David Koenig, Former Chair and executive Director,
PRMIA, Founder, Ductilibility
Enterprise Risk management: Current Topics Gaining the
Attention of Regulators, Boards and Risk Managers
Mr. Koenig will discuss three areas of Enterprise Risk Management
that are receiving substantial attention today: The role of
the Board in Risk Oversight, Aligning Compensation Systems
with Risk Management Objectives and the impact of the choice
between strategic and control-focused approaches to ERM.
In a recent report that Mr. Koenig and Michael Keehner of
Columbia Business School authored, 65 leading firms discussed
how their Boards relate to their risk management infrastructure.
Mr. Koenig will present some of the key findings from this
private study. In late February, Fed Governor Randall Kroszner
called on financial service firms to align their compensation
systems with risk management principles and to better match
pay with the risk created. In 2006, Mr. Koenig authored a
chapter on this subject for Michael Ong's Risk Management:
A Modern Perspective. He'll discuss some of the key elements
of such an alignment. Finally, developments in finance, psychology
and other fields like complexity theory may radically change
how risk managers pursue their work. Is control having a risk-amplifying
impact. What other elements of our current approaches to risk
management might be open to question and rethinking?
David R. Koenig is the past Chair of the Board of Directors
of the Professional Risk Managers' International Association
(PRMIA). He served as Executive Director of PRMIA and President
of the PRMIA Institute until the end of September 2007.
David has more than twenty years of managerial and front-line
experience in the financial markets. He led the development
of three risk management programs and served as the Head of
Market and Institutional Credit Risk Management for US Bancorp
Piper Jaffray prior to his work with PRMIA. David held lead
risk management roles for GMAC/RFC and Principal Residential
Mortgage, Inc. (Principal Financial Group), and has held research,
trading and risk management roles involving the management
of over $50 billion in nominal exposures.