NACDNE Events

Events

September 9, 2008

RISK MANAGEMENT

Wharf Room, Boston Harbor Hotel, Rowes Wharf, Boston MA
Program Start: 7:30 AM - 9:00 AM
Registration Begins 30 minutes prior.

Risk Management is difficult to define and even harder to implement.  Implementation requires a mechanism to collect and store data, models to estimate risk and a means to send out management reports derived from the data in a consistent and timely fashion.  It brings together the best collective judgments of the individuals responsible for strategic planning and day-to-day operations of the business enterprise.

 

Management bears the primary responsibility for identifying and managing risk while the Board of Directors has responsibility for establishing a company's risk appetite and monitoring management's implementation of that risk management strategy.  Auditors serve an essential function in facilitating the Board's fulfillment of its risk-related duties.  Representatives from all three constituencies will share their views about good risk management, including:

 

  • The role of the Chief Risk Officer. To whom should the CRO report? What should the internal risk governance structure look like...the role of internal committees;
  • How to identify all relevant risks, not just financial but also operational, technology, business and reputational risks;
  • How internal auditors fulfill their responsibilities, including addressing changes to the audit process and the need to provide increased support to the Board of Directors;
  • Discussions about recent initiatives by rating agencies to measure companies' risk management practices;
  • Best practices for Boards, including the degree to which a Board should delegate its risk management responsibilities and whether this should be to the audit committee or a special risk committee;
  • Dealing with regulatory and reporting issues, including Sarbanes Oxley Act, Section 404 and SAS 112 (for non public companies), and the challenge of providing meaningful risk disclosure in '34 Act reports (and elsewhere, such as private placement memoranda); and
  • How universities teach about the new emphasis on risk management in their MBA programs.

 

ABOUT OUR SPEAKERS:
 
Michael Andrew Barry is the Vice-President of Internal Audit at Iron Mountain.  Mr. Barry is a key contributor to Iron Mountain's Enterprise Risk Committee, a group chartered to assess, synthesize and report enterprise business risk information.  He has extensive experience in designing risk-based internal audit functions, having done so at PictureTel Corporation, Brooks/PRI Automation and Enterasys Networks.  Mr. Barry was also a senior manager in the Business Risk Management practice at Arthur Anderson, LLP in Boston and was an International Audit Manager at Digital Equipment Corporation.  Mr. Barry is a Graduate of Boston College (BA) and Northeastern University (MSA) and is a Certified Internal Auditor.

 

Richard DeWolfe is Chair of Manulife Financial Corporation's Audit and Risk Management Committee, and Managing Partner of DeWolfe & Company, LLC, a real estate management and investment consulting firm.  He is also a director of The Boston Foundation; Trustee of Boston University; Trustee of the 17136 Marine Biological Laboratory; and an honorary director of The Boston Center for Community and Justice.  He was formerly Chairman and CEO of The DeWolfe Companies, Inc., the largest homeownership organization in New England, which was listed on the American Stock Exchange and acquired by Cendant Corporation in 2002.  Mr. DeWolfe holds a BAS, Marketing and Finance from Boston University.

 

Dean Bruce R. Magid holds the Martin and Ahuva Gross Chair in Financial Markets and Institutions at Brandeis International Business School.  He is currently Co-Chairman of the NASULGC-Sloan National Commission on Online Learning.  Before entering academia, he provided leadership as a managing director and senior vice president at Bank of America, where he served for twenty-one years.  He holds a multidisciplinary PhD in international economics, business law, and comparative politics from the Fletcher School at Tufts University.

 

Maureen J. Miskovic is Executive Vice President and Chief Risk Officer responsible for leading State Street Corporation's risk management function globally.  She is also a member of the company's Operating Group, State Street's most senior strategy and policy-making team.  Before being appointed to this role, Ms. Miskovic served on State Street's Board of Directors and was senior advisor at Eurasia Group, a global political risk advisory and consulting firm based in New York.  Previously, Ms. Miskovic spent six years as chief risk officer for Lehman Brothers and prior to this appointment she as Treasurer at Morgan Stanley in London responsible for capital planning, bank relations and cash management for its European and Indian businesses.  She holds a Bachelor of Arts degree in Russian and German from King's College, London University.