The Use of Research in Risk Management: Perspectives from Industry Practitioners

 
 
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Risk management is a common thread that runs through much of modern finance. In more recent years, the practice of risk management in financial institutions has also assumed central importance, driven by both regulations as well as enlightened self-interest. This Industry Roundtable brings together seasoned professionals in banking, insurance and investment management to share their perspectives on how focused research can yield practical solutions to the myriad risk management problems they face in their daily work, ranging from risk control, through capital allocation and asset/liability management, to risk budgeting. By focusing on practical issues of current concern, the Roundtable seeks to provide conference participants with research ideas that can help foster closer collaboration between financial industry practitioners and academics with significant economic and social impact.

 

Event Details

26
MAY
2014
Monday
 
18:15
Roundtable

Panelists: Elbert Pattijn (DBS), Paul Bernard, CFA (TTS), Kate Chiew (NTUC Income), Sung Cheng Chih (MOF/MAS/GIC) Chair
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19:30
Keynote Speech & Welcome Dinner

Welcome Speech by: Bernard Yeung (NUS)

Keynote Speech by: Sung Cheng Chih (MOF/MAS/GIC)
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21:30
 

Panelists and Moderator

  • Mr. Elbert Pattijn

    Mr. Elbert Pattijn

     

    Chief Risk Officer, DBS Bank

    Elbert Pattijn is Chief Risk Officer and member of the Group Executive Committee of DBS Group Holdings Ltd. Pattijn joined DBS in October 2007 as Managing Director and Head of Corporate and Investment Banking (CIB), responsible for DBS' corporate and investment banking activities in the region.

    Pattijn brings with him more than 25 years' experience in the banking industry. Before joining DBS, he was Head of Debt Products Origination, Asia for ING Bank, where he was in charge of overseeing the Debt Capital Markets, Securitisation and Syndicated Lending product groups. Prior to this he was Head of Counterparty Risk, Country Risk, Risk Research and Modelling for ING Group in Amsterdam.

    Previously, Pattijn held progressively senior positions at Barclays Bank and ABN Amro. A Dutch national, Pattijn holds a Masters Degree in Law from the University of Leiden in The Netherlands.

  • Mr. Paul Bernard

    Mr. Paul Bernard

     

    Managing Director, TTS Advisors Pte Ltd. Former Institutions include Goldman Sachs
    where he was a Partner and co-head of the Pan Asian Research team.

    Paul Bernard is the Managing Director of TTS Advisors Pte Ltd, which he founded in 2013. Paul retired from Goldman Sachs in December 2011. He worked at Goldman Sachs for 19 years, all in the Investment Research Division. Paul was named a Managing Director in 2001 and a Partner in 2004.

    Paul started in Goldman's New York office and relocated to Hong Kong in 1995 to establish coverage of the Asian energy and chemicals sectors. Paul was named the top analyst in both sectors by a variety of surveys, including Institutional Investor, Greenwich and Asia Money. In this role Paul led investor education efforts for a number of significant equity offerings, including PetroChina, Inpex, PTT Exploration & Production and Gulf Indonesia Resources.

    In addition to his stock coverage responsibilities, in 2001 Paul was named co-Director of Asia Pacific Investment Research. Over 11years in this role, Paul built Goldman's Investment Research team into one of the leading teams in Asia, covering over 1,300 stocks across the region with analysts located in 12 offices.

    From 2003 to 2011, Paul was also a member of Goldman Sachs' Asia Management Committee, the group that oversees Goldman Sachs' businesses in Asia. In 2008 he was named the firm's first Chairman of Diversity for Asia.

    Paul holds an AB (Honors) in Economics from Holy Cross College and an MBA from Stanford University. He is a CFA charterholder and is Deputy President of CFA Society Singapore. He is also a member of the Board of Governors of the Singapore American School and an adjunct faculty member of the Lee Kong Chian School of Business at Singapore Management University.

  • Ms Kate Chiew

    Ms Kate Chiew

     

    Chief Risk Officer NTUC Income Insurance Co-Operative Limited

    Kate Chiew is a fully qualified actuary with the American Society of Actuary and a charter holder (CFA) with the Charter Financial Advisor Institute. She is currently the Chief Risk Officer of NTUC Income responsible for the cooperative's enterprise risk management.

    Prior to this she spent over 15 years in the Insurance and banking sector with several multinational insurers, Investment banks and Actuarial consultancy covering North America, UK and EU. Her past experienced include managing of strategic investment strategy for insurance and Pension funds, capital management structuring of hedging strategies and securitization of insurance funds.

  • Dr. Sung Cheng Chih (Moderator)

    Dr. Sung Cheng Chih (Moderator)

     

    Investment Advisor to the Singapore Ministry of Finance, Special Advisor to the Monetary Authority of Singapore, and Consultant to GIC

    Sung Cheng Chih is currently Investment Advisor to the Singapore Ministry of Finance, Special Advisor to the Monetary Authority of Singapore, Consultant to GIC, and member of the Expert Panel to the Norwegian Ministry of Finance.Prior to his retirement in mid-2011, he was Managing Director and Chief Risk Officer in GIC.

    Dr Sung joined GIC as a fixed income portfolio manager in 1993. After taking on various investment and corporate management roles, he assumed responsibility for firm-wide risk management in 2002. Apart from building up GIC's risk management functions, Mr Sung also played a key role in enhancing GIC's capabilities in asset allocation, currency management, portfolio rebalancing, performance measurement and attribution, and treasury management over many years.

    Since his retirement from GIC, Mr Sung took up multiple advisory and board positions at home and abroad. In addition to his affiliations with the Singapore and Norwegian governments, Mr Sung is serving on the boards of the Markit Group, the MIT Investment Management Company, NTUC Income Insurance Co-operative, the Risk Management Institute of the National University of Singapore, and the Wealth Management Institute in Singapore. He also acted as advisor to the International Monetary Fund, the Singapore Exchange, the Singapore University of Technology and Design, and the Singapore Ministry of Home Affairs.

    Dr Sung studied mathematics at the University of Waterloo, where he earned his Bachelor's and Master's degrees, and later at the University of Minnesota where he received his PhD degree in Mathematics.

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Welcome Speech

  • Professor Bernard Yeung

    Professor Bernard Yeung

     

    Stephen Riady Distinguished Professor and Dean

    Bernard Yeung is the Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management at National University of Singapore (NUS) Business School.Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management, and Advisory Professor at the East China Normal University. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.

    Professor Yeung`s research work has featured in more than 100 research publications covering topics in finance, strategy, foreign direct investment, international trade, international macroeconomics, institutional economics, sustainability, and economic history. His articles have appeared in journals in the fields of economics, finance, strategic management, international business, and accounting, as well as in top-tier media publications such as The Financial Times and The Wall Street Journal. He has contributed chapters in many leading books and written working papers.

    He has also won several scholarly honours and awards for academic excellence, including the Irwin Outstanding Educator Award (2013) from the Business Policy and Strategy (BPS) division of the Academy of Management; the Excellence in Teaching Award (Executive Education) by Stern School of Business at NYU and Teacher Excellence Award (doctoral programmes) by University of Michigan Business School.

    In addition, Professor Yeung has served on various committees and international advisory boards. He was a member of the Economic Strategies Committee in Singapore chaired by Mr Tharman Shanmugaratnam, Minister for Finance (2009). The committee was given the task of developing strategies for Singapore to build capabilities and maximise opportunities as a global city. Professor Yeung is also a member of several other committees, including the Management Advisory Committee of SPRING Singapore and the Financial Research Council of the Monetary Authority of Singapore.

    Professor Yeung sits on the International Advisory Board of the Korea University Business School, the Intellectual Property of Singapore, the Institute of System Science Management Board, and the Strategic Recruitment Advisory Committee at NUS. He is the Dean Director on the Graduate Management Admission Council (GMAC) Board. He was also a member of the Maintenance of Accreditation Committee (MAC) and Asia Advisory Task force (AATF) of the Association to Advance Collegiate Schools of Business (AACSB). He is also an elected Fellow of the Academy of International Business (AIB).

    Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.

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Keynote Speaker

The Why, What and How of Long-term Investing

  • Dr. Sung Cheng Chih

    Dr. Sung Cheng Chih

     

    Investment Advisor to the Singapore Ministry of Finance, Special Advisor to the
    Monetary Authority of Singapore, and Consultant to GIC

    Sung Cheng Chih is currently Investment Advisor to the Singapore Ministry of Finance, Special Advisor to the Monetary Authority of Singapore, Consultant to GIC, and member of the Expert Panel to the Norwegian Ministry of Finance. Prior to his retirement in mid-2011, he was Managing Director and Chief Risk Officer in GIC.

    Dr Sung joined GIC as a fixed income portfolio manager in 1993. After taking on various investment and corporate management roles, he assumed responsibility for firm-wide risk management in 2002. Apart from building up GIC's risk management functions, Mr Sung also played a key role in enhancing GIC's capabilities in asset allocation, currency management, portfolio rebalancing, performance measurement and attribution, and treasury management over many years.

    Since his retirement from GIC, Mr Sung took up multiple advisory and board positions at home and abroad. In addition to his affiliations with the Singapore and Norwegian governments, Mr Sung is serving on the boards of the Markit Group, the MIT Investment Management Company, NTUC Income Insurance Co-operative, the Risk Management Institute of the National University of Singapore, and the Wealth Management Institute in Singapore. He also acted as advisor to the International Monetary Fund, the Singapore Exchange, the Singapore University of Technology and Design, and the Singapore Ministry of Home Affairs.

    Dr Sung studied mathematics at the University of Waterloo, where he earned his Bachelor's and Master's degrees, and later at the University of Minnesota where he received his PhD degree in Mathematics.

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Working Papers
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