skip to navigation skip to content
Search

6th Risk Summit

Back to Risk Summits

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

Special Topics Seminar

15:30-16:00

Risk Summit Registration and Coffee/Tea

16:00-16:15

Risk Summit Welcome
Dr Michelle Tuveson, Executive Director, Cambridge Centre for Risk Studies

16:15-17:00

Plenary Session 1: Globalisation and Systemic Risk
Keynote: The Butterfly Defect: Why Globalisation Creates Systemic Risks and What Can Be Done
Professor Ian Goldin, Professor of Globalisation and Development at the University of Oxford and Director, Oxford Martin School
Download slides (pdf, 288KB)

17:00-18:00

Risk Summit Day 1 Panel
Moderated by: Dr Michelle Tuveson, Executive Director, Cambridge Centre for Risk Studies

  • Dr Michael Maran, Chief Science Officer, Catlin Group
  • David Harding, Founder and President, Winton Capital Management
  • Professor Daniel Ralph, Academic Director, Cambridge Centre for Risk Studies, University of Cambridge Judge Business School & Professor of Operations Research
  • Alan Smith, Global Head of Risk Strategy and Chief of Staff, HSBC Holdings

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
Chair: Dr Andrew Coburn, Director of the External Advisory Board, Cambridge Centre for Risk Studies and Senior Vice President, RMS

09:30-10:00

Historical Perspective of Financial Regulation
Rasheed Saleuddin, Author & Advisor, West Face Capital
Download slides (pdf, 734KB)

10:00-10:30

When Failure Is Not an Option: Risk & National Security
Brad Pietras, Vice President, Engineering and Technology, Lockheed Martin, UK Lockheed Martin
Download slides (pdf, 1.6MB)

10:30-11:00

Thinking the Unthinkable in Stress Tests (or Avoiding the Tyranny of the Historical Regression)
Ian Shipley, Partner, Oliver Wyman

11:00-11:30

Coffee Break

11:30-13:00

Plenary Session 3: Business Application and Value
Chair: Simon Ruffle, Director of Technology Research and Innovation, Cambridge Centre for Risk Studies

11:30-12:00

Becoming a Stress-testing Ready Organisation
Dr Aleksander Petrov, Partner, McKinsey

12:00-12:30

Harnessing the Benefits of Stress Testing: A Regulatory Perspective
Dr Alison Scott, Acting Technical HoD Prudential Regulation Authority, Bank of England

12:30-13:00

Panel Discussion: Stress Tests and Evidence for Business Value
Moderated by: Alan Laubsch, Director and VP Risk Products, FNA

  • Dr Alan Cathcart, Head of Stress Testing Strategy and Policy, HSBC Holdings
  • Roger G. Chen, Vice President, Office of Risk Management, New York Life Insurance
  • Mia de Kuijper, Chief Executive Officer, Cambridge Global Partners
  • Dr Sergey Ivliev, Deputy CEO, Prognoz

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
Dr Sven Heiligtag, Principal, McKinsey & Company
Find out more about the Risk Prize

14:00-14:30

Commodities Perspective of Regulation
Dr Frank Amend, Head of Market Analysis, RWE AG

14:30-15:00

Shareholder Resolutions for Carbon Risk
Gardiner Hill, Director Carbon Solutions, Group Technology, BP
Download slides (pdf, 854KB)

15:00-16:00

The “Risk” Debate
Debate motion: This house believes that stress testing is a key enabler to the management of future financial crises.

Chair: Keren Uziyel, Editor, Economist & Country Risk Manager, Economist Intelligence Unit

For the Debate Motion:

  • Matthew Grant, General Manager, Model & Data Products, RMS
  • Ed Jenkins, Chief Risk Officer, Global Banking and Markets, HSBC

Against the Debate Motion:

  • Brad Fischtrom, Managing Director, Enterprise Risk Management, AIG
  • Dr Bill Janeway, Senior Advisor, Warburg Pincus

16:00-16:15

Summary & Conclusions
Professor Daniel Ralph, Academic Director, Cambridge Centre for Risk Studies & Professor of Operations Research, University of Cambridge Judge Business School

Nick Beecroft

Head of Emerging Risks & Research, Lloyd’s

Watch our interview with Nick on Vimeo

Mia de Kupijer

Chief Executive Officer, Cambridge Global Partners

Watch our interview with Mia on Vimeo

Andrew Freeman

Risk Fellow, Cambridge Centre for Risk Studies and Director, Finance Foundation

Watch out interview with Andrew on Vimeo

Piers Haben

Director, European Banking Authority Oversight

Watch our interview with Piers on Vimeo

Sergey Ivliev

Deputy CEO, Prognoz

Watch our interview with Sergey on Vimeo

Bill Janeway

Senior Advisor, Warburg Pincus

Watch our interview with Bill on Vimeo

Ed Jenkins

Chief Risk Officer, Global Banking and Markets, HSBC

Watch our interview with Ed on Vimeo

Scott Kelly

Research Associate, Centre for Risk Studies

Watch our interview with Scott on Vimeo

Eireann Leverett

Risk Researcher, Centre for Risk Studies

Watch our interview with Eireann on Vimeo

Duncan Needham

Risk Researcher, Centre for Risk Studies

Watch our interview with Duncan on Vimeo

Brad Pietras

Vice President, Engineering and Technology, Lockheed Martin, UK Lockheed Martin

Watch our interview with Brad on Vimeo

Daniel Ralph

Academic Director, Centre for Risk Studies

Watch our interview with Daniel on Vimeo

Riccardo Rebonato

Author & Global Head of Rates and FX Analytics, PIMCO

Watch the interview with Riccardo on Vimeo

Simon Ruffle

Director of Technology Research & Innovation, Centre for Risk Studies

Watch our interview with Simon on Vimeo

Venkat Venkatasubramanian

Co-Director, Center for the Management of Systemic Risk (CMSR) and Samuel Ruben-Peter G. Viele Professor of Engineering, Columbia University

Watch our interview with Venkat on Vimeo

Principal Knowledge Partner:

Sustaining Meeting Partner:

Meeting Partner:

Programme Partners:

Centre Partners:

Academic Collaborators