Good Harbor Security Risk Management Chairman and CEO Richard Clarke and Moody's Analytics Chief Economist Mark Zandi among Keynote Speakers
PHILADELPHIA, Nov. 8, 2018 /CNW/ -- Top banking industry experts discussed their views on the impact another recession may have on credit and ways financial institutions can currently prepare for it at RMA's Annual Risk Management Conference, November 4-6 in National Harbor, Md. (outside of Washington, D.C). The conference exemplifies the Association's unwavering focus on the future.
Moody's Analytics Chief Economist Mark Zandi suggested the possibility that global events could have an effect on the economy, including the trade war with China, Iranian oil sanctions, and Brexit. He also noted the role of increasing inflation and interest rates.
"Banks continue to see pricing and underwriting standards erode and need to 'get ready' by making the necessary adjustments in preparation of the next downturn," warned Edward Schreiber, RMA Chair and Chief Risk Officer, Zions Bancorporation.
In an informative keynote address, Richard Clarke, Chairman and CEO, Good Harbor Security Risk Management, remarked on the concept of "Cassandras" after Cassandra in Greek mythology who foresaw calamities, but was cursed by the gods to be ignored. In his recent book, "Warnings: Finding Cassandras to Stop Catastrophes," modern-day "Cassandras" clearly predicted the disasters of Hurricane Katrina, the Fukushima Daiichi nuclear disaster, the Great Recession, and many more.
Attendees participated in breakout sessions on topics that included preparing for the downturn, bank risk culture, third-party risk management, and blockchain, as well as Chief Risk Officer and Chief Credit Officer panel discussions. The OCC, FDIC, and the Federal Reserve hosted separate breakout sessions to share risk perspectives and to hear from their bankers.
Other keynote speakers included Joseph Otting, Comptroller of the Currency, OCC, and Kathy Pearson, President and Founder, Enterprise Learning Solutions, Inc.
More information on the conference can be found in an upcoming edition of Industry Insider.
The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 2,500 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the association by more than 18,000 risk management professionals who are chapter members in financial centers throughout North America, Europe, Asia/Pacific, and Australia. Visit RMA on the Web at www.rmahq.org.
SOURCE The Risk Management Association
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