On Thursday 23rd September PRMIA Ireland held its third event of 2016 and in attendance from The Panel was Alan Bluett (Deputy Regional Director PRMIA Ireland). Key note speaker was Frank De Jonghe, Partner with EY and leader of the Quantitative Advisory Services within the EMEIA Financial Services practice. Based in Belgium, Frank has been visiting professor at Ghent University for over 10 years, where he lectures on financial risk management and derivative pricing for Masters Students in Banking & Finance. Frank also holds a PhD in theoretical physics. Over 90 people attended the event so it was standing room only for late arrivals!
Frank spoke on the Challenges in Financial Risk Management and What these mean for the CRO of the Future. His talk was topical, challenging, extremely engaging and he attempted to set a marker on where risk management may be by 2025. I would be doing Frank a dis-service trying to synopsise his articulate words so I will just briefly outline what I took away from the talk:
- Risk Managers of the future need to engage & interact as much as possible with every part if the business
- Risk teams ideally need a mix of skills and experience, such as quant, Psychology, IT, etc
- Pay constant attention to the frequency, presentation and layout of reports
- Lay the data groundwork
- Watch out whenever fair value is subject to hedging or offsetting
AND some good quotes:
“We are trying to prove ourselves wrong as quickly as possible because only in that way can we find progress”
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction”
Frank’s talk was followed by a Q&A session officiated by Conor Griffin (Director EY and PRMIA Ireland Committee Member) and a reception afterwards to allow for networking.
The event was introduced by Monika Smatralova (Regional Director PRMIA Ireland) with other PRMIA Ireland committee members in attendance, namely Brian O’Kelly and Alan Bluett (Deputy Regional Director PRMIA Ireland).
Special thanks to EY Dublin for kindly hosting the event.