"Risk Management and Regulation after the Crisis. Credit Markets Outlook and Financial Conglomerates"
June, 4th 2010
NYU Florence Campus - Villa La Pietra
9:30-13:00
The fade-out of the crisis opens up a number of problems for responsible risk management and appropriate regulation. The “originate to distribute” business model seems to represent a well accepted reference point, which both risk managers and regulators need to cope with. Both of them realize that more sophisticated and attentive systems of “all-inclusive” risk calculation, possibly endowed with early signalling, would benefit shareholders and clients. The implementation of Solvency II and the call for Basle III are surrounded by a lively debate on the features of such “all-inclusive” risk appreciation. Correlation and stability are at the core of this debate. Correlation is not perceived any more as simple correlation of asset prices for market risk, of countries’ and obligors’ correlation for credit risk. Correlation includes nowadays much more sources and factors. It is spurred by the adoption of a common business model for the banking sector and by the progressive increase of financial content in insurance products. It is fostered by the existence of big financial players, which operate cross-sector and cross-countries: financial conglomerates.
The workshop overviews the issues mentioned above. The plenary speakers will describe the “Current conditions and outlook of Global Credit Markets after the crisis” (E. Altman) and some risk measurement advances for huge risk actors (T. Schuermann). The panel session will concentrate on the latter. It will discuss both banking and banking-insurance conglomerates, their advantages in terms of diversification and uniform methodologies, as well as their possible disadvantages for stability.
Program
9:30 - 11:15
Edward Altman Lecture: "Current conditions and outlook of Global Credit Markets after the crisis" - to download the presentation click here
Til Schuermann Lecture: "Macroprudential supervision of Financial institutions: Lessons from the SCAP"
Chairman: Elisa Luciano
11:30-13:00 - Round Table
Maurizio Esentato - Classis Capital SIM/Managing Director
Til Schuermann - Federal Reserve Bank of New York/Senior Vice President
Davide Alfonsi - Intesa San Paolo/Head of Risk Management
Michel Dacorogna - SCOR/Head of Financial Analysis and Risk Modelling
Massimo Marchesi - European Commission / DG Internal Market and Services
TBA, Bank of Italy
Fees and method of payment
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Workshop only (June 4th 2010)
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Early registration before April 5th 2010
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Normal Registration before May 19th 2010
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Late Registration until June 5th 2010
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Academics
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| students an ph.d students |
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Workshop fees include coffee break and lunch for June 4th 2010.
Registration
The number of participants is limited. To ensure a place, please complete the registration form for the workshop as soon as possible and fax it to the IRMC Conference Coordinator at +39 055 4374910 .
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