logo-euiFlorence School of Banking & Finance

APPLICATIONS ARE OPEN!

APPLICATION Deadline 15 May 2021

Application form available here


  • Sitting on Boards: Better Check and Control of Risks represents the first edition course of the Bank Board Academy for Non-Executive Directors, a new initiative from the Florence School of Banking and Finance at the European University Institute.

    The Bank Board Academy for Non-Executive Directors aims at stimulating and enhancing independent board members’ interactions with supervisors and regulators and among themselves:

    • to ensure consistency and homogeneity of banks’ governance across Europe;
    • to be best equipped by:
      • Keeping up to date and sharing key experiences,
      • Giving tools and instruments for board members to play their role in the design and execution of the overall strategy. 

    This training features an international faculty of regulators, supervisors, and academics together with bank and finance professionals.

    The level of engagement in discussions and group exercises will provide participants with a valuable learning and networking opportunity.

    Themes

    CALENDAR OF THE SESSIONS

    The training will consist of 4 online sessions over four afternoons (CET).
    • 4 June
    • 11 June
    • 25 June
    • 2 July
  • SCHEDULE

    4 June

    Decision under a deadline: a recipe for risk?
    Coordinator: Thomas Huertas (Professor, Institute for Law and Finance, Goethe University)


    11 June

    Staying abreast of the cyber challenge
    Coordinator: Andrea Federico (Partner, Oliver Wyman)

    Understanding Money Laundering Risks to Banks, and Oversight of AML Risk Mitigation
    Coordinator: James H. Freis, Jr., Founder, Market Integrity Solutions LLC


    25 June

    Sustainability and Climate Change: Role for the Board
    Coordinator: Patrick Kenadjian (Professor, Institute for Law and Finance, Goethe University)


    2 July

    Risk Appetite Framework: Capturing Financial and Non-Financial Risks

    Coordinator:Jean-Jacques van Helten (Visiting Fellow, European University Institute, Florence School of Banking and Finance)


  • WEEK 1 – 4 June

    Decision under a deadline: a recipe for risk?
    Coordinator: Thomas Huertas (Professor, Institute for Law and Finance, Goethe University)

    At times boards need to make an important decision under a tight deadline with imperfect information. If the decision turns out badly, others may — after the fact and with the benefit of hindsight — subject directors to criticism or even prosecution. How can directors be sure that the Board provides sufficient challenge and exercises appropriate judgment? This session will focus on a case study involving a possible business combination under three different settings:

    • “Normal” conditions in the economy and in the bank(s) concerned.
    • A worsening economic and financial environment.
    • A sudden adverse development in one of the banks concerned.
    As these circumstances change, so will the risks of the proposed combination. How should this affect the decision directors need to take?


    WEEK 2 – 11 June

    Staying abreast of the cyber challenge
    Coordinator: Andrea Federico (Partner, Oliver Wyman)

    Speaker: Rico Brandeburg (Partner, Cyber and Resilience, Oliver Wyman)

    Cyber risk is on top of the agendas of Board of Directors and Senior Management across the financial services industry.
    Key drivers for the growing interest are:

    • Increased sophistication of cyber attackers and scale of cyber attacks
    • Broader attack surface through business and technology strategy (e.g. focus on digital and increased use of third parties)
    • Pressure from shareholders, customers, and particularly regulators

    Given the increasing cyber threat, it is critically important to keep cyber risk management at the center of firms’ enterprise-wide risk and business strategy. Therefore, financial institutions need to continuously evolve cyber risk management capabilities. This need has been further heightened by the significant business and operating model changes introduce through the COVID-19 response (e.g. work from home, move to remote channels). This two hour session on “Staying abreast of the Cyber challenge” will provide banks’ board members with a broad overview of the latest cyber challenge and how to work with executives to address the increasing cyber threat, prioritize investments, and look critically at the level of preparedness of their firm and close the gaps.

    This session will focus on:

    • A brief overview of key cyber trends that impact financial services
    • A pragmatic approach to guide board members’ review of the firm’s cyber preparedness
    • The golden rules for a board member to challenge cyber programs

    Understanding Money Laundering Risks to Banks, and Oversight of AML Risk Mitigation
    Coordinator: James H. Freis, Jr., Founder, Market Integrity Solutions LLC
    Speaker: Markus Schulz (Deputy Global Head FCC & Head Change Management for Financial Crimes Compliance (FCC) at ING)

    Banks are at risk of their services being abused to facilitate money laundering and related financial crime. Therefore, a critical regulatory obligation expected of banks is to adopt anti-money laundering (AML) measures, which should be tailored to the specific risks of each bank’s products, services, and customer base. Yet many banks remain challenged by these requirements, as evidenced by audit findings and numerous public examples of penalties assessed by regulators.
    This session will focus on helping board members develop an understanding of:

    • The principles underlying the AML requirements and WHY banks have responsibilities
    • The parties involved in terms of WHO are the respective competent authorities, and responsibilities inside and outside banks
    • The basic regulatory requirements in terms of WHAT is expected of banks
    • For Board members, HOW to consider whether a bank’s AML risk management appears reasonably designed and implemented

    WEEK 3 Break


    WEEK 4 – 25 June

    Sustainability and Climate Change: Role for the Board
    Coordinator: Patrick Kenadjian (Professor, Institute for Law and Finance, Goethe University)

    Speakers: Amra Balic (Managing Director, Blackrock),Sabine Mauderer (Executive Board Member, Bundesbank), Sir Douglas Flint CBE (Chairman, Standard Life Aberdeen plc)

    The first part of this module will examine the responsibility of the Board of Directors of financial institutions in the making and policing of their institution’s policies on climate risk and sustainability. Supervisors, investors, employees and civil society are increasingly focusing on the role of financial institutions relating to climate change and boards need to be involved. Supervisors are telling financial institutions they are falling behind their expectations, investors are telling them they need to provide greater transparency on climate risks and strategic plans to remain investible and both employees and civil society expect boards to insure their institutions take appropriate action.

    This session will focus on:

    • Regulatory and supervisory expectations concerning integrating climate risk into risk management frameworks, including the use of scenarios to deal with both physical and transition risks over a much longer time period than the usual risk framework used by financial institutions.
    • Investor expectations concerning disclosure of climate risks and developing a credible strategy towards promoting sustainability, including the various standards for disclosure, and how to prepare for an AGM.
    • Duties and role of the board of directors both internally and in dealing with supervisors, investors and civil society.

    Speakers: Michael Pieper (Director, Sustainable Finance Leader Germany, Deloitte) Alan N. Smith (Senior Advisor on Climate and ESG Risk Management, HSBC)

    This second part will examine the practical implications for the Board of Directors of financial institutions in oversight of the institution’s climate risk and sustainability. Sustainability and climate risks have been catapulted to the top of the agenda for many financial institutions. Building on the insights provided by the first part, we will consider how to comply with the increasing focus by central banks and prudential supervisors on stronger integration of climate risks into strategy, governance, risk management and reporting. In order to be prepared to effectively review and control the integration of climate risks into the institution’s management frameworks non-executive directors need to be able to understand climate risk reports and the underlying processes and methodologies.

    This second part will focus on:

    1. The 8 “Cs” of effective climate risk oversight by Boards
    2. Overview of key TCFD disclosure requirements and the associated strategic and practical considerations, controls and challenges:
      – Governance
      – Risk Management
      – Scenario Analysis
      – Disclosure
    3. Case Study – Based on a cross-section of published 31 December 2020 TCFD disclosures, a discussion in groups around the emerging climate strategic and risk management insights that boards should consider.


    WEEK 5 – 2 July

    Risk Appetite Framework: Capturing Financial and Non-Financial Risks

    Coordinator: Jean-Jacques van Helten (Visiting Fellow, European University Institute, Florence School of Banking and Finance)

    Speaker: Wilhelm Koch (Director, Deloitte)

    • What is a RAF (Risk Appetite Framework)? It is aligned to a firm’s key strategic & financial processes covering governance and steering of all financial and non-financial risks.
    • The RAF is the overall approach, including principles, policies, processes, roles and responsibilities and systems through which the Risk Appetite Statement (RAS) is communicated.
    • RAF complies with firm’s corporate standard & EBA guidelines
    • RAF aligns expectations of risk governance among the Board, Senior Management and Regulators and reinforces a strong risk culture, developed bottom up with proposals from management and top down from input from the Board
    • RAF implementation procedure to ensure alignment with RMA (risk materiality assessment), stress tests and economic capital requirements and integration with ICAAP.
    • RAS is strategic tool and is forward looking, an integral part of strategy and is informed by business strategies, ICAAP & ILAAP
    • ‘Live interactive exercise’ with participants on quantitative and qualitative review and approval process at Board of RAF including KRIs, stress testing, etc.

    This session will focus on:

    • How to understand and question the breadth of risks & types of financial/non-financial risks faced by the company
    • Alignment by Board of the firm’s risk appetite including risk/return trade off with multi-year strategy and financial objectives
    • Board role in promoting a risk-focused culture and open communication across the firm
    • Assigning clear lines of accountability and ensure effective risk management framework

  • Decision under a deadline: a recipe for risk?

    Thomas Huertas

    Thomas Huertas
    Professor, Institute for Law and Finance, Goethe University
    Module coordinator

    Thomas F. Huertas is Adjunct Professor at the Institute for Law and Finance, Senior Fellow at the Center for Financial Studies and Fellow at SAFE (Sustainable Architecture for Finance in Europe), all at the Goethe University in Frankfurt. In addition, he is a non-executive director of Barclays Bank Europe. Formerly, Tom was a partner in EY’s Financial Risk Practice and chaired the firm’s Global Regulatory Network. From 2004 to 2011 Tom was an Executive Director of the UK Financial Services Authority as well as Vice Chairman of the Committee of European Bank Supervisors (2009-10), Alternate Chair of the European Banking Authority (2011), Vice Chair of the European Systemic Risk Board (2011), Member of the Basel Committee on Bank Supervision (2009 – 2011) and Member of the Resolution Steering Committee of the Financial Stability Board (2009-2011). Earlier in his career Tom was Chief Executive and Chair of Orbian plc, an internet-based supply chain finance company. He also held a number of senior positions at Citigroup, including Chief Executive and Chairman of Citibank AG (Germany). He holds a Ph.D. in Economics from the University of Chicago and has published extensively on financial services regulation.

    Staying abreast of the cyber challenge

    Andrea Federico

    Andrea Federico
    Partner, Oliver Wyman
    Module coordinator

    Andrea Federico is a Partner at Oliver Wyman. He joined the firm in London in 1998 and throughout his career has worked across a number of European jurisdictions and beyond. He is currently based in Rome and advises financial services firms, authorities and governments on some of their most pressing strategic and operational challenges. Andrea is co-director of the FBF-Oliver Wyman Climate Risks and Anti-Money Laundering Academies.

    Rico Brandenburg

    Rico Brandeburg
    Partner, Cyber and Resilience, Oliver Wyman

    Rico is a Partner in the Risk & public Policy and Digital, Technology, & Analytics practices. Rico has more than 13 years of experience in consulting to leading financial institutions in the US, Europe, Latin America, and the Middle East. Rico focuses on frameworks, operating models, data and infrastructure capabilities across cybersecurity, cyber and operational resilience, technology risk, third party risk, and operational risk.

    Understanding Money Laundering Risks to Banks, and Oversight of AML Risk Mitigation

    James H. Freis, Jr.

    James H. Freis, Jr.
    Founder, Market Integrity Solutions LLC
    Module coordinator

    James H. Freis, Jr. is a global expert in financial regulation, in particular, the area of anti-money laundering, having served as AML officer for a group of European financial institutions, and also previously as the lead United States Government official responsible for AML issues. Mr Freis currently leads Market Integrity Solutions, a consulting firm providing executive advice on global financial regulation and innovative technology solutions. From 2007 to 2012, Mr. Freis was Director (CEO) of the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the lead U.S. Government official for anti-money laundering and counter-terrorist financing requirements, and head of the country’s financial intelligence unit (FIU). From 2014 through 2020 he was Managing Director, Chief Compliance Officer, and Group Anti-Money Laundering Officer for the Deutsche Börse Group in Frankfurt, Germany, responsible for overseeing regulatory requirements and engaging with financial supervisors for Group entities on a global basis for this provider of financial market infrastructures. In June 2020, upon joining the FinTech payments provider, Wirecard, he promptly disclosed internal fraud, was named CEO, and initiated a global restructuring. His career as an attorney began at the Federal Reserve Bank of New York, followed by seven years in Basel, Switzerland at the Bank for International Settlements (BIS). Mr Freis is a graduate of Georgetown University, earned his Juris Doctor from Harvard University, and is a Chartered Financial Analyst (CFA) charterholder.

    Markus Schulz, Deputy Global Head FCC & Head Change Management for Financial Crimes Compliance (FCC) at ING

    Markus Schulz
    Deputy Global Head FCC & Head Change Management for Financial Crimes Compliance (FCC) at ING

    Markus Schulz is the Deputy Global Head FCC & Head Change Management for Financial Crimes Compliance (FCC) at ING. In his current role he looks after the transformation of the Bank’s financial crime control and organisational framework with a special focus on RegTech. He is a trained banker by trade and has over 25 years of experience in Financial Services and since the early 2000s dedicated to the fight against financial crime working for a number of global Financial Institutions. He is passionate about modernising and developing the Financial Crime Compliance industry especially the future of Surveillance. For this he is a very active member with a number of instrumental groups like the Wolfsberg Group, Egmont Group, Madison Group, Basel Institute on Governance, Insurance Europe, FATF, IACA and the European Commission just to mention some. He has initiated and lead various successful collective industry action groups around topics like Trade & Economic Sanctions, AML and FATCA as well as Ethics in Business.

    Sustainability and Climate Change: Role for the Board

    Patrick Kenadjian

    Patrick Kenadjian
    Professor, Institute for Law and Finance, Goethe University
    Module coordinator

    Patrick is currently an Adjunct Professor at the Goethe University in Frankfurt am Main, Germany, where he teaches at the Institute for Law and Finance. Patrick has co-chaired conferences at the University on financial reform, including resolution regimes for banks, insurance companies and CCPs and other solutions for “too big to fail”, the proposed European Capital Market Union, the importance of culture and ethics in financial institutions, Basel III, collective action clauses in sovereign debt, EDIS, NPLs, sovereign debt and safe assets in the EU and, most recently, on green banking and green central banking. Since 2015 he has served on the Advisory Council to the Salzburg Global Forum on Finance in a Changing World. Patrick is also Senior Counsel at Davis Polk & Wardwell London LLP. He was a partner of the firm from 1984 to 2010, during which time he opened the firm’s Tokyo and Frankfurt offices in 1987 and 1991, respectively and spent over 25 years in its European and Asian offices.

    Amra Balic

    Amra Balic
    Managing Director, Head of BlackRock’s EMEA Investment Stewardship

    Amra Balic, Managing Director, is Head of BlackRock’s EMEA Investment Stewardship team based in London having joined the firm in 2011. Amra is responsible for leading BlackRock’s investment stewardship efforts covering company engagement including voting in Europe, the Middle East and Africa on behalf of BlackRock’s clients globally. The team engages companies and others in the investment stewardship ecosystem to promote the governance and business practices aligned with long-term value creation. Amra is a member of the Stewardship Global Executive Committee and EMEA Executive Investments Subcommittee. Amra currently serves on a number of industry bodies and initiatives to enhance governance and sustainable business practices including the UK Investment Association’s Stewardship Committee, the UK Institute of Directors Center for Corporate Governance Advisory Board, the FRC Investor Advisory Board, Eumedion General Board, the UK Investor Forum Board of Directors and the ECGRF Board of Trustees. Prior to joining BlackRock, Amra spent 14 years working on issues surrounding investors and investment decisions ranging from fixed income analysis, deal origination, investment appraisal and management of research & analytical content. Amra joined BlackRock after 11 years with Standard & Poor’s (now S&P Global), where she was a Director in European Corporate Credit Ratings.

    Douglas Flint

    Sir Douglas Flint CBE
    Chairman, Standard Life Aberdeen plc

    Sir Douglas’ wide-ranging international and financial experience is an important asset to the business as it delivers against its strategy. His strong track record of board leadership as a chairman helps to facilitate open and constructive boardroom discussion. Previously, Sir Douglas served as chairman of HSBC Holdings plc from 2010 to 2017. For 15 years prior to this he was HSBC’s group finance director, joining from KPMG where he was a partner. Between 2005 and 2011 he also served as a non-executive director of BP plc. In other current roles, Sir Douglas is chairman of IP Group plc and serves as HM Treasury’s Special Envoy for Financial and Professional Services to China’s Belt and Road Initiative. He is also a member of the Monetary Authority of Singapore’s international advisory panel, and of the board of the International Chamber of Commerce UK. Additionally, he is chairman of the Just Finance Foundation, non-executive director of the Centre for Policy Studies, member of the global advisory council of Motive Partners and board member of the Institute of International Finance. He also chairs the Corporate Board of Cancer Research UK and is a trustee of the Royal Marsden Cancer Charity. He holds a BAcc (Hons) from the University of Glasgow, a PMD from Harvard Business School and is a Member of the Institute of Chartered Accountants of Scotland.

    Sabine Mauderer

    Sabine Mauderer
    Member of the Executive Board of the Deutsche Bundesbank

    Dr. Sabine Mauderer has been Member of the Executive Board of the Deutsche Bundesbank since September 2018. She is responsible for the Directorates Markets and Human Re-sources. Additionally she is a member of the Exchange Experts Commission, the Central Capital Market Committee, and the Steering Committee of the “Central banks and Supervi-sors Network for Greening the Financial System (NGFS)”. Prior to her current responsibilities she held several positions at the KfW Banking group, e.g. Head of Banking Sector Restruc-turing and Head of Auditing, Risk Management, IT and Major Projects. Before that she worked as a senior adviser at the Federal Ministry of Finance. She was born in Schleswig in 1970. Sabine Mauderer graduated in law, holds a PhD by the Osnabrück University and an Executive MBA by the ESSEC & Mannheim Business School.

    Michael Pieper

    Michael Pieper
    Director, Sustainable Finance Leader Germany, Deloitte

    Michael joined Deloitte in October 2017 as a Director in Frankfurt. He is serving financial institutions on strategy, sustainability, risk management, digitization and regulatory compliance in Europe. Michael leads the Non-Financial Risks initiative in the Deloitte Banking Union Center Frankfurt and is part of the industry-wide Technical Expert Group on Non-Financial Risk. Since October 2019, he also leads the German Sustainable Finance initiative. Prior to joining Deloitte, Michael was working at McKinsey & Company where he served financial institutions across Europe, the Americas and Asia. At McKinsey, Michael was also member of the global risk management practice and the firm’s corporate and investment banking practice. Michael holds a PhD in Quantitative Finance and an MSc in Physics from the Karlsruhe Institute of Technology.

    Alan Smith

    Alan Smith
    Senior Advisor – Climate and ESG Risk Management at HSBC

    Alan Smith is Senior Advisor – Climate and ESG Risk Management, HSBC. He is a member of HSBC’s Climate Business Council whose remit is to develop the Group’s sustainable finance strategy and he co-chairs the HSBC Climate Risk Oversight Forum which is shaping the Group’s Risk Management for Climate Risk. He is an active member and advisor to The Coalition for Climate Resilient Investment (CCRI), a United Nations Climate Action Summit and COP26 flagship initiative, which represents the commitment of the global private financial industry, in partnership with key private and public institutions, to foster the more efficient integration of physical climate risks in investment decision-making. Prior to his current role, to which he was appointed to on 1 April 2020, Alan was Global Head of Risk Strategy and Chief of Staff to the Group Chief Risk Officer at HSBC and a standing attendee of the Group Risk Committee to the HSBC Board from 2016 to 2020. Alan joined HSBC in 1994 and has worked with HSBC for over 26 years in a variety of senior finance, risk and capital management and investment banking roles in London and in Saudi Arabia. Prior to HSBC, Alan, a Fellow of the Institute of Chartered Accountants, worked with KPMG London where he qualified as a Chartered Accountant. Alan is a Church Commissioner of the Church of England and a member of their Audit and Risk Committee; a Trustee of the Global Association of Risk Professionals; and sits on the Advisory Board of the Centre for Risk Studies at Cambridge University’s Judge Business School. In 2015, he co-authored his first book, “Dreaming a Nation”, which won a Frank Collymore Literary Award in Barbados.

    Risk Appetite Framework: Capturing Financial and Non-Financial Risks

    Jean-Jacques van Helten

    Jean-Jacques van Helten
    Visiting Fellow, European University Institute, Florence School of Banking and Finance
    Module coordinator

    Jean-Jacques van Helten is a Visiting Fellow at Robert Schuman Centre for Advanced Studies & the Florence School of Banking and Finance, part of the European University Institute. He is formerly a Managing Director & Chief Risk Officer, EMEA for the Bank of Montréal Financial Group (‘BMO’) and more recently a Non-Executive Director on the Board of BMO Europe plc. Responsible for Market, Liquidity & Operational Risks and Credit Risk Analytics, Jean Jacques has also been responsible for bank recovery and resolution planning, Enterprise Risk Management, corporate and commercial lending and credit management, implementation of ICAAP and ILAAP and liquidity risk management processes and procedures including stress testing. He has worked variously in a range of C-level risk and capital markets business roles in investment banks in Europe, Australia, Asia and the UK. Jean Jacques holds a PhD in economics/economic history from the University of London and has studied at the Goethe and Freie Universities in Frankfurt & Berlin.

    Wilhelm Koch (Director, Deloitte)

    Wilhelm Koch
    Director, Deloitte

    Wilhelm Koch is Director in Risk Advisory at Deloitte in Munich. He is formerly the Group Head Non-Financial Risk Management at Erste Group Bank AG Austria, member of the Supervisory Board at Banca Comerciala Romana S.A. (BCR) and member of the Board of Directors Erste Reinsurance S.A Luxembourg. Specialized in None-Financial Risk Management inclusive Sustainable Finance Management, with substantial experience in business operations and effective risk-return management, based on sustainability / triple bottom line, across global institutions. Proven track record in reputational risk management, steering and implementing governance models, reducing operational cost, as well as process and control optimization with improving productivity. He has worked in various senior risk management roles as advisor as well as in global institutions including Deutsche Bank AG as Chief Operating Officer ORM & Head ORM Europe Middle East and Africa. Wilhelm is a Diplom-Ingenieur Business Administration & Engineering, Cologne in Germany and studied at the ETP School of Management & Technology, Berlin.

  • Who should apply

    Participants profile:

    • Banks’ Non-Executive Directors
      • Independent Members of Risk Committees
      • Long-standing and recently appointed Non-Executive Directors

    The BBA program puts a high priority on participant diversity, also in geographic terms. Our intention is for participants to interact and discuss with peers to get a valuable learning, sharing and networking experience thanks to an outstanding international faculty of regulators, supervisors, and academics together with bank and finance professionals.

    How to apply

    You will need to complete an online application form.
    Upon creation of an account at the Robert Schuman Centre Services Portal, your credentials (username and password) will allow you to fill in your application. The application includes biographical information, information related to your professional background, and contact information.

    Eligibility and Requirements include:

    • Attendees are expected to participate actively in all the program.
    • Applicants should hold some experience as regards bank business and strategic bank decisions
    • Applicants should be already sitting in Boards as independent members (long-standing or recently appointed)
    • Applicants should ideally sit in Risk Committees
    • The course will be offered in English.

    Applying early increases your chance of being accepted, seats are limited to ensure the interactivity and high quality of the training.

  • Learning environment
    • Standard computer equipment to join online live classes: camera, microphone/headphones, Zoom profile and software, good internet connection
    • 4 sessions with a highly interactive environment to experience the boardroom, and improve from the Boards’ perspective the check and control of risks in banks
  • Online training | 4 June – 2 July 2021

    Sitting on Boards: Better Check and Control of Risks

    Fee: 1.250 EUR

    The fee includes tuition, access to all course materials, pedagogical and interactive activities.
    Applications close on 15 May 2021
    Participation confirmed by 24 May 2021

Bank Board Academy - Sitting on Boards: Better Check and Control of Risks

Download brochure

Send download link to:

Personal data will be processed in accordance with the EUI’s Data Protection Policy.

I agree to receive periodic updates on the activities of the Florence School of Banking and Finance.
You have the right to withdraw your consent at any time. You can withdraw your consent or revise your consent preferences through an email sent to fbf@eui.eu