- Former Managing Director and the Head of the Regulatory Management Team for JPMorgan Chase & Co. responsible for coordinating the firm’s internal dealings with supervisors and regulators globally.
- Designed and managed the firm’s Corporate Operational Risk function; and, prior to that, served as the firm’s Senior Credit Officer. He also was the General Manager of the Singapore Office and Regional Head of Credit for Asia Pacific. He was the Global Head of Credit Research and served for a time in Tokyo as the Head of the firm’s M&A Advisory function.
- Bank Supervision and Regulation Division of the Federal Reserve Bank of Cleveland.
- Founding member (JPMorgan) and Chairman, Operational Risk Data Exchange Association (ORX)
- Vice Chairman of the Board of Trustees of Case Western Reserve University and serves as Chairman of the Finance Committee.
- All 7 Best Practices
- Pre-Call Discovery Process
- One-on-One Call with Expert
- Session Summary Report
- Post-Session Engagement
Regulatory Management Strategies for Financial Institutions
- Consumer Financial Protection Bureau (CFPB)
- A Federal Bureau established under the Dodd-Frank Act with a mission to ensure that "consumers get the information they need to make the financial decisions they believe are best for themselves and their families – that prices are clear up front, that risks are visible, and that nothing is buried in fine print. In a market that works, consumers should be able to make direct comparisons among products and no provider should be able to use unfair, deceptive, or abusive practices."
- Dodd-Frank Act stress testing (DFAST)
- Dodd-Frank Act stress tests are conducted annually using a set of scenarios (supervisory baseline, supervisory adverse and supervisory severely adverse) developed by the Board of Governors of the Federal
- Enforcement regulator
- Enforcement regulators are oriented strictly toward ensuring compliance with existing rules and regulations. They are often contrasted with "prudential regulators," who are oriented toward mitigating risk and protecting depositors and other stakeholders.
- Financial Stability Oversight Council (FSOC)
- "One of the newly-created regulators in the U.S. It is composed of 15 council members from various regulating agencies, which reflects the desire to enhance the oversight of the financial system as a whole and to guard against the kinds of systemic risks of the recent crisis. The FSOC acts through another newly created agency, the OFR (Office of Financial Research), to gather the necessary information and perform analysis to monitor risks in firms and markets."
- First Day Letter
- A letter sent to the financial institution by a regulator prior to an examination requesting documents or information that should be available to the examiner upon arrival.
- Office of Financial Research (OFR)
"Operating arm of the FSOC to gather the necessary information and perform analysis to monitor risks in firms and markets. The OFR has the potential to significantly change the regulatory reporting infrastructure in the U.S. First, it is required to issue regulations to standardize the scope and format of data collected by all the regulating agencies. Second, it is required to collect the transaction and position level data from the financial companies."
- Office of the Comptroller of the Currency (OCC)
- "Bank regulator in the U.S. which supervises more than 1,500 federally chartered commercial banks and about 50 federal branches and agencies of foreign banks in the United States. These institutions comprise nearly two-thirds of the assets of the commercial banking system."
- Operational risk
- "The risk of losses caused by internal processes, people, systems or external events."
- Prudential regulator
- Prudential regulators oversee regulations that limit risk and protect the safety of funds that are deposited in banks or are under the protection of other financial firms. They are aimed at ensuring the stability of the financial system.
- Specific risk
- "This risk is specific to individual businesses. The risk elements usually affect a single specific business without spreading to the overall sector. These elements include poor company management, losses on bad investments, a fire on company property, internal sabotage, etc."
- Stress testing
- "Stress testing is a risk management technique used to evaluate the potential effects on a bank’s financial condition of a specific event and/or movement in a set of financial variables. The traditional focus of stress testing relates to exceptional but plausible events."
- Systemic risk
- "This risk suggests that a major dysfunction exists in the financial system across a wide geographic zone or worldwide through intersecting commitments made by different market players. This risk can be reduced through diversification. Oversight of financial markets reduces systemic risk, but when this risk surfaces, the central banks – as the last-resort lenders – are the only ones who can solve the problem."