment Strategy New York Life Insurance Company
Dan Delean U.S Head of Risk Zanders
Vineet Gumasta Head Balance Sheet Management Rabobank
Shahab Khan Head of Liquidity Risk HSBC USA
Oresta Mehta Regional Head of Markets Treasury, Americas HSBC
Oskar Rogg Managing Director, Head of Treasury, Americas Crédit Agricole
Jorge Segura Senior Director, Head of IRBBB/ALM Risk Oversight Santander
Teresa Tian Director, Market and Liquidity Risk Brighthouse Financial
Chetan Chowdhury Director Treasury FX Risk Citi
Devaraaj Director of Treasury Western Alliance Bank
Sudhir Kumar Head of Capital Management Oversight US Bank
Senior Solution Consultant Workiva
Anthony Santos former Senior Group Manager, Head of NII/NIM Analytics Citi
Nidhi Singh Director, Treasury Risk UBS
Ed Young Managing Director Empyrean Solutions
To view the full Treasury & ALM USA 2025 speaker biographies scan the QR code or click here
Xiaowei Han Head of ALM TIAA
Gopi
Bianca Mugnano
Luis
Convince your Boss
#1 What Your Boss Will Say: “What’s included within the ticket price?”
“For the price of my ticket, not only will I gain full access to both days of CeFPro’s Treasury & ALM Congress, I will also receive breakfast, lunch, and refreshments throughout, and a complimentary drinks reception at the end of day-1.
The learning opportunities don’t stop there as once the event has ended I will receive exclusive access to post-event materials and resources, and a portal log in to CeFPro Connect, my new personalized gateway to the latest risk intelligence and insights.”
#2 What Your Boss Will Say: “Will you learn anything of value that we can integrate into our strategy?”
“The agenda for the event has been carefully curated through an extensive research project involving speaking to more than 25 treasury & ALM experts from prestigious financial institutions. As a result, the agenda is a direct reflection of the top-of-mind challenges and opportunities that senior practitioners are integrating into their own strategies.
These sessions will offer me practical insights and the latest advancements into treasury & ALM management that I will then be able to directly apply to enhance and innovate our own operation. The knowledge I gain will help our department refine our approach, identify new opportunities, and address emerging challenges in the industry.”
Managing Directors Directors
Heads
of
3 7 8 2
Departments SVP’s, Treasurers & Specialists
#3 What Your Boss Will Say: “What specific benefits will attending this event bring to our team?”
“There is the opportunity to turn this event into a team building and development exercise with sessions on current critical matters such as: Macroeconomic Landscape, Liquidity Resilience, Hedging Interest Rate Risk and many more. As such there a group discounts available which make it easier for us to get the team together, deep dive into these critical subject matters, and discuss what we have learnt and how we can apply this in between breaks.
If it’s just me attending, I will still receive access to the post-event materials and resources to consolidate the knowledge gained which I can then share with the team when I return. I can also refer the team to CeFPro Connect where they can make a free account and benefit from all the additional resources on offer.
During the event, whether I attend with colleagues or by myself there will be over 8 hours of networking opportunities with industry leaders to discuss our sector and obtain their knowledge for our own gain and application.”
#4 What Your Boss Will Say: “What will we do with you out of the office for 2 days?”
“ The venue will have WIFI so I will be able to bring my laptop with me if necessary. There are also many breaks throughout the day for lunch and refreshments so I will have many opportunities to step out and support the team if needed.
The benefits and resources that not just me, but our department will gain from at least one of us taking advantage of the excellent opportunity to better understand our industry will be a valuable use of my time for greater good. By attending, the extended learning opportunities that I will be exposed to beyond the event will continue making this a worthwhile investment of my time.”
#5 What Your Boss Will Say: “How will you share the knowledge and insights gained with the rest of the team?”
“I will be able to take notes throughout the sessions so that I can share key takeaways and points of reflection that we should consider. If you like, I could even do a presentation or report on the findings and my recommendations to share everything I have learnt.
There’s also the post-event materials and resources which will include copies of the presentations, behind-the-scenes deep-dive interviews with the speakers, and related articles and videos that support what I have learnt which I can share with the team also.”
For further help in convincing your boss to let you attend, Scan the QR code or click here for access.
Venue & Location
Enjoy a premium experience with anticipatory service, sophisticated style and incredible views.
Situated in the Financial District close to One World Observatory, offers breathtaking elegance and contemporary design.
New York Marriott Downtown 85 West Street At, Albany St, New York, NY 10006, United States
Explore Downtown NYC. Provides guests with an optimal location in Lower Manhattan, close to an array of NYC attractions.
Nearby Hotels
Conveniently located just steps from Wall Street and the heart of the Financial District, putting you at the center of all the action.
Booking a hotel in downtown New York for the Treasury & ALM USA event ensures you’re right in the heart of the action, making it convenient to attend every session, and soak up the vibrant city atmosphere without the hassle of commuting.
• New York Marriott Downtown
• DoubleTree by Hilton New York Downtown
• Millennium Downtown New York
• Washington Square Hotel
Registration
Launch Rate
December 13
Early Bird Rate
February 14
Standard Rate
After February 14
*For those representing a financial institution/government body
Group Rates
Seize the opportunity, bring the team to advance their professional development and knowledge with our group booking promotion.
50% OFF:
Purchase two tickets and receive the third registrant at 50% off the prevailing rate
Free Pass:
Don’t stop there, as the more people you register, the better the savings. With every four tickets bought, the fifth is on us, completely free!
Bringing your team not only enhances the overall experience, but also fosters significant team building among colleagues while allowing you to save on your registration.
What’s Included
Access to 10+ sessions
Networking: 3+ hours
Lunch + Refreshments
Networking cocktail reception
PPT slides/decks
Podcasts with industry experts
Videos and interviews from the event
Connect Magazine complimentary
CeFPro Connect membership
Community network and engagement
Market intelligence reports access
To register your place at the best rate possible, click here, or scan the QR code.
Topic Related Insights
A New Era in Risk Management: Lessons from SVB’s Collapse
Emma Hagan, Chief Risk and Compliance Officer, Clearbank
The collapse of Silicon Valley Bank (SVB) serves as a stark reminder of the vulnerabilities inherent in the financial system, particularly in the areas of interest rate risk management, liquidity risk management, board governance, and regulatory supervision.
Emma Hagan, Chief Risk and Compliance Officer at ClearBank, recently highlighted these failures at our Risk Evolve event in a session that focused on SVB’s downfall and underscored the critical lessons to be learned and applied across the financial sector.
Interest Rate and Liquidity Risk Management
SVB’s collapse was precipitated by significant missteps in interest rate risk management. The bank failed to adequately hedge against rising interest rates, leading to substantial losses on its long-term securities portfolio.
This, coupled with a lack of diversified funding sources, left SVB particularly vulnerable when market conditions shifted.
The lesson here, says Hagan, is clear: financial
institutions must implement robust interest rate risk management practices, including dynamic hedging strategies and diversified funding sources to mitigate similar risks.
“We need to look at what happened in terms of winners and losers from SVB’s collapse, and also some of the effects, in terms of root causes.
“What went wrong and what can we learn from that in terms of risk management? What are the things we need to think about at our own firms to do differently, to ensure that we don’t suffer the same failure as SVB?”
Board Governance and Oversight
Another critical factor in SVB’s collapse was inadequate board governance and oversight. Effective risk management requires not just a well-defined strategy but also vigilant supervision by the board to ensure that the strategy is being effectively implemented. Boards need to be proactive, informed, and deeply involved in the risk management processes of their institutions. They must ensure that managemgrowing and increasingly complex business models.
To continue reading click here, or scan the QR code.
Topic Related Insights Managing Liquidity Risk in Today’s Banking Environment
Ian Broff, AVP, Head of Interest Rate & Liquidity Risk and Bank Financial Risk, USAA Federal Savings Bank
Such was the extent of stability within the global financial markets prior to the Covid pandemic that there is now a whole generation of experienced market risk analysts and professionals who have, until now, never experienced volatility of the like see today. It’s now 16 years since the financial crisis of 2008 sent the global financial markets into a tailspin, and set off a chain reaction of rising interest rates, high inflation and a long era of economic and risk-averse austerity.
Yet for around a decade or more, the financial waters have been almost millpond-esque –barely a ripple to be seen, bank rates at an alltime low, and the financial climate resolutely temperate, regardless of what might be thrown at it.
The pandemic changed that, and once that domino fell, so too did others: a fractious exit from Europe for the UK, political uncertainty on both sides of the Atlantic, the war in Ukraine, and the global energy crisis it spawned.
There remain, of course, veteran war horses who rode into the risk management battles of 2008 and beyond. But their number is dwarfed by those for whom all of this recent uncertainty is new and challenging.
So, what are the factors that will define future market and liquidity risk? What are the priorities? Where should the focus be?
Current popular opinion
There is a prevailing view that in spite of the challenges the current economic climate presents, an active management approach can yield substantial rewards. However, to succeed, risk management processes must align closely with investment strategies.
Wider reading on this subject also suggests that asset managers need to focus on specific risk assessments and that while top-down analysis remains important, bottom-up risk assessment is particularly relevant for identifying issuer-specific risks.
To continue reading click here, or scan the QR code.
Inevitably in volatile environments, there are more variables at play, meaning that even where there is greater opportunity for profit, there’s also a higher risk of losses. In this sense, understanding market dynamics becomes crucial.
Great minds think alike, but brilliant minds think differently.
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