FIS is hosting a Risk Oversight Summit to assist financial institutions’ boards of directors and executive management to prepare for the strategic impacts of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Calling the new law the most comprehensive financial services reform law since the Great Depression, FIS said it contains many game-changing provisions that require financial institutions to better manage risk.
The summit will focus on the risk management provisions of Dodd-Frank, which takes effect Oct. 21 and mandates all financial institutions with assets greater than $10 billion implement a risk oversight committee at the board of directors’ level to control risk management. This committee must include at least one risk management expert with experience in identifying, assessing and managing risk exposures of large complex firms. This committee member will be responsible for enterprise-wide risk management oversight and practices.
The law’s risk management provisions also require financial institutions to enhance risk management in additional ways.
Former Senator Chris Dodd, a co-author of the legislation, will present at the summit.
"We are delighted to host this innovative and timely conference for boards of directors, CEOs and executive management from financial institutions to come together and attain the critical know-how to successfully lead their organizations through the regulatory maze," Kay Nichols, an executive vice president of FIS, said. "We have assembled the 'dream team' of banking and regulatory experts who will be speaking at the conference and will provide critical tips, strategies and best practices for success."