Risk Management - Best Practices, Roles and Responsibilities, Types and Preventives, Case Studies

Why Should You Attend:

The US business environment, as well as those of other countries, has experienced risks of varying magnitude over the years. In recent times, there have been a plethora of risk episodes. Many of these could have been avoided or managed effectively if the entities involved had in place sound risk management practices.

This presentation will allow participants to step back and reflect on all aspects of the risk spectrum with emphasis on the causes of risk and risk preventives. It will help formulate a risk management process in an organization and prove helpful as a continued learning experience for individuals with the responsibility of overseeing risk, managing the risk environment, and providing risk education. The case study contained in the presentation will generate significant insight into the consequences of a risk episode, the causes of the risk episode, and the risk preventives that were lacking.

Learning Objectives:

To provide an in depth understanding of the risk in terms of:

• Risk management thought spectrum
• The risk environment of a business
• Types of risks
• Causes of risk
• Risk preventives

Areas Covered in the Webinar:

• Understanding Risk Management
• 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 episode.
• Risk Conditions
• Establish 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 result of a risk event can be manifested.
• Actual Significant Risk Episode
• Review of a major risk event 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.

Who Will Benefit:

• Members of Board of Directors
• Executive Managers
• Business Managers
• Dedicated Risk Managers
• Dedicated Compliance Managers
• Auditors
• University Risk Management Educators
• Regulator Staff

Instructor Profile:

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. Later in his career, he served for three years as western hemisphere area treasury and financial markets executive with similar responsibilities for Chase’s branches in South America, Canada, Panama and Puerto Rico, and went onto serve the institution in other financial market line positions.

For the last 6 years of his career with JP Morgan Chase, Mr. Geary had undertaken risk management oversight roles including head of market, credit and operational risk management for Chase Asset Management and being managing director of fiduciary risk management across the firm.

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.

Topic Background:

Risk is present in all businesses. The management of risk within a business rests with the board of directors, executive management, senior business management, the dedicated risk management organization, the dedicated compliance organization and the audit function. The key to effective risk management in a corporation or other operating entity is:

• To know the types of risk present in its business activities
• The ability to identify operating weaknesses
• To ensure a formal mechanism for eliminating identified weaknesses

The role and responsibility of managing risk resides primarily with the business activity that can experience a risk event and the first line of defense are the risk management function and the compliance function 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 identify risk management issues and corrective actions.

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