**Times are in JST
09:00 – 09:05
Chairperson’s Opening Remarks
09:05 – 09:30
Director of the International Affairs Office
Financial Services Agency
Since 2003, when he joined Financial Services Agency, he has been experiencing a range of works mainly in prudential fields. Started from Analyst at Basel 2 Capital Requirements Regulation Implementation Office, and then he was seconded to the Bank of Japan for two years. At the BOJ he was involved with liquidity risk management supervision and financial market analyses during both pre-and-post Lehman Shock.
In 2011, he was selected as the chief of stuff for Nonbank Domestically-Systemically Important Financial Institutions Supervision Team at FSA. He was seconded to the PRA of the BOE as the first secondee to the PRA from FSA in 2014. During the time in the Bank of England, he worked at a G-SIB supervision team, liquidity supervision policy development team and group consolidation supervision policy team.
After returning to FSA in 2015, he has been involved with liquidity risk management supervision, and resolvability supervision.
July 2019, he was appointed as the Director of the Office for Foreign Financial Institutions. The major accomplishment he made there was to lead the team for introducing FSA’s supervisory principles for model risk management. He took over the current title in July 2021.
He earned Bachelor of Law and Master of Economics from the University of Tokyo, LL.M from Harvard Law School, and M.B.A from Emory University.
He lives with his wife and a son.
09:30 – 10:10
Operational Resilience: Building upon the framework created
- Japan’s position on operational resilience and what has been done
- How to adjust governance frameworks to maximize resilience
- Considering operational risks and protecting your institution
- Creating consistency across the business to ensure regulatory compliance
Vice President, Chief Financial Officer, Regional Finance Projects Director
RGA Reinsurance Company Japan
Yasuhisa Watanabe is Vice President, Chief Financial Officer (CFO) for RGA Reinsurance Company Japan Branch, where he leads the finance and accounting team. He is responsible for the overall financial management of the Japan Branch, and is also Regional Finance Projects Director for improving business management in the Asian region for RGA. He joined RGA Japan as CFO in 2004 when RGA was granted a full license to operate in Japan.
In addition to these roles, Yasuhisa serves on the Japan Management Board, RGA Japan’s highest decision-making body, and he chairs the Investment, Compliance, and Audit & Risk Management committees.
Prior to joining RGA, Yasuhisa led the finance team for PCA Life and was responsible for enhancing its EV-based financial reporting system. He also worked for Merrill Lynch Japan Securities as Controller, contributing to the industry-first launch of bancassurance by Merrill Lynch International Private Client Group (IPCG), which serves high net worth customers and supports merger and acquisition initiatives for banks in the Core Finance Division.
Yasuhisa received an Executive M.B.A. (EMBA) from the Keio Business School. He is a U.S. Certified Public Accountant (CPA), recognized by the New Jersey Society of CPAs, and is a member of The Japan Committee for Economic Development.
General Manager, Wholesale Operations Planning Office
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Seiichi Tanaka is General Manager of Wholesale Operations and Procedures Planning Office, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Since 2008, Mr. Tanaka has been actively engaged in a variety of projects related to international financial regulations, including central clearing, trade reporting, margin requirements and benchmark reform.
Mr. Tanaka graduated from the School of Political Science and Economics of Waseda University in Tokyo, Japan, and is a U.S. CPA (Certified Public Accountant).
Vice President, Global Markets Planning Division
MUFG Bank, Ltd.
Akiko Tsuji is the Vice President, Global Markets Planning Division of MUFG Bank, Ltd. and has worked at MUFG Bank since 2011. Previously, Akiko Tsuji was at Morgan Stanley MUFG Securities and worked in Transaction Management Group (FID) where she worked on documentation of market contracts.
Operating Officer, Joint Head of Operations Group, Joint Head of Global Operations
Joined Nippon Credit Bank in 1996. He has been engaged in the development of the BOJ RTGS and securities settlement system in Mizuho Securities Co., Ltd. since 1999.
After that, he joined BNP Paribas Securities in 2000, and worked on IT system development in the back division until 2012. From 2004 to 2006, worked at BNP Paribas (London) to develop a global bond trading platform. After returning to Japan, he took up the post of Head of Operations and later concurrently held the banking division. Finally, as Head of IT and Operations, he oversaw IT infrastructure, IT security and IT governance, as well as IT and operations for each product.
From 2010 to 2012, he served concurrently as Auditor of Japan Government Clearing Corporation.
Joined Societe Generale Securities /Bank and Lyxor Asset Management in 2012. As COO, he led the start-up of flow business, integration with Newedge Securities with the achievement of Japanese incorporation (KK) , and renovation project of back office system. In addition, we constructed an office environment for work style reform in conjunction with office relocation.
July 2018, Joined Mizuho Securities. As COO of the Global Markets Division, he has worked across products to build GTOM (Global Target Operating Model Committee) to promote the establishment of Business and IT infrastructure from a front-to-back perspective, and since April 2020 has also served as Global Joint Operations Head in Operations. In April 2021, he also started the mission of Attached to FG CIO and is taking charge of the overseas IT structural reform of Mizuho Financial Group. In addition, Joint Head of Operations Group has been added since April 2022.
10:10 – 10:50
Basel Updates: Optimizing capital and improving operations
- Where is Japan with Basel frameworks and what work needs to be done?
- Assessing impact on capital using stress testing and scenario analysis
- Accounting for different risk factors and effects on capital floor requirements
- Where will Basel frameworks move towards and climate change considerations?
Samir Bashir is responsible for Global Economic Capital Modeling and Risk Identification at MUFG. Previously, Samir worked at other Canadian FIs developing retail credit risk strategies, and Basel II regulatory and stress testing models.
He has a Bachelors in Computer Science and Masters in Statistics both from University of Toronto.
Chief Manager, Financial Accounting Division
- Seiji Kurotaki is the Chief Manager of Financial Accounting Division at Resona Holdings, Inc.
- He has been engaged in th e formulation of group financial and capital strategies since 2005.
- He has successfully led numerous projects, such as Basel capital regulation, market and risk-related regulations, the introduction of new accounting systems.
10:50 – 11:20
XVA Update in Japan: The advancements of the trading desks
- Regulatory impacts on the XVA trading desks
- SA-CCR’s influence on CVAs and adjusting credit valuations
- The developments of DVA, FVA, MVA in the Japanese market
- Importance of awareness of XVA within risk management
Vice President, Credit Portfolio Management Office
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.
Head of triCalculate Valuation and Risk Analytics, Asia
Dai Yamashita is the Head of triCalculate Valuation and Risk Analytics, Asia at OSTTRA.
He is in charge of developing the calculation engines of triCalculate, the valuation and risk analytics service covering XVA, IM, VM, and other regulatory calculations for OTC derivatives.
Prior to joining TriOptima, OSTTRA, he was at Mitsubishi UFJ Morgan Stanley Securities, engaged in various market risk-related projects such as FRTB and SIMM.
Before working at financial institutions, he was at Bank of Japan, supervising investment banks.
11:20 – 12:00
IBOR Updates: Will the insufficient liquidity effect the long-term RFR market?
- What are the current updates on the transition from IBOR to RFRs?
- Japan’s exposure to US Dollar LIBOR and the different cessation date impacts
- Transitioning long term IBOR contracts to the new rates
- Meeting customer needs and concerns about lack of liquidity
Senior Director and Head of Tokyo Office
Tomoko Morita is Senior Director and Head of Tokyo Office of International Swaps and Derivatives Association, Inc. (ISDA). She is working on a range of policy issues, including Japanese public policy, risk management, collateral management and benchmark reforms. Prior to joining ISDA, she was at the Industrial Bank of Japan (IBJ) where she worked on establishing their collateral management unit, as well as the risk management framework for investment securities portfolio at IBJ’s Risk Management Department.
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.
Head of Sales, Japan and Korea
Director, Markets Planning and Control
Citigroup Global Markets Japan Inc.
Atsuya Watanabe is a Regulatory Reform Specialist and In-Business Risk & Control Officer for the Markets business in Citigroup Japan.
Prior to joining Citigroup, Mr. Watanabe led various initiatives to drive the compliance to new U.S. and EU regulations applicable to Asia Pacific as an APAC Compliance Officer at JPMorgan.
Mr. Watanabe served as one of the co-chairpersons of the Term Reference Rate Sub-Group of the Cross-Industry Committee, for the purpose of JPY LIBOR transition.
Mr. Watanabe serves as one of the co-chairpersons of ISDA Japan Credit Derivatives Committee and Regulatory Committee’s OTC Derivatives Regulation Working Group and its sub-Working Group of Fund transactions under Trust Bank Account.
09:00 – 09:30
ESG Risk: The shift in mindset for banks and financial institutions
- Influencing decision makers and properly equipping the board to drive change
- Latest updates on regulatory guidelines in Japan around ESG and what to do
- Accounting for the risk factors in E, S, and G
- Due diligence around environmental disclosures and reporting
Chief Sustainable Finance Officer
Financial Services Agency, the Government of Japan
In March 2019, the Financial Services Agency of Japan (JFSA) decided to create the position of Chief Sustainable Finance Officer (CSFO), to plan and coordinate on promotion of sustainable finance internally and globally. Upon its creation he was appointed, and has been serving, as the first CSFO.
In this capacity, he covers a wide range of issues concerning sustainable finance which include, among other things, aligning private finance with the Sustainable Development Goals (SDGs), promoting TCFD disclosures by business corporations and financial institutions alike, acting as Vice-chair of the Impact Investing Roundtable co-organized by GSG National Advisory Board of Japan and JFSA, and serving as Co-chair of the Work Stream on ESG Data and Ratings of the IOSCO Sustainability Taskforce as well as Co-chair of the Work Stream on Climate Disclosures of the FSB.
Managing Director, Head of Government and Regulatory Affairs
Head of Sustainable Finance
The Dai-ichi Life Insurance Company, Limited
Ms. Miyuki Zeniya is Head of Sustainable Finance at The Dai-ichi Life Insurance Company whose AUM is about 35 trillion yen. She is responsible for ESG integration and promoting sustainable finance for all assets.
After she joined the Dai-ichi Life in 2013, she had been responsible for engagement and proxy voting since The Dai-ichi Life expressed the agreement with Japan’s Stewardship Code in 2014.
Prior to joining The Dai-ichi Life, she was a managing advisor for Polaris Capital Group and led a role to value up the investee companies as their board member. Prior to this she was Deputy President of Japanese regional bank, which was the first full-time female board member of banking industry in Japan. She also had an experience to lead IPO as CFO of HR consulting firm in 2000. She graduated with a bachelor’s degree in International Relations from Tokyo University of Foreign Studies. She started her career at Nomura Research Institute.
She was a member of a Forum for Integrated Corporate Disclosure and ESG Dialogue by METI and a member of PFA 21 Task Force for ESG Financial Strategy by MOE. From April of 2019 she is a member of Working Group of the NAP on Business and Human Rights by MOFA. She is also a member of PRI Japan Network Advisory Committee.
09:30 – 10:10
The Evolution of Japan’s Clearing and Collateral Management Market: New opportunities
- The inevitable last phase of IM and the impact on the markets
- Developments within Euroswap clearing and regulatory updates
- Navigating OTC clearing and benefits and FX clearing exchanges
- Evaluating ESGs impact on the clearing and collateral management markets
Senior Market Specialist
Tokyo-based, helping financial services institutions with front-to-back technology solutions around trade capture, pricing, market and credit risk management to collateral management, post-trade and regulatory reporting challenges.
Previously in charge of building and promoting enterprise risk systems at Bloomberg and Lighthouse Canton (mid-tier asset manager) in Tokyo and Singapore, after having been in various middle office, risk management and structuring roles at Bank of America and Citigroup in Tokyo.
VP of Fixed Income Sales
Japan Head of Futures, Clearing and FX Prime Brokerage
Citigroup Global Markets Japan Inc.
Shun Yanagisawa is a Director and the Japan Head of Futures, Clearing and FX Prime Brokerage, which sits within the Markets and Securities Services at Citigroup Global Markets Japan Inc.
In this capacity, he is responsible for managing Futures agency execution, electronic execution and clearing, OTC Clearing and FX Prime Brokerage business. He is the member of APAC regional FCX management team. Prior to joining Citi, Yanagisawa was responsible for sales and marketing at JPMorgan in Japan for over 11 years.
Approx. 20 years industry experience, Yanagisawa regularly participates in public roundtables and serves for multiple industry groups and help advocate stability for the clearing system for both Futures and OTC clearing. Shun is the elected board member, Vice President, ExCo and chairman of Operations committee of FIA Japan, interest rate swap steering committee at JSCC, Wholesale market steering committee of TFX and several working groups member of ISDA. Shun holds an M.B.A. from the University of Wales.
10:10 – 10:40
The turning point of risk management strategy: How to address the geopolitical risks, monetary tightening, and net-zero transition?
- Risk factors arising from the materializing geopolitical risk
- Risk trends in the era of inflation and monetary tightening
- Risk control and mitigation for net-zero transition
- Mid-term view to risk management strategy to meet the environmental/social expectations
10:40 – 11:05
Market Risk: Preparing for the imminent FRTB deadline
- Managing parallel period between VAR and SA
- Differences between SA and IMA and fitting business needs
- Complexities of FRTB framework coexisting with SA-CCR
Section Head, Group Integrated Risk Management Division
I am Section Head 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.
Global Head of Risk Analytics
11:05 – 11:30
Model Risk Insights: Principles of model risk management
- Applying proper governance structures around model risk
- The challenges of using AI and ML and adhering to guidelines
- Process of validating models and factors to consider
- Using third-party models and implementing them into the system
09:00 – 09:05
Chairperson’s Opening Remarks
09:05 – 09:30
09:30 – 10:10
ESG Risk Data: Understanding the intricacies of ESG
- What are the top metrics to measure E, S, and G?
- The inconsistencies of ESG risk data and proper standards
- How to handle the variety of sources of data and complying with Japan markets?
- Looking at the qualitative nature of ESG risk data and interpreting it
Head of Regulatory Affairs for Japan and APAC
Morgan Stanley MUFG Securities
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 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.
10:10 – 10:50
Holistic Credit Risk Assessment: Safe unbiased modelling
- The growing use of AI and ML in credit modelling and the benefits
- Do the models provide ethical decisioning and how to adjust for different variables?
- Case study: Using a cautious approach to alternative data
- Forgotten factors to credit risk assessments
10:50 – 11:30
Mitigating Risk with Perpetual KYC: A proactive approach
- The difference between traditional KYC approaches and P-KYC
- Improving accuracy and quality of KYC review processes
- Operational efficiency with P-KYC and minimizing time and costs of KYC processes
- Navigating through data challenges and doing due diligence with automation
11:30 – 12:10
AML and Fraud Risk Deep Dive: The complexity of internal and external threats
- The evolution of AML and Fraud Risk with digitalization and the adapting criminal
- Infrastructure and systems to help respond as quick as possible
- Detecting AML and Fraud early to prevent large theft operations
- New innovative ways of fraudsters and using different means to launder money