Tim Ryan Chairman, US financial services industry practice, PricewaterhouseCoopers
Keynote address – CFO’s role in value creation beyond the financial statement
Laura S. Unger Former commissioner, Securities and Exchange Commission
IFRS and US GAAP convergence: the impact on financial reporting (46kb) Panelists will discuss global convergence and how economic forces impact accounting measurement and implementation. These topics will be addressed from a European and US viewpoint, in addition to considerations of developing US reporting standards.
Raymond J. Beier Leader, Strategic analysis and policy, PricewaterhouseCoopers
John Lawton
Partner, PricewaterhouseCoopers
Ian Wright
Senior partner, Global accounting consulting services in London, PricewaterhouseCoopers
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Becoming a prepared acquirer (1.46mb) Despite the recent record levels of M&A in the financial services industry, results continue to suggest more than half of all transactions are unlikely to create value for acquirers. A major problem is that too many acquirers are reactive in their approach to M&A. This session will outline a disciplined approach to help you proactively find the best acquisition opportunities and increase shareholder value.
Mark Sirower Managing director, PricewaterhouseCoopers
The economic outlook: How hard a landing? (166kb) This outlook on the global and US economy will focus on global growth and the financial markets, with an eye on Europe, Japan and non-Japan Asia in particular. Ms. Bovino will address trade, the dollar, oil, and the US housing market, as well as how economic risks may impact the financial services industry in this increasingly globalized world, and how risks are related to analyst ratings.
Beth Ann Bovino Senior economist, Standard & Poor’s
Breakout sessions
Breakout session 1
1A. Banking and capital markets – financial instruments and securitization (124kb) Financial instruments and securitization transactions affect all participants in the banking and capital markets industries. The panelists will discuss key developments: Derivatives issues, including FAS 133 and related interpretive guidance, securitization developments such as FAS 140 interpretations and the status of the amendment, Fair Value (FAS 155, 157 and the fair value option), and other SEC reporting and disclosure issues. This session is intended to provide participants with a high-level summary of matters that may affect their institution’s accounting, reporting, and regulatory challenges in the current year.
Moderator: David Lukach
Co-Leader, Structured Finance Group, PricewaterhouseCoopers
Frederick Elmy
Partner, Structured Finance Group, PricewaterhouseCoopers
Sam May
Partner, Structured Finance Group, PricewaterhouseCoopers
Frank Serravalli
Co-Leader, Structured Finance Group, PricewaterhouseCoopers
1B. Insurance – emerging practices with accounting and reporting updates (169kb) Regulations affecting insurance companies are changing daily, with both business and accounting issues becoming more complex than ever. This discussion, led by PwC professionals, examines some of these new and emerging issues, including GAAP, statutory and SEC accounting and reporting developments affecting insurers, NAIC activity, the latest FASB accounting developments, and the impact of the global convergence of capital markets.
Donald A. Doran
Partner, National Accounting Consulting Services, PricewaterhouseCoopers
Paul L. Horgan
Leader, US Insurance Advisory Practice, PricewaterhouseCoopers
David Y. Rogers
Leader, US Life Actuarial Insurance Management Solutions, PricewaterhouseCoopers
1C. Investment management – strengthening internal controls (114kb) In the investment management industry, increased use of new and more complex investment strategies and financial instruments, together with a growing dependency on technologically advanced, cost-efficient, and functionally capable middle- and back-office service organizations, are increasingly pushing investment managers to outsource key functions. This session will address oversight of those third-party service arrangements, an essential element of internal control for funds and investment advisers. It will cover the importance of due diligence, setting oversight objectives, implementing a clear process for managing service providers, understanding roles and responsibilities, monitoring performance, and the proper use of third-party reports. In addition, this session will provide an update on current developments and technical accounting issues impacting the investment management industry.
Moderator: Tom Kent
Partner, US Investment Management Industry Practice, PricewaterhouseCoopers
Panelists:
Steve Mellas
Vice President and Head of Operations, AQR Capital
Dennis Westley
Senior Vice President and Line of Business Head, Alternative Investment, PFPC, Inc.
Paul Woods
Investors Bank & Trust
1D. Real estate – accounting and reporting trends (5.74mb) This session will include a discussion of international convergence and potential impact on significant projects such as lease accounting and business combinations. The panel will discuss common accounting and disclosure challenges and opportunities facing the real estate industry; feature views from preparers of financial statements, auditors, and users (e.g., analysts); and examine positions issued by the SEC and the FASB on other key topics, such as asset retirement obligations, consolidation of general partners, changes in capitalization of certain items during development, and other emerging issues as appropriate.
Moderator:
Tim Conlon
Leader, US Real Estate Industry Practice, PricewaterhouseCoopers
Panelists:
Sandy Blum
Partner, Real Estate Industry Practice, PricewaterhouseCoopers
Arthur Flashman
Vice President and Controller, Boston Properties, Inc.
John Gottfried
Partner, Real Estate Industry Practice, PricewaterhouseCoopers
Brian Ness
Senior Manager, Real Estate Industry Practice, PricewaterhouseCoopers
Tom Wilkin
Partner, Real Estate Industry Practice, PricewaterhouseCoopers
Breakout session 2
2A. Accounting for income taxes (69kb)
This discussion of the latest developments surrounding accounting for income taxes will include the impact of FIN 48, the most sweeping tax-related financial reporting developments in post-Sarbanes-Oxley 404, and its significant implementation challenges. The session will also address other hot accounting for income tax topics, including the FASB’s projects on convergence and business combinations.
Moderator: Dick Harvey
Leader, US Banking and Capital Markets Tax Practice, PricewaterhouseCoopers
Panelists:
James Geary
Partner, PricewaterhouseCoopers
David L. Wiseman
Director, National Assurance Risk & Quality, PricewaterhouseCoopers
2B. How to use risk management to build value (5.04mb) Ratings agencies and analysts are scrutinizing risk management practices as never before and senior executives are keenly aware of the damage that can be done to their brands and bottom lines if risk is not managed properly. But in a recent survey, less than half of respondents reported a structured assessment of risk around strategy development, and even fewer reported risk management involvement in budgeting and financial reporting. This discussion will focus on how you can fill the gap, drawing on risk management expertise to more fully consider risk in making key decisions and to evaluate performance on a risk-adjusted basis.
Shyam Venkat
Partner, PricewaterhouseCoopers
2C. How to get back to business though sensible integration of governance, risk, and compliance (201kb) Oversight of risk and compliance activities is draining corporate resources as companies respond to a proliferation of rules and regulations by implementing uncoordinated, inefficient, and often duplicative efforts. The effort to comply is taking a toll in staff time, complexity, and business distraction. Learn what major financial institutions are doing today, including leveraging common activities to save costs and optimize efficiency while enhancing effectiveness. Topics will include cost-justifying improvements; steps in identifying and optimizing overlapping and duplicative activities and roles; and practical approaches to integration of risk management, compliance, and control activities to ensure success and enable effective handling of the next big regulation or risk.
Dennis Chesley
Managing Director, PricewaterhouseCoopers
Carlo di Florio, JD, LL.M
Director, Risk & Regulatory Advisory Services, PricewaterhouseCoopers
2D. How to integrate fraud and anti-money laundering monitoring
Costs are mounting as chief compliance and operations officers face multiple regulatory and operational demands to monitor their customers’ activities. This session will explore how costs may be reduced and quality improved by the formation of an integrated Financial Intelligence Unit (FIU). An FIU takes a customer-centric approach to all aspects of fraud and anti-money laundering monitoring throughout the customer lifecycle. This includes “know your customer” analyses at the inception of a client relationship and continues through transaction monitoring and investigation of transactions identified for follow-up and reporting.
Jeff Lavine
Partner, PricewaterhouseCoopers
Phil Upton
Principal, PricewaterhouseCoopers
Breakout session 3
3A. Federal tax update (119kb)
This session will cover significant new IRS guidance and developments, as well as recent court decisions and their potential effect. It will also review legislative proposals to address the so-called “tax gap” and other policy priorities.
Kenneth W. Busey
Partner, Washington National Tax Services, PricewaterhouseCoopers
Peter P. Michalowski
Partner, State Tax Financial Services, PricewaterhouseCoopers
3B. How to protect financial services institutions against fraud and misconduct (1.04mb)
Fraud poses both tremendous risks and opportunities for financial services institutions. It is potentially a threat to brand value and also a criminal, civil, and regulatory liability. By contrast, a fraud management program can increase earnings as well as provide a competitive advantage. This session will address how financial services institutions are seizing opportunities to mitigate risk through RSCA fraud risk assessments, as well as monitoring and auditing for key fraud risk indicators. Practitioners will share best practices and a framework for implementing a comprehensive fraud risk management program with controls embedded into the business.
Jonny Frank
Partner, PricewaterhouseCoopers
3C. Mortgage market meltdown: fact or fiction?
This session will explore the challenges facing the mortgage industry today and examine the facts behind the recent headlines. The panelists will discuss the critical issues every financial executive should consider.
3D. Using the lessons of the captive entity to improve sourcing strategy (727kb)
The competition for talent and the regulatory risk posed by moving data across borders and organizations have spurred major financial institutions to establish captive entities rather than continue to move along a more traditional sourcing path. Companies that do this right can create huge amounts of value; however, there is also a significant downside for those that fail to effectively manage a captive entity and the new risks it brings. While the competitive leverage that will ultimately change the landscape of major global financial institutions can only be achieved by jumping in with both feet, there are ways to use the lessons of the captive entity to improve your sourcing strategy. Learn how at this session.
C. Steven Crosby
Managing Director, PricewaterhouseCoopers
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