More than 400 operational risk and cyber security professionals from leading financial institutions across the globe attended the 17th annual OpRisk North America and Cyber Risk conference in New York in March.
The conference gave attendees an opportunity to discuss key challenges, latest regulatory demands and best practice for the operational risk industry.
Sarah Dahlgren, Member of the Bank’s Management Committee and Head of the Financial Institution Supervision Group at the Federal Reserve Bank of New York, provided a crucial operational risk regulatory update. Sharon Y Bowen, Commissioner, Commodity Futures Trading Commission, spoke on operational risk trends in the swap industry.
Presenting a practitioner perspective on how to manage operational risk in the increasingly complex external and regulatory environment, was Group Head of Operational Risk at Bank of America, Mick Ankrom. And Scott Bauguess, Deputy Director, Division of Economic and Risk Analysis at the US Securities and Exchange Commission addressed concerns and risk assessment around big data, market misconduct and fraud detection.
Topics addressed ranged from heightened regulatory expectations, emerging risks to Comprehensive Capital Analysis and Review calculations. Highlights included a unique perspective from Bill Golden, Operational Risk Director at Bank of America and former US Army Battalion Commander, who spoke about what operational risk managers can learn from the army’s approach to identifying and managing risk.
The conference also held 17 concurrent and interactive roundtable discussions on a variety of topics led by experts allowing delegates to ask questions in an informal setting.
This year’s event also included the launch of Cyber Risk North America. This new event brought together information security, operational risk and senior IT executives as well as influential figures from the regulatory agencies across North America, to discuss the growing challenge that cybercrime poses to the financial services industry.
The conference was opened by Lisa Humbert, Chief Information Risk Officer at BNY Mellon, who identified the latest threats facing the financial industry and offered guidance on how firms can understand their exposure to the perpetrators of such attacks.
Julia Philipp, Deputy Director for Cyber Intelligence at The Department of The Treasury, hosted an insightful discussion into the ways in which the industry and government can collaborate further to help improve fraud mitigation, paying particular reference to the importance of FS-ISAC as an industry sharing platform.
Other highlights included a compelling special address from Rob Knake, former Director of Cybersecurity at The White House, and an insight into law enforcement’s efforts to combat cybercrime shared by a Special Agent from the US Secret Service.