08:45 – 09:00
Online registration and virtual log-in
09:00 – 09:05
Welcome remarks by Risk.net
09:05 – 09:25
Keynote address: Making risk management a priority in the era of transition
Vice Commissioner for International Affairs
Financial Services Agency (FSA), Government of Japan
Ms. Amaya is Vice Commissioner for International Affairs at Japan’s Financial Services Agency (JFSA) since July 2019. She is a member of the Basel Committee on Banking Supervision (BCBS), representing the agency. She is also engaged with the Financial Stability Board (FSB) and represents the agency at the Resolution Steering Group (ReSG). She also contributes to regional cooperation among bank supervisors as Vice Chair of the EMEAP Working Group on Banking Supervision.
Ms. Amaya joined the Ministry of Finance (MOF) in 1986 and has broad experience in financial supervision and international financial regulations over her career at FSA and MOF. Prior to the current position, she served as Deputy Secretary-General of Securities and Exchange Surveillance Commission (SESC) (2017-2019) and Secretary General of Certified Public Accountants and Auditing Oversight Board (CPAAOB) (2015-2017). Her career at JFSA also includes Director for Market and Risk (2008-2010) and Director for International Insurance Services (2002-2006). From 2013 to 2015, Ms. Amaya served as Senior Executive Director at Deposit Insurance Corporation. She was also Visiting Professor at Graduate School of Public Policy, the University of Tokyo in 2011-2013.
Ms. Amaya earned B.A. in Law at the University of Tokyo. She also finished Mid-Career Associate Program, IR/PS at the University of California, San Diego.
09:25 – 10:05
Rethinking and refocusing on risk management functions
- Counter party credit risk, market risk, and liquidity risk – how are local market participants coping?
- Emerging risks as a result of digital transformation – fintech solution providers
- The big squeeze on bank margins – what’s the stance of the banks?
- Risk managers/back-end business vs front-end business – balancing risk and return
- The importance of Non-financial risk
- Stress testing – a closer look at the rise of the regulator’s expectation and the shifting of the purpose, from 'to live or to die' checks to s 'management tool' in an uncertain situation.
10:05 – 10:45
Time to move on! The Libor transition
- Transitioning from LIBOR OTC Derivatives to Risk Free Rates (RFR), understanding the adaptation challenges for market participants
- Monitoring liquidity risks (PE and Private assets)
- Valuation and risk management challenges – transitioning legacy contracts
- The Repo-market turmoil and the concerns raised about the new benchmark rate
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.
Director, CIO Office Quants Team
Japan Post Bank
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.
Head of MarkitSERV Japan
Ken Nishimura is Head of MarkitSERV Japan where he is in charge of its derivatives and FX trade processing business. MarkitSERV provides multi asset class platforms, such as MarkitWire, for the management of trade confirmation, clearing, and regulatory reporting.
Prior to joining IHS Markit in 2016, Mr. Nishimura was a deputy director of JFSA, where he participated in the committees and working groups under IOSCO and FSB as a representative of JFSA. Before joining JFSA, Mr. Nishimura was Head of TriOptima Japan where he was responsible mainly for commercial strategy and partnerships to expand the firm’s compression and reconciliation services for OTC derivatives in Japan. Mr. Nishimura also has a variety of experiences in relation to OTC derivatives and cash products in Nomura and a couple of buyside firms in his career.
Mr. Nishimura holds a B.Sc. from The University of Tokyo and a M.Sc. from MIT Sloan School of Management.
Senior Financial Consultant
10:45 – 11:05
11:05 – 11:35
Operational resilience and operational risk - “what is going to break you?”
- What is operational resilience? Difference between operational resilience and BCM, operational risk
- Regulatory environment – BIS, PRA/FCA, EBA, US
- Important business and impact tolerance – How should we exactly implement operational resilience?
- Next development – Future initiatives in Japan
11:35 – 12:05
Climate risk and operational resilience
How will insurance companies respond to emerging risks such as digital disruption, social risk and climate change for sustainable insurance?
Long-term Corporate Value’s effect on strategy changes
Utilizing Climate Risk modelling to predict and mitigate climate related crises
How Corporates can adapt operational risk frameworks to overcome disruptive events?
12:05 – 12:35
12:35 – 12:35
End of Virtual Conference
08:45 – 09:00
Online registration and virtual log-in
09:00 – 09:05
Welcome remarks by Risk.net
09:05 – 09:45
Incorporating ESG into your CSR, investment, and overall risk management strategy
- How does your organization choose and implement the risk responses to the identified ESG-related risks?
- Are members of the board aware of the ESG-related risks that could affect your company’s overall corporate strategy and business objectives?
- The importance of adopting an ERM framework to help identify and manage ESG-related risks
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.
09:45 – 10:10
Charting a pathway towards a successful XVA program
Understanding XVA’s impact on business processes
Thx XVA balancing act explained
Implementing XVA: strategies and best practises
10:10 – 10:35
XVA: the present and the future of derivatives pricing
Why certain banks calculate CVA differently or not even at all?
How the review of the CVA capital framework will result in major changes on how dealers capitalise on derivatives?
XVA challenges – dealing with legacy technologies
XVA Loss and Capital Buffers as a result of COVID-19
Head of Pricing, Valuations and Reference Data – Asia Pacific
Sage has been with IHS Markit for 8 years, starting with the legacy Markit entity.
Prior to joining Markit, Sage was responsible for Pricing and Valuations at Fitch Solutions. He spent a portion of his career at key tier one Investment banks, starting at Salomon Brothers into Citi Global Markets, Bank of America N.A and RBC Capital Markets across Trading, Product Management and Product Development functions in London, New York and Toronto.
Over the last 8 years Sage has been driving IHS Markit’s expansion into the APAC Fixed Income markets, more recently expanding his responsibilities into IHS Markit’s Derivatives business. The key mandate is to provide solutions addressing challenges faced by our customers in today’s ever changing regulatory landscape.
Sage graduated from Manchester Business School, UK with a BSc (Hons) International Business, Finance and Economics
10:35 – 11:00
Establishing capital requirements for CVA/XVA
Addressing the lack of divergence between regulatory CVA and market practice
The poor recognition of CVA hedges – what are the consequences?
Changes to the current CVA framework – what are the available options?
Japan’s new financial accounting rule for 2021, what are the implications for local industry? How will this affect CVA and XVA practices?
Varying adoption models: business and technology challenges
Head of Marketing & Strategy, Asia Pacific
Alexandre looks after the definition, positioning and go-to-market strategy of Murex product solutions with a focus on Risk Management and Regulatory Transformation. His most recent work centers on the implementation of the bilateral Initial Margin and Basel III capital reforms, and on XVA desks operating models. Alexandre also co-heads the Murex task force on the Interest Rates Benchmark Reform.
Since joining Murex in 2000, Alexandre has held both senior client-facing and product management positions, last serving as global head of the Risk Control practice and general manager for Murex Ireland, where he drove the development of the MX.III XVA management solution and Credit Risk simulation engine.
Alexandre holds a « Grande École » MSc in Management and Finance from HEC Paris.
Director, Financial Engineering Group Fixed Income, Currency and Commodities (FICC) Dept.
Satoshi Kumeta is Head of XVA in FICC, where he owns planning and development of XVA accounting and regulation such as FRTB-CVA, and management CVA hedge to control P&L as well. He belonged to model development division in MUFG Bank and Mitsubishi UFJ Securities as Quants for more than 10 years prior to joining Daiwa Securities, and responsible for model development of plain vanilla/exotic products mainly for commodity and interest rate. He also contributed to introduction of OIS discounting and CVA accounting. Satoshi has Bachelors and Masters in Mathematics from Tokyo Institute of Technology.
11:00 – 11:20
11:20 – 11:50
11:50 – 12:15
12:15 – 12:45
Gazing into the future and analysing emerging risks that will affect the Japanese market
- The impact of low interest rates on Japanese bank, what is going to happen in the next 12 months?
- The global geopolitical landscape – how will Brexit, the Coronavirus, US-China trade war, U.S elections, Hong Kong anti-extradition protests, and US–Japan trade deal impact local market participants?
- Digital currency risk – how can Japan prevent cybersecurity and technological threats and cases like the Bitpoint incident from happening again?
Head of Japan, Senior Underwriter
World Bank Group, MIGA
Shuichi Hayashida is Head of Japan and Senior Underwriter for the Multilateral Investment Guarantee Agency (MIGA), the political risk insurance and credit enhancement arm of the World Bank Group.
Hayashida works out of Tokyo office to further the World Bank Group’s mission of ending extreme poverty and boosting shared prosperity through collaboration with Japanese investors and their partners. To that end, MIGA supports investments in regions where capital is most scarce. MIGA is now the leading political risk insurance provider in fragile and conflict affected countries.
Previously he worked for MUFG Bank (formerly The Bank of Tokyo-Mitsubishi UFJ) out of Singapore, London, Tokyo with focus on project finance transactions in his capacity as both financial advisor and lender covering energy sector globally. He also worked on large scale-acquisitions, merger and divestment projects in Asia.
Hayashida has a Master of Science in Finance from the Kelley School of Business, Indiana University, a Master of Laws from the Florida Coastal School of Law, a Graduate Diploma in English Law from the BPP Law School in the UK, and a BA in Economics from Keio University.
He is also a US-certified CPA and a Japanese CMA (chartered member of the Security Analysts Association of Japan).
General Manager, Risk Management Department
SOMPO Holdings, Inc.
Deputy Chief Manager, Risk Management Division
Mitsubishi UFJ Securities Holdings
Akira Yamamoto joined Mitsubishi UFJ Securities Holdings as Deputy Chief Manager in March 2014. 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 Mitsubishi UFJ Securities Holdings, Mr. Yamamoto spent more than ten years working at MUFG Bank until 2000 being engaged in the corporate loan underwriting. After that, he worked for Standard & Poor’s as a lead analyst specialized in Structured Finance, in addition to serving at Morgan Stanley as a head of Corporate & Structured Finance Credit Risk.
Mr. Yamamoto is a Financial Risk Manager - Certified by the Global Association of Risk Professionals.
Head of Risk Management
Government Pension Investment Fund
12:45 – 12:50
Chairman’s closing remarks
12:50 – 12:50