Programme
Programme
Risk Japan 2023 agenda
**Times are in JST
June 27, 2023 | In-person conference
09:00 – 09:10
Chairperson’s Opening Remarks
09:00 - 09:10
09:10 – 09:30
Keynote Address
09:10 - 09:30
Makoto Minegishi
Deputy Director-General, Financial System and Bank Examination Department
Bank of Japan
Mr. Makoto MINEGISHI joined the Bank of Japan in 1994. He currently represents the Bank on the Basel Committee on Banking Supervision (BCBS). Since 2014, he participated in international discussion around prudential issues as a member of various groups of the Basel Committee and the Financial Stability Board. Between 2015 and 2017, as the Head of Financial Institutions Division 3, he was engaged in off-site monitoring of financial institutions.
Prior to working in the area of financial stability, he held various senior positions in Research and Statistics Department and Monetary Affairs Department. During 2007-2010, he was an economist at the Economics Department of the Organisation for Economic Co-operation and Development (OECD).
Mr. Minegishi holds a Master’s degree in Public Administration from Kennedy School of Government at Harvard University (in 2000) and a Bachelor of Laws degree from Hitotsubashi University (in 1994).
09:30 – 10:10
Keynote panel: Adjusting for the ever-changing risk environment
09:30 - 10:10
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The current landscape of emerging risks within Japan
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Where to place priorities with continually changing risks and new factors?
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Building greater partnerships across Japan to stay ahead of risks
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What are the new opportunities coming from the current risk domain?
Yasuhisa Watanabe is Chief Financial Officer & Chief Risk Officer of RGA Reinsurance Company, Japan Branch. He serves on Japan Management Board and chairs Investment committee, Compliance committee and Audit & Risk Management committee in Japan.
He had several finance leadership roles at PCA, Merrill Lynch, ING etc prior to joining RGA in 2004. He holds EMBA and US CPA (N.J) license and is a member of Keizai Doyukai (“Japan Association of Corporate Executives”).
Takayuki Sakurai
Chief data officer and general manager of risk management department
Mitsubishi UFJ Financial Group Holdings
Education March 1994 Graduated from Keio University Faculty of Law
June 2011 Graduated from Massachusetts Institute of Technology, Master of Business Administration
April 1, 1994 Joined Mitsubishi Bank
April 1, 2001 Investigator, 6th Sales Department, 2nd Sales Headquarters
June 7, 2002 Singapore Branch Deputy Branch Manager
October 12, 2007 Mitsubishi UFJ Financial Group (Secondment)
Financial Planning Dept. Investigator
July 1, 2009 Senior Researcher
May 7, 2010 (Overseas dispatch) Massachusetts Institute of Technology Graduate School
June 24, 2011 Union Bank (secondment)
Strategic Planning Office Senior Vice President
June 13, 2014 MUFG Union Bank (seconded)
Deputy General Manager, Planning G, Americas Division
May 16, 2016 MUFG Risk Management Department (Secondment)
Deputy General Manager, Planning G, Risk Management Department
October 4, 2017 Deputy General Manager
May 15, 2019 MUFG Corporate Planning Department (seconded)
Corporate Planning Department Deputy General Manager
April 1, 2020 Executive Officer Chief Data Officer (CDO)
MUFG Management Information Division (Secondment)
General Manager of Management Information Division
April 1, 2020 Executive Officer
General Manager of Risk Management Department at MUFG (seconded)
General Manager of Risk Management Department
Akira Yamamoto joined SMBC Nikko Securities Inc. as Chief risk officer in September 2021. He delivers his insights and solutions with regard to the optimized risk return in a wide range of risk assets including Loan, Derivatives, Real Estate, Funds, and Structured Finance from the perspectives of credit and market risk.
As a senior risk manager with 30 years of experience in the commercial and investment banking industries as well as a global rating agency, he has obtained an enhanced recognition among Japanese and non-Japanese institutional investors and made contributions to the public sector through the advisories specialized in Alternative products.
Prior to joining SMBC Nikko Securities, Mr. Yamamoto spent more than ten years working at MUFG Bank until 2000 being engaged in the corporate loan underwriting. After that, he spent five years at Standard & Poor’s as a lead analyst specialized in Structured Finance, and Morgan Stanley as a head of Corporate & Structured Finance Credit Risk covering the alternative assets such as securitization, real estate, leveraged loans, hedge funds and commodities in addition to the traditional assets such as equity and fixed income. He also spent seven years at Mitsubishi UFJ Securities Holdings by leading various projects in relation to Structured Finance and enhancement of market credit risk management framework.
Mr. Yamamoto is a Chartered Alternative Investment Analyst - Certified by CAIA Association, and a Financial Risk Manager - Certified by the Global Association of Risk Professionals.
10:10 – 10:40
Navigating through market volatility and interest rate risks
10:10 - 10:40
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How has the current market environment impacted risk managers and traders?
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Assessing risks for different asset classes and the impact on portfolios
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Adjusting for the variance in different market makers across asset classes
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Finding liquidity in distressed times in the Japan market
- In February 2020 Mr. Tamama joined a real estate investment advisory start-up in Tokyo, PROFITZ K.K. as Chief Investment Officer. PROFITZ is an established development and asset management company focused on residential and office assets in Japan with total AUM of approx. US$200 mn.
- Prior to joining PROFITZ in February 2022, Mr. Tamama worked for Abu Dhabi Investment Authority from 2013 to 2022, and managed its real estate portfolio as a senior management in the Asia Pacific team. He primarily covered the Japan, Korea and India markets and managed US$4 bn GAV assets on average during his tenor.
- From 2005 to 2012, Mr. Tamama worked for LaSalle Investment Management and Shinsei Bank. He sourced and made investments for LaSalle Asia Opportunity Fund I & II and acquired US$750 mn GAV assets. He also took fund management role for LaSalle Japan Logistics Fund I & II, and managed US$ 2.5 bn portfolio and led divestment of JLF I portfolio. At Shinsei Bank, Mr. Tamama led sourcing, structuring, pricing, and execution of property backed non-recourse loans. He financed approximately 100 real estate transactions and provided US$8 bn loans over five years.
- Prior to 2005, Mr. Tamama was engaged in investment in non-performing loans (NPLs) at Daiwa SMBC Principal Investments.
- Mr. Tamama received a BA from Keio University (Faculty of Economics) and a MS in Real Estate Development from Columbia University. He finished a general management program (GMP) at Harvard Business School. Mr. Tamama is a member of both the CFA Institute and the Royal Institution of Chartered Surveyors.
Tatsuo is Managing Director and Head of Quant Team in Investment Division at Japan Post Bank since 2016, and he is a member of the ALM Committee. He is responsible for all quantitative analysis including asset allocation, front risk management and investment strategies as well as developing trading systems for the investment division. From 2018, he is also responsible for Rates and FX Department. Prior to joining Japan Post Bank, his career started with Morgan Stanley Japan in 1999 as Interest Rate Strategist after graduating from Graduate School of Waseda University with a Masters Degree in Mathematics. In 2005, he joined ABN AMRO Securities Japan, which was subsequently integrated into RBS Securities Japan, as head of Japan Research.
Tatsuo rejoined Morgan Stanley Japan in October 2009 and became head of JGB/swap trading and sales desk. He was promoted to Managing Director in 2010 and appointed Head of Japan Interest Rate Product Group. He was named Co-Head of Japan Fixed Income and appointed to a Board member of Morgan Stanley Japan Holdings in January 2013. His last role at Morgan Stanley MUFG was Head of Japan Fixed Income Trading.
While working at Japan Post Bank, Tatsuo is teaching fixed income investments and ALM strategy at Tokyo Metropolitan University where he earned PhD in Business Administration.
10:40 – 11:10
Networking break
10:40 - 11:10
11:10 – 11:40
The imminent FRTB deadline: Calculating market risk and account for all the factors
11:10 - 11:40
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What are the implementation challenges for SA and IMA
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Data, organisation & regulatory issues faced by institutions in APAC
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Solving the technology infrastructure risks and creating a resilient model
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FRTB vs. other regulatory initiatives (UMR, CVA capital, SA-CCR) opportunities and threats
Kouhei Iinuma is General Manager of Integrated Risk Management Division in Shinsei Bank. I am managing market risk and quantitative analysis including trading and banking book especially interest rate and FX products. Prior to current position, I was exotic derivative trader and product structurer. I have experienced market for twenty years. I am part-time teacher at Graduate School of Business and Finance, Waseda University.
11:40 – 12:10
Clearing & collateral management: The impact of regulatory requirements in Japan
11:40 - 12:10
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How has UMR and SA-CCR affected pricing and liquidity?
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Navigating risks around counterparty relationships and liquidity
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Evaluating clearing solutions for the long term for various products
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New opportunities emerging from the regulatory environment
Shinichi Yoshiya is an Executive Director in the Legal Division of Morgan Stanley. Mr. Yoshiya covers a broad range of complex cross-border financial regulatory matters and transactions for Morgan Stanley’s Japan and Asia Pacific region including OTC derivatives regulations of Japan, U.S. and EU, the Volcker Rule, Resolution Stay, MiFID2, Brexit, LIBOR and Basel 3 capital rules. Prior to joining Morgan Stanley, Mr. Yoshiya was an attorney at Davis Polk & Wardwell LLP advising on financial regulatory matters. Mr. Yoshiya has held academic appointments at Duke University Law School as Visiting Professor and currently teaches global financial regulations at Meiji University Law School. Duke University, Law School (LL.M.), Aoyama Gakuin University, Business School (M.B.A.), Sophia University (LL.B.). Mr. Yoshiya is admitted to the bar of the state of New York.
12:10 – 12:40
Credit models: Building viable models for the long haul in Japan
12:10 - 12:40
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How has the current economic environment affected the approach to credit models?
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Navigating through credit decisioning with unknown factors
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How can climate risk considerations be implemented into credit models?
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Building a robust model to withstand different stress environments
12:40 – 14:00
Lunch Break
12:40 - 14:00
14:00 – 14:10
Chairperson’s remarks
14:00 - 14:10
14:10 – 14:40
Chief economist panel: Outlook for 2023
14:10 - 14:40
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Update on current market conditions and forecasts for the close of 2022
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Is the concern for recession myth or reality?
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Where is the greatest potential for economic growth in Asia?
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What will be the challenges and trends for 2023 in the global economy?
Shin Arie joined Amundi (former Société Générale Asset Management) in 2004 as a senior portfolio manager of both domestic and global fixed income portfolios and was appointed as Head of Fixed Income Department in 2006, and then as Chief Investment Officer / Head of Investment Management Division in 2020. Prior to joining Amundi, he was a senior portfolio manager at Toyota Asset Management (current Sumitomo Mitsui DS Asset Management), from 1999 to 2004, to manage global fixed income portfolios in both active and passive methodologies for Japanese financial institutions including pension funds. He started his investment career as a portfolio manager at Chiyoda Fire and Marine Insurance (current Aioi Nissay Dowa Insurance) in 1991 and experienced the portfolio management of Japanese/US/Global fixed income as well as derivative trading including JGB futures/options and swaps for 6 years in Tokyo and then equity portfolio management for 2 years in London.
Shin holds BEs from Kyushu University, and MBA in finance from Yokohama National University. He is a CFA charterholder.
September 2002 - March 2003: council member, council for establishing of
JAPAN POST, selected by P M. Junichiro Koizumi
January 2004 - Aug 2004: Vice Chairman, Deutsche Securities, Tokyo.
Sep.13 - Dec .2, 2004: Managing Director, Co Head of Research & chief fixed
income strategist , Credit Suisse First Boston, Tokyo
Dec.3, 2004 – Dec. 3, 2009: Member of Policy Board, the Bank of Japan.
January 1, 2010 – March 2012: Managing Director, Vice Chairman - Fixed Income, APAC, Credit Suisse (Hong Kong).
April 1, 2012 - April 8, 2019: Managing Director, and Vice Chairman and Member of Board of Directors, Credit Suisse Securities (JAPAN) Member of Board of Directors, Credit Suisse Securities (JAPAN) Limited.
January 2019 - August 20202020: Director, Audit and Supervisory Commit: Director, Audit and Supervisory Committee Member, Joyson Safety Systems Japan K.K.
14:40 – 15:20
The changing landscape of the derivatives market in Japan
14:40 - 15:20
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What have been the emerging trends within derivatives in Japan?
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How has the LIBOR transition impacted Japan derivatives market?
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Decision making & hedge position optimization
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C/xVA : Centralizing a value adjustment activity
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Optimizing collateral within the current market conditions
Katsuyuki Utata is Head of Derivatives & Solutions in the Global Markets department at UBS Securities Japan.
In UBS Securities Japan, he is responsible for structuring across all asset classes and administering derivative trading activities.
Prior to current position, he held various trading and structuring roles in Interest Rate Options, Exotic and Hybrid Options, and Structured Credit.
Katsuyuki holds Master’s degree in Quantitative Finance and Risk Management from Bocconi University.
Shinichiro Itozaki
Senior manager, financial engineering division
Mitsubishi UFJ Morgan Stanley Securities Co. Ltd.
Dr. Shinichiro Itozaki is a Senior Manager of Financial Engineering Division at Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. Dr. Itozaki is responsible for planning and quantitative research of XVA, ISDA SIMM, interest rate benchmark reform, and OTC derivatives market reform in general. Dr. Itozaki received a Ph. D. in Mathematical Sciences from the University of Tokyo.
Mr. Motoyoshi is responsible for pricing XVA covering globally, and enacting hedge strategy at XVA desk. He is also engaged in quantitative analysis as a desk quant.
He graduated from the Graduate School of Information Science and Technology of the University of Tokyo, and is a FRM.
15:20 – 15:50
Networking break
15:20 - 15:50
15:50 – 16:20
Disclosure spotlight: TCFD reporting and benchmark industry movements
15:50 - 16:20
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Regulatory movements and applications of TCFD reporting in APAC
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Conducting climate stress testing especially with transition risk and physical risk
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Building resilience into your business strategies with the range of scenarios
Shinichi Yoshiya is Head of Regulatory Affairs for Japan and APAC in the Legal Division of Morgan Stanley. Mr. Yoshiya covers a broad range of complex cross-border financial regulatory matters and transactions for Morgan Stanley’s Japan and Asia Pacific region including ESG, OTC derivatives regulations of Japan, U.S. and EU, the Volcker Rule, Resolution Stay, MiFID2, Brexit, LIBOR and Basel 3 capital rules. Prior to joining Morgan Stanley, Mr. Yoshiya was an attorney at Davis Polk & Wardwell LLP advising on financial regulatory matters. Mr. Yoshiya has held academic appointments at Duke University Law School as Visiting Professor and currently teaches global financial regulations at Meiji University Law School. Duke University, Law School (LL.M.), Aoyama Gakuin University, Business School (M.B.A.), Sophia University (LL.B.). Mr. Yoshiya is admitted to the bar of the state of New York.
16:20 – 16:50
C-Suite chat: Integrating ESG into business models in Japan
16:20 - 16:50
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What are the current measures implemented to handle ESG risk?
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What are the challenges when facing ESG?
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What are the drivers for change to think about ESG factors?
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The new business models to account for ESG
Akira Yamamoto joined SMBC Nikko Securities Inc. as Chief risk officer in September 2021. He delivers his insights and solutions with regard to the optimized risk return in a wide range of risk assets including Loan, Derivatives, Real Estate, Funds, and Structured Finance from the perspectives of credit and market risk.
As a senior risk manager with 30 years of experience in the commercial and investment banking industries as well as a global rating agency, he has obtained an enhanced recognition among Japanese and non-Japanese institutional investors and made contributions to the public sector through the advisories specialized in Alternative products.
Prior to joining SMBC Nikko Securities, Mr. Yamamoto spent more than ten years working at MUFG Bank until 2000 being engaged in the corporate loan underwriting. After that, he spent five years at Standard & Poor’s as a lead analyst specialized in Structured Finance, and Morgan Stanley as a head of Corporate & Structured Finance Credit Risk covering the alternative assets such as securitization, real estate, leveraged loans, hedge funds and commodities in addition to the traditional assets such as equity and fixed income. He also spent seven years at Mitsubishi UFJ Securities Holdings by leading various projects in relation to Structured Finance and enhancement of market credit risk management framework.
Mr. Yamamoto is a Chartered Alternative Investment Analyst - Certified by CAIA Association, and a Financial Risk Manager - Certified by the Global Association of Risk Professionals.
16:50 – 17:00
End of Risk Japan 2023
16:50 - 17:00