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Navigating Transformational Change of the Global Financial Landscape

Realizing systemic risk, avoiding unintended consequences


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On July 25-26, 2012, Deloitte, The Bretton Woods Committee, and the University of Maryland’s Robert H. Smith School of Business hosted the “Navigating transformational change of the global financial landscape: Realizing systemic risk, avoiding unintended consequences” event. This forward-looking, action-oriented roundtable discussion examined how systemic risk can be better managed among market participants and move toward effective harmonization and integration of regulatory standards and practices. A summary of the day’s events can be viewed in the event compendium.

Current and former bankers, regulators, and industry observers gathered for a pre-event dinner and networking reception on July 25 at the Newseum, where keynote speaker Barbara Rehm, Editor at Large, American Banker, shared her thoughts on the successes of the Dodd-Frank Act to date, as well as the challenges remaining for financial institutions and regulators.

The following day, the group gathered for interactive, small group discussions on systemic risk reform implementation. Michael Helfer, Vice Chairman, Citigroup, provided an industry perspective about regulatory reform implementation, focusing his comments on recovery and resolution planning. Mr. Helfer’s remarks are available here. Don Kohn, current Senior Fellow at the Brookings Institution, and former Vice Chairman of the Federal Reserve, served as the moderator of the day, and launched the roundtable discussions in which the attendees broke into five small group discussions on key reform implementation topics led by discussion leaders.

Mary Miller, Under Secretary for Domestic Finance for the U.S. Treasury, provided closing remarks and the policy perspective relative to reform implementation status, progress and direction, including areas within her domain such as the Financial Stability Oversight Council and the Office of Financial Research. Under Secretary Miller’s remarks are available here.

In conjunction with the event, Dr. Clifford Rossi, Executive-in-Residence and Tyser Teaching Fellow, University of Maryland’s Robert H. Smith School of Business, published the “Global Systemic Risk Regulation Since the Financial Crisis Study”. This study makes an important contribution to the ongoing regulatory discussions by providing a framework for policymakers and practitioners to assess the effectiveness of these regulatory efforts and the potential for harmonization of reforms across various jurisdictions.

Download the PDF of the compendium and study below to learn more. Two versions of the compendium are provided to accommodate your viewing preferences: a standard version for printing and a screen version for reading on your computer or mobile device.

Download PDFDownload the Event Compendium to review a summary of the day’s events:

Download PDFDownload the Global Systemic Risk Regulation Since the Financial Crisis Study.

 

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As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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