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6th Risk Summit

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 2014

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

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 PerspectiveDr 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

Nick Beecroft

Head of Emerging Risks & Research, Lloyd's

Mia de Kupijer

Mia de Kupijer

Chief Executive Officer, Cambridge Global Partners

Andrew Freeman

Andrew Freeman

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

Piers Haben

Piers Haben

Director, European Banking Authority Oversight

Sergey Ivliev

Sergey Ivliev

Deputy CEO, Prognoz

Bill Janeway

Bill Janeway

Senior Advisor, Warburg Pincus

Ed Jenkins

Ed Jenkins

Chief Risk Officer, Global Banking and Markets, HSBC

Scott Kelly

Scott Kelly

Research Associate, Centre for Risk Studies

Eireann Leverett

Eireann Leverett

Risk Researcher, Centre for Risk Studies

Duncan Needham

Duncan Needham

Risk Researcher, Centre for Risk Studies

Brad Pietras

Brad Pietras

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

Daniel Ralph

Daniel Ralph

Academic Director, Cambridge Centre for Risk Studies

Riccardo Rebonato

Riccardo Rebonato

Author & Global Head of Rates and FX Analytics, PIMCO

Simon Ruffle

Simon Ruffle

Director of Technology Research & Innovation, Centre for Risk Studies

Venkat Venkatsubramian

Venkat Venkatsubramian

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

2015 Meeting Partners