In June 2015 the Cambridge Centre for Risk Studies brought together leaders and decision makers from businesses, governments, academia and NGOs to explore salient topics in risk management. The summit was held at the University of Cambridge Judge Business School, and was followed by a conference dinner at St John’s College, Cambridge.
This year’s summit, ‘Risk Testing: Stressing the Boundaries’, took the topical theme of applying stress tests to financial institutions, business management, and other operations. The past few years of requiring banks in all the major jurisdictions of the world to perform different sets of stress tests has proved controversial and has prompted questions about the objectives and techniques of stress testing. The conference addressed current thinking about how to develop better stress tests that make our financial services – and our overall society – safer, including learning from how stress tests are used in other disciplines and setting ‘risk tests’ that reflect likelihood and realistic narratives as well as severity benchmarks.
Keynote speakers addressed a number of different viewpoints around stress testing, the issues of understanding systemic risk, and improving the resilience of our society and our economic system. Panels of specialists, including regulators, practitioners, and analysts debated the business benefits of stress testing as a practice.
Speakers included professionals involved in implementing stress tests, regulators who oversee stress tests, academics, commentators, and professionals from a range of different industries.
Day 1: Monday 23 June 2015
|
Time |
Session |
|---|---|
|
09:00-15:00 |
|
|
15:30-16:00 |
Risk Summit Registration and Coffee/Tea |
|
16:00-16:15 |
Risk Summit Welcome |
|
16:15-17:00 |
Plenary Session 1: Globalisation and Systemic Risk |
|
17:00-18:00 |
Risk Summit Day 1 Panel
|
|
18:00-19:00 |
Drinks Reception at Cambridge Judge Business School |
|
19:15-21:30 |
Risk Summit Dinner at Emmanuel College |
Day 2: Tuesday 24 June 2015
|
Time |
Session |
|---|---|
|
09:00-09:30 |
6th Risk Summit Registration & Coffee |
|
09:30-11:00 |
Risk Summit Welcome & Introductions Plenary Session 2: Enhancing the Understanding of Risk |
|
09:30-10:00 |
Historical Perspective of Financial Regulation |
|
10:00-10:30 |
When Failure Is Not an Option: Risk & National Security |
|
10:30-11:00 |
Thinking the Unthinkable in Stress Tests (or Avoiding the Tyranny of the Historical Regression) |
|
11:00-11:30 |
Coffee Break |
|
11:30-13:00 |
Plenary Session 3: Business Application and Value |
|
11:30-12:00 |
Becoming a Stress-testing Ready Organisation |
|
12:00-12:30 |
Harnessing the Benefits of Stress Testing: A Regulatory Perspective |
|
12:30-13:00 |
Panel Discussion: Stress Tests and Evidence for Business Value
|
|
13:00-14:00 |
Lunch at Cambridge Judge Business School |
|
14:00-16:00 |
Plenary Session 4: Confronting Risk Testing Challenges Cambridge-McKinsey Risk Prize Announcement |
|
14:00-14:30 |
Commodities Perspective of Regulation |
|
14:30-15:00 |
Shareholder Resolutions for Carbon Risk |
|
15:00-16:00 |
The “Risk” Debate For the Debate Motion:
Against the Debate Motion:
|
|
16:00-16:15 |
Summary & Conclusions |
Nick Beecroft
Head of Emerging Risks & Research, Lloyd’s
Mia de Kupijer
Chief Executive Officer, Cambridge Global Partners
Andrew Freeman
Risk Fellow, Cambridge Centre for Risk Studies and Director, Finance Foundation
Piers Haben
Director, European Banking Authority Oversight
Sergey Ivliev
Deputy CEO, Prognoz
Bill Janeway
Senior Advisor, Warburg Pincus
Ed Jenkins
Chief Risk Officer, Global Banking and Markets, HSBC
Ed Jenkins is Chief Risk Officer, Asia Pacific, Group General Manager at HSBC. Previous roles within HSBC include Global Head of Wholesale Credit and Market Risk, Chief Risk Officer, Global Banking and Market, Global Head of Independent Model Review and Model Risk Governance and Chief Accounting Officer, Global Banking and Markets.
Prior to HSBC, Ed was Global Head of Equity Valuation Group, JP Morgan Chase.
Scott Kelly
Research Associate, Centre for Risk Studies
Eireann Leverett
Risk Researcher, Centre for Risk Studies
Duncan Needham
Risk Researcher, Centre for Risk Studies
Brad Pietras
Vice President, Engineering and Technology, Lockheed Martin, UK Lockheed Martin
Daniel Ralph
Academic Director, Centre for Risk Studies
Riccardo Rebonato
Author & Global Head of Rates and FX Analytics, PIMCO
Simon Ruffle
Director of Technology Research & Innovation, Centre for Risk Studies
Venkat Venkatasubramanian
Co-Director, Center for the Management of Systemic Risk (CMSR) and Samuel Ruben-Peter G. Viele Professor of Engineering, Columbia University
Principal Knowledge Partner:
Sustaining Meeting Partner:
Meeting Partner:
Programme Partners:
Centre Partners:
Academic Collaborators
Interviews with speakers
- Venkat Venkatsubramian: Views on the Notion of a Stressed Financial System.
- Simon Ruffle: Understanding Cyber Risk.
- Scott Kelly: Catastronomics: The Economics of Catastrophes.
- Riccardo Rebonato: How to Escape the Statistical Purgatory of Stress Testing.
- Piers Haben: Views on the Notion of a Stressed Financial System.
- Mia de Kuijper: Stress Tests and Evidence for Business Value.
- Eireann Leverett: Developing Cyber Catastrophe Scenarios.
- Bill Janeway: Is Stress Testing a Key Enabler to Managing Future Financial Crisis?
- Nick Beecroft: Identifying & Managing Emerging Risks.
- Andrew Freeman: Views on the Notion of a Stressed Financial System.
- Ed Jenkins: Is Stress Testing a Key Enabler to Managing Future Financial Crisis?
- Duncan Needham: Learning from Historical Financial Crises.
- Daniel Ralph: Risk Testing: Stressing the Boundaries.
- Andrew Coburn: World Cities Risk.