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About: News Archive
IAFE Operational Risk Committee: A New Momentum |
| 14-Dec-2002 |
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The IAFE’s Operational Risk Committee has turned out to be an autumn bloomer. With two meetings in two months this fall, the ORC has stimulated new interest, found a bright group of energetic participants and begun planning for an active year, with new meetings being explored for Boston and London.
The ORC’s new energy can be partially sourced to one of our most successful events this fall – their knock-out panel discussion on Risk Management for the Buy Side. Their second meeting this year, it was held in participation with the Investor Risk Committee, on October 3 at Goldman Sachs and was kindly sponsored by Algorithmics. Our experienced panel was comprised of Allan Cuttle (Deutsche Bank), Jon Lukomnik (Sinclair Capital), Leslie Rahl (CMRA) - US Chair of the Investor Risk Committee, and Theresa Schnepf (JP Morgan Fleming Asset Management). The discussion was moderated by Charles Fishkin, (Fidelity Investments), Co-Chair of the Operational Risk Committee.
The meeting produced a frank and interactive discussion between the panelists and the audience on a range of issues, from facing budget cuts to the importance of client relationships. It was tough to contain the rolling discussion to one hour! Threads of debate continued into our wine and cheese reception.
Following this meeting, the ORC’s Co-Chairs – Charles Fishkin, Penny Cagan and Monique Miller – quickly produced a white paper based on the meeting’s discussion, entitled “Operational Risk for the Buy Side”, which can be viewed on the IAFE web site, www.iafe.org.
The positive feedback after the white paper’s release encouraged our Co-Chairs to host an organizational meeting of the Operational Risk Committee to harness the new sources of interest. On November 21, thirty individuals met in New York to discuss their thoughts on operational risk – the common problems of justifying budgets to creating a risk-conscious culture. The fruits of this meeting, and subsequent consultations, should make 2003 a vibrant year for programs addressing operational risk. Planning is currently underway for a panel discussion on operational risk and insurance in March. |
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