The Risk Club

Past events

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2014 - 2015: October 2014 | November 2014 | December 2014
2013 - 2014: September 2013 | January 2014 | March 2014 | May 2014
2012 - 2013: October 2012 | November 2012 | December 2012 | January 2013 | February 2013
2011 - 2012: January 2012 | February 2012 | March 2012 | May 2012 | June 2012


2014 - 2015


December 2014

The Risk Club

Asset Management

DEC
The Risk Club - Value-at-Risk models: review, validation and governance
16

Value-at-Risk is the most common measure for market risk in the industry. Regulators have focused on the definition of guidelines which came along with several obligations to be fulfilled by financial institutions. CESR/10-788 and CSSF Circular 11/512 can be named as references on these new regulations.
In this discussion we reviewed the VaR models and practice.


November 2014

The Risk Club

Banking event

NOV
The Risk Club - Liquidity Coverage Ratio and the Delegated Act of the European Commission
18

The European commission has published the final rules for the Liquidity Coverage Ratio (LCR) under the form of a Delegated Act on Friday, 10 October 2014.

During that event, we have reviewed the important features of this Act and their impacts for Luxembourg, including (but not limited to) the changes in the definition of High Quality Liquid Assets (HQLA), inthe criteria for higher outflow rates on retail deposits, the definition of Personal Investment Companies (PICs) and the treatment of their outflows, as well as the revised implementation timeline.


October 2014

The Risk Club

Asset Management

OCT
The Risk Club - Risk Management for Asset Management Survey 2014
23

In the continuation of our first edition last year, once again the survey offered revealing insight into the unique set of challenges that Management Company's risk management professionals currently confront.

In compiling the views of Heads of Risk and Conducting Officers at some of the most respected Management Companies in Luxembourg, the survey aimed to provide insights on the continued evolution and growing strategic importance of the Risk Management function thereby offering indications of current risk management practices and trends.

The Risk Club presented the results of the Survey and discussed these results with the audience.

 

2013 - 2014

May 2014

The Risk Club

Banking event

MAY
The Risk Club - Recovery and Resolution Planning
27

Recovery and Resolution Planning (RRP) requires banks to prepare and document packs of key measures and arrangements to help themselves and authorities prevent - and eventually deal with - failure in a financial crisis.

The recently agreed Bank Recovery & Resolution Directive (BRRD) due to come into force on 1st January 2015 completes the EU arsenal of prudential rules by now setting a common framework for EU Member States to implement RRP at national level. While other EU countries have already done so, Luxembourg is now moving ahead with the preparation of its RRP legislation. Far from being a mere compliance exercise, RRP typically has significant impacts on the way institutions carry on business both in normal and stressed times.

Preceded by a regulatory update, this Risk Club focused on RRP and what the BRRD will mean for Luxembourg with EY international and local subject matter experts.


The Risk Club

Banking and Asset Management event

MAY
The Risk Club - PRIIPs
15

PRIIPs will soon become a reality as the final text has been voted on 15 April 2014. The Regulation will be directly applicable to all Member States with a two-year transitional period. This means that the industry should be fully compliant from the start of Q3-2016. The additionnal "I" in the PRIIPs title refers to the inclusion of insurance-based investment products in the scope of PRIIPs - Packaged Retail and Insurance-based Investment Products - which aims at creating a Key Information Document (KID) for packaged retail investment products.

This Risk Club focused on providing a detailed overview of this Regulation from a regulatory point of view and was followed by a panel discussion moderated by Laurent Denayer, EY Partner.


March 2014

The Risk Club

Banking event

MAR
Risk Transfer Pricing
25

Pricing all risks incurred in banking activities is part of the internal governance arrangements under CSSF Circular 13/563 and serves as an incentive to effectively allocate the financial resources in accordance with the risk tolerance and the principle of sound and prudent business management.

How far should your institution go, which techniques can be used and which benefits can be drawn from implementing a comprehensive risk transfer pricing mechanism?

The Risk Club

Asset Management event

MAR
The future of Asset Management from a regulatory point of view
11

The flow of regulations in alternative investments, governance, remuneration and taxes requires asset management staff to acquire and maintain polyvalent expertise in topics such as compliance, eligibility, operational risk. Risk managers today face multiple challenges and regulatory reforms leading firms to adapt to survive and thrive in this reshaped industry.

The panel discussion of the Risk Club analyzed how firms must take into consideration the full suite of regulatory requirements to stay on top of the full regulatory change agenda..


January 2014

The Risk Club

Banking event

JAN
COREP: Liquidity reporting
28

This Risk Club session presented a business case on the various options available to optimally prepare for these prudential requirements, from internal governance, system requirements to liquidity strategy.


September 2013

The Risk Club

Asset Management event

SEP
Risk Management for Asset Management Survey 2013
30

EY Asset Management is delighted to present the Risk Management for Asset Management Survey 2013. This survey offers revealing insights on the unique set of challenges currently confronting our industry's risk management professionals.

Alongside this European survey, we have also gathered the views of 26 Heads of Risk and Chief Risk Officers based in Luxembourg and will provide you a snapshot of the risk management practices and trends on your local market.


2012 - 2013


February 2013

The Risk Club

Asset Management event

FEB
The ManCo's roadmap to optimization
19

Since the implementation of UCITS IV, current regulatory challenges oblige management companies to rethink their operational set-up. Indeed, the “passport” offers incentives for cross border management, the AIFM Directive provides asset management groups with an even bigger possibility to adapt their strategy and finally, the new CSSF Circular 12/546 details the minimum substance requirements.

This evolving regulatory environment has various impacts on the manner management companies are organized. This latest Asset Management session of The Risk Club moderated by Laurent Denayer, Partner at EY, provided with an open space debate conducted by different experts and market players.


January 2013

The Risk Club

Banking event

JAN
Preparing for new regulatory reporting requirements under CRD/CRR IV
22

Despite not being finalized yet, the new Capital Requirements Directive and Regulation (“CRD IV/CRR”) translating into EU law the “Basel III” package from the Basel Committee on Banking Supervision is due to become applicable in the coming months.

As deadlines for implementation will be tight, this Risk Club session, modrated by Vincent Galand, Senior Manager at EY, looked into the announced changes to the prudential reporting, timelines and practical steps to the new FINREP/COREP requirements, including large exposures as well as to updates to the reporting of other indicators under observation such as liquidity ratios (“LCR/NSFR”) and the leverage ratio.


December 2012

The Risk Club

Banking event

DEC
Status on CRR - CRD IV
11

Our last Risk Club session before Christmas which took place on 11 December 2012 analyzed progress made to date on the coming regulation, reviewed key amendments to the European Commission’s 20 July 2011 proposals and summarized ongoing legislative and supervisory discussions, unresolved issues and implementation hurdles.


November 2012

The Risk Club

Asset Management event

NOV
The risk management function in 2013
6

This first Risk Club asset management, moderated by Laurent Denayer, Partner at EY, discussed key topics which should be on the agenda of the risk managers of ManCos and depositories in the next coming months.


October 2012

The Risk Club

Special event

OCT
The Risk Club Kick off party
2

Throughout the year 2012 you have been engaged with risk and compliance issues impacting your daily operations and products. Keeping up to date of the changes in the regulatory environment and maintaining controls in an unstable economic environment represent significant challenges for the risk management community.

Identifying new trends in risk management, debating the future of your industry, sharing issues and concerns with your peers are some of the key objectives of the Risk Club for the new season 2012-2013.


2011 - 2012


June 2012

The Risk Club

Special event

JUN
The Risk Club - Summer party
14

Risk Club members were invited to celebrate the end of the season 2012 on Thursday, 14 June 2012 on a private terrace in Luxembourg City. This summer break was the opportunity to close a challenging year in risk management, around nice drinks and bites!


May 2012

The Risk Club

Banking event

MAY
OTC Derivatives
10

Dr. Anthony Kirby, Director at Ernst & Young LLP, London, have shared with you the latest insights from EY’s Regulatory and Risk Management practice across Pan-European borders, such as how clearing derivatives through Central Counterparties (CCPs) will cause market participants to rethink about their approach to OTC business and collateral management.

Key pragmatic impacts for Luxembourg banks offering OTC derivatives will be explained by Vincent Galand, Senior Manager and Basel III leader in EY Luxembourg, such as the new capital requirements for Credit Valuation Adjustment (CVA) and for Counterparty Credit Risk exposure to CCPs.


March 2012

The Risk Club

Asset Management event

MAR
Model validation: a risk and governance approach
7

This Risk Club session had a look at a VaR model validation methodology and describe the different steps including the input data, tools and parameters, governance around the model, reporting and actual use of the model.


February 2012

The Risk Club

Banking event

FEB
Basel III optimization
16

In this event, we have presented members with practical optimization solutions to adapt to the new capital charges and constraints required under the Basel III regime. We have also highlighted the pitfalls and traps awaiting institutions which will front unprepared some of the key impacts of the reform affecting Luxembourg.

Whether you are a compliance officer, risk manager, CFO or CEO, this session is a ‘must attend’ if you want to make ‘Basel III-aware’ decisions and keep an edge over the competition.


January 2012

The Risk Club

Asset Management event

JAN
From pricing to VaR: the value chain of risk management
26

This Risk Club session demonstrates how pricing should be the first step to sound and robust risk management. Our live voting tools will provide you with an interactive market assessment on financial institutions pricing capabilities and operating models: outsourcing of the pricing function, model risk, governance and impacts on risk management will be key discussion topics.