Course Agenda - Day 3

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Programme Timings: Registration will begin at 08.00 on Day One. The programme will commence at 08.30 each day and continue until 14.30 when lunch will be served. There will be two refreshment breaks at appropriate intervals.

Day Three – Tuesday, 31 March 2009

Risk Management

Day Three is focused specifically on the concerns that drive project failure, loss of value and/or costly compliance issues.

Tax
Tax concerns are a major factor for many companies, even those that operate in tax havens as they spread their efforts to other locations to generate wealth or attract investors from specific countries that restrict trade with levies and tax orders.
• Capital gains and the dividend equity trap
• Modelling reserves
• Profit and loss
• Depreciation methods for tax reduction
• Balance write downs
• Calculation of interest and fees from a tax perspective

Risk – Overview
The concept of risk appetite is an important yet often confusing factor of structured finance.
• Risk appetite: The gauge against opportunity
• Investor behaviour, myopia and the aversion paradigm
• How banks look at risk and why?
• An overview of credit risk and how to satisfy the lender

Risk – Market
The risk of losses in on/off-balance-sheet positions arising from movements in market prices. Main factors contributing to market risk are equity, interest rate, foreign exchange and commodity risk.
• How it is measured
• Value at risk concept
• Examples with foreign exchange
• Examples with interest rate exposure
• Methods for hedging and swapping such exposures

Risk – Operational
Defined as the risk of direct or indirect loss resulting from inadequate or failed internal processes, people and systems, or from external events.
• The types of operational risk
• Measuring operational risk (Frequency and Magnitude Model)
• Scorecard exposures
• Strategies for managing operational risk (control factoring, insurance and hedging, reserves)

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