Whether it is a complex product, new service or emerging line of business, this year’s Bank Audit & Risk Committees Conference examines the many issues and opportunities being faced in boardrooms at financial institutions of all sizes across the country.
By Al Dominick // @aldominick
While much has been written about how and where banks might grow, with new opportunities come new challenges. With our industry undergoing significant change, boards must be highly informed in order to proactively oversee the management of security risks, compliance challenges and reputational issues. At this year’s Bank Audit & Risk Committees Conference, we focus in on key accounting, risk and regulatory issues that challenge bankers and board members alike. Today’s column tees up this year’s program, one that opens on Wednesday at the JW Marriott in Chicago, IL.
Wednesday, June 10
Before the curtains officially come up, we offer a series of pre-conference programs; most notably, a series of peer exchanges exclusive to a bank’s audit and risk committee chairs. Modeled upon our annual Bank Chairman/CEO Peer Exchange, small groups of directors meet in closed door, off-the-record peer exchanges for candid discussions about various hot topics. In addition, we have added a cyber security workshop that allows attendees to play out various scenarios that involve a hack, breach or attack. Finally, we offer a primer for newer audit and risk committee members and chairs that provides a framework for both roles and responsibilities.
Thursday, June 11
According to several bankers I have recently talked to, this has become a must-attend event for audit committee members, audit committee chairs, CEOs, CFOs, presidents, corporate secretaries, internal auditors, chief risk managers and other senior executives who works closely with the audit and/or risk committee. This year, we cover pertinent issues such as enterprise risk management, fraud, relations with internal and external auditors, audit committee oversight and regulatory changes for banks. It is this ability to focus in on critical concerns and complex scenarios to a very specific group of officers and directors that sets us apart from others. At a time when audit and risk committee members are being asked to take on more responsibilities and perform at higher levels than ever before, the presentations made on day one are laser-focused on key financial, risk management and regulatory issues.
Friday, June 12
A significant imperative for members of a bank’s board today? Fully integrate risk management, compliance and ethics “that fit” into a particular bank’s culture. On day two, we look at how this might be done while addressing many other challenges. Indeed, some of the key risks facing banks today (that regulators expect boards and senior managers to address) include:
- Strategic risk as banks adapt business models to respond to the current economic and competitive landscapes;
- Management succession and retention of key staff;
- Loosening loan underwriting standards;
- Expansion into new products and services;
- Exposure to interest rate risk;
- Oversight of third party service providers;
- Increased volume and sophistication of cyber threats;
- BSA/AML risk from higher-risk services and customer relationships; and
- Maintaining effective compliance management systems.
The presenters at this event are some of the leading experts in accounting, legal, consulting and regulatory areas, as well as experienced bank officers and directors. From Sullivan & Cromwell to KPMG, Arnold & Porter to Crowe, Latham & Watkins to FIS, we are pleased to bring some of the industry’s foremost advisors together in Chicago.
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