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Risk Management: Understanding and Managing Risk
- Understanding Risk
-Provide a conceptual framework and thought process to address the management of risk
- Types of Risk
-Identify and delineate eight primary kinds of risk
- Presence of Risk
-Review risk in the context of risk environments
- Risk Event
-Discuss what constitutes a risk event
- Risk Conditions
-Address the circumstances that can generate a risk event
- Causes of Risk
-Discuss what constitutes a cause of risk emanating from a risk condition and provide a large sampling of causes of risk
- Risk Preventives
-Discuss what constitutes a risk preventive and provide a large sampling of risk preventives
- Risk Consequences
-Discuss the four primary ways the results of a risk event can be manifested
- Risk Management and Compliance Functions
-Review the differences in the roles of each function
- Actual Significant Risk Episodes
-Review of major risk events in terms of consequences, causes and risk preventives that were lacking
- Places the aspects of risk presented in this presentation in a powerful real life context
Overview of the webinar
Risk is present in all businesses and can take many shapes and forms. The key to effective risk management in a corporation or other operating entities is knowing and understanding the types of risk present in its business activities, the ability to identify operating weaknesses that may generate a risk condition and have formal mechanisms for addressing an identified weakness with the objective to eliminate or modify the associated risk condition. The role and responsibility of managing risk reside firstly with each business activity in which risk events may occur. The first line of defense in managing risk are the Risk Management and the Compliance functions with risk oversight of the business activity. However, it is critical that business managers and their staff, executive management and Board members regularly engage in the risk management oversight process and have the knowledge to access risk management issues and the effectiveness of corrective actions.
Who should attend?
- Members of Board of Directors
- Executive Managers
- Business Managers
- Dedicated Risk Managers
- Dedicated Compliance Managers
- Auditors
- University Risk Management Educators
- Regulatory Staff
Why should you attend?
The US business environment, as well as those of other countries, have experienced significant risk events with significant risk consequences over the years. In recent times there have been a plethora of risk episodes with significant consequences experienced by businesses in the US as well as in other countries. Many of these episodes could have been avoided or modified if the entities experiencing the risk episodes had in place sound risk management practices. This presentation allows the participants to step back and reflect on all aspects of the risk management spectrum with an emphasis on the causes of risk and risk preventives. It is designed to help the formulation of risk management processes in a business and to educate participants on risk management methodologies.
The presentation also addresses the roles of the Risk Management and Compliance functions and establishes how the roles differ. Lastly, at the end of the presentation are a number of case studies of actual risk events that will generate significant insight into the consequences of a risk episode, the causes of the risk episode and the risk preventives that were lacking. These case studies will drive home the importance of the risk management practices addressed earlier in the presentation and these case studies themselves will serve as a substantial risk management educational experience.
Faculty - Mr.Robert Geary
Robert Geary is the founder of Greenwich Risk Management Advisory Services, LLC, and serves as the principal consultant on many of the firm’s consultancy mandates. He has been a banking and finance industry professional for 41 years and has spent 34 years with JP Morgan Chase & Co in various roles pertaining to senior treasury, financial market, asset management and risk management.
Earlier in his career, Mr. Geary managed Chase Manhattan Bank’s Euro and other offshore funding activities and was the bank’s first Asia/Pacific area treasury and financial markets executive located in Hong Kong. There for five years, he had overall functional management responsibility for the treasury, currency trading/sales activities and securities portfolios of Chase’s branches in nine countries in the region that included the major centers of Japan, Hong Kong and Singapore.
He has served on the board of directors of Chase Manhattan Overseas Banking Corporation as well as on numerous senior committees that included Chase’s Portfolio and Investment Strategy Committee, Tax Committee, International Asset/Liability Management Committee, Chase Investment Policy Committee, and Capital Markets & FX Risk Management Committee. Prior to joining Chase, he held positions at Chemical Bank, Chrysler Financial Corporation and National Bank of North America. Mr. Geary holds a BA degree in economics from Pace University and did graduate studies in finance at New York University Graduate School of Business. He is also currently a member of the Executive Advisory Board of St. John’s University Department of Accounting and Taxation.