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Risk Management

Arguably, the status of risk management is greater than ever, as organisations realise its value in avoiding obstacles and sizing up opportunities in the post-recession landscape. But barriers remain to truly effective risk management — not least, internal barriers in the form of poor communication and data, and a lack of understanding of risk issues at board level. As part of its annual Risk programme, the Economist Intelligence Unit convened an expert panel in London in October 2010 to discuss these issues. The panel comprised:

Dennis Cox
CEO, Risk Reward
Dennis Cox is a financial services risk management specialist, chartered accountant and internal auditor who has been a thought leader in the international banking and financial services sector for over 30 years. He has held senior management positions within the banking and accountancy profession as director of risk management at HSBC Insurance Brokers Limited and Prudential Portfolio Managers. Formerly he held a number of roles within the audit profession at HSBC Holdings, BDO Binder Hamlyn and Arthur Young.

Professor Patrick Gougeon
Director, ESCP Europe London Campus

Professor Gougeon has occupied several positions with ESCP. He was director of the School of Management at the Asian Institute of Technology in Bangkok; in Paris he was the director of MBA programmes. Professor Gougeon has also contributed to the development of various international programmes, such as the MEBF (Master in Economics of Banking and Finance, Hanoi & Ho Chi Minh (Vietnam). His research activities were first in the field of insurance and risk management. More recently he has also developed an expertise in the field of energy management with a particular focus on international project finance.

Julian James
CEO, Lockton

Julian James is CEO of Lockton, is the world's largest privately-owned, specialised brokerage firm. Joining the insurance industry nearly 20 years ago, Mr James worked as a broker on both sides of the Atlantic before joining Lloyd's in 1997. He joined Lockton in 2007.

Risk Management is central to the way a financial institution works. Building the elements of risk management into a consistent and effective framework is a challenge for many firms. With our experience across enterprise risk management, credit risk, market risk, liquidity risk and reputational risk, we are able to add value to the projects and solutions implemented by our clients.

At Risk Reward we are regularly working with banks and regulators in both the developed and emerging markets and are proud of our reputation for delivering high quality consulting and training to meet their needs. Responding to more frequent requests we have developed a range of banking and treasury services and courses, the latter available at refresher, intermediate and where appropriate, advanced levels. These will provide the Board, senior management and key staff with the range of skills necessary to build a sound and prudent risk management infrastructure to create, manage, operate and monitor a sustainable banking business while enabling the generation of a commercial return.

Whatever new regulatory framework emerges soundly based banks with proper supervision and management systems and those which actually generate real profits, will be best placed to take advantage of the full upswing when it eventually arrives. When it does, we believe that mergers and acquisitions and consolidation of the banking sector will follow. The strong - and not necessarily the largest - will take over the weak and underperforming. Where will your bank be when this occurs?

On the website you can find our key services on risk management which we believe provide a bank and its employees with the key skills required for a successful risk management implementation.

Risk Reward is a financial services risk advisory and training firm which specialises in developing innovative and cost effective solutions for its clients. With a pool of in excess of 600 experts, we are able to meet the increasing demands of our clients by providing a tailored high quality, professional service at a price that represents real value for money.

Our clients tell us that we 'get it right'. To date we have assisted some 300 firms with their risk management, whether as consultants or as specialist technical trainers. Specialising in all areas of risk management, we are able to provide pro-active solutions addressing:

• Enterprise risk management
• Counterparty credit risk
• Liquidity risk
• Credit risk
• Market risk
• Strategic risk
• Model risk
• Operational risk
• Reputational risk

Each new financial crisis highlights the importance of having thorough and effective total risk management. We have developed high quality services which address the demands of fast charging regulation.

Quality deliverables means quality people. Our consultants are Basel, banking, accounting, audit and insurance industry risk practitioners for 20-30 years, experts in their specific fields. They use this knowledge to design practical solutions to the on-going needs of our clients. Through the application of personal experience, sector knowledge and practical know-how gained in both developed and emerging markets, they are able to provide appropriate and added value solutions to the problems faced by financial services risk management today.

How may we assist you?
Risk Management Specialist
Dennis Cox
DWC@riskrewardlimited.com