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Masterclass

The Risk Functions within Fund Management Companies

Express an interest
  • Duration
  • Jan-Mar 2023
  • Programme
  • Masterclass
  • Study
  • Online
  • Fees
  • €520
  • At a glance

    In a constantly evolving environment, the Risk Functions within Fund Management Companies Masterclass will aim to determine and develop best practice standards by Designated Persons for Operational Risk Management and Fund Risk Management.

    Sessions will be delivered from 4-7pm on the following dates:

    • Tuesday 31 January

    • Tuesday 7 February

    • Tuesday 14 February

    • Monday 20 February

    • Tuesday 28 February

    • Thursday 9 March

    Download the Risk Functions within Fund Management Companies Masterclass brochure


    Welcome to the Risk Functions within Fund Management Companies Masterclass

    Fund Management Companies are required to have a permanent risk management function as a central component of a risk management system. The risk management function and policy must cover all risks, including operational and fund related risks.

    A key objective behind the detailed rules on risk management is related to the obligation for Fund Management Companies to give primacy to the interests of investors at all times.

    Those responsible for the implementation of the risk management function and establishing risk management policies must have a good understanding of the legal and regulatory requirements related to the topic, to include the why and the how in that context.

    Who is this masterclass for?

    The masterclass will be particularly relevant to Designated Persons for Operational Risk and Designated Persons for Fund Risk and those who support Designated Persons in those roles. It is also very relevant to Directors of Funds and Directors of ManCos (UCITS ManCos and AIFMs), senior management and staff within ManCos and all other industry professionals within Fund Service Providers.

    How will you benefit?

    This masterclass will provide participants with:

    • An understanding of the role of the risk management function within a Fund ManCo;

    • Familiarity with the relevant legal and regulatory requirements;

    • A practical insight into the development of risk management frameworks, including risk appetite statements;

    • An understanding of the role and responsibilities of the Designated Persons for Operational Risk and Fund Risk, including where these roles may overlap with each other and with other Designated Person roles;

    • A guide to being better equipped to prepare DP reports and to present reports to the board and to fund boards.

    Duration and Delivery

    This online masterclass will be delivered from 4-7pm over six evening from January - March 2023.

    Assessment

    Assessment is voluntary and is based on an online Multiple Choice Questions (MCQ) examination. The MCQ test comprises 4 questions in relation to each Part. The pass rate is 75% (9 of 12 questions). If this level of correct questions is not achieved, you can resit the MCQ test.

    Fee

    €520 for IOB members.

    To express an interest

    Please click on the button in the top right hand corner.

    Certificate of completion

    When you successfully complete this masterclass you will be awarded with The Risk Functions within Fund Management Companies certificate by IOB.

    CPD

    CPD hours are to be confirmed.

    Contact

    For more information please Programme Manager Edel Hayden at [email protected]


    Masterclass Presenters

    MancoMX Speakers

    Arveen Rughubar

    MancoMC Arveen Rughubar

    Based in Dublin, Arveen is the Chief Risk Officer and Designated Person for Operational Risk Management at Ashmore Investment Management (Ireland) Limited. He has over 20 years experience in the financial services sector with a large part of that having been spent in the asset management industry.

    Prior to joining Ashmore, Arveen was Head of Risk (Ireland) at GAM Fund Management Limited and held the Designated Person role for both Operational Risk Management and Fund Risk Management as well. He has spent the time at both organisations leveraging his risk management experience in implementing the numerous regulatory requirements and guidelines in respect of UCITS and AIF’s that fund management companies in Ireland are obliged to comply with. Before relocating to Ireland, Arveen worked in senior internal auditing and operational risk management roles at asset managers in South Africa where he gained extensive exposure to a wide spectrum of listed and unlisted asset types.

    Arveen holds an MPhil (Internal Auditing) from the University of Pretoria and an MBA from the University of Cape Town. He is a Certified Internal Auditor, a Member of the Institute of Internal Auditors, and an Associate of the South Africa Institute of Chartered Accountants.

    David Delaney

    MancoMC David Delaney

    David Delaney is the Designated Person for OperationalRisk at Hermes Fund Managers Ireland Limited. He has worked across a wide range of financial services companies since 2008. He holds qualifications in Risk, Compliance and a degree in Economics from Trinity College Dublin. He currently splits his time between Dublin and Donegal.

    Enda Roche

    MancoMC Enda Roche

    Enda Roche is Chief Risk Officer for Fidelity InternationalIreland, the Irish based operations of Fidelity International, which provides investment management services, including private assets & wholesale, unit trusts & mutual funds, pension management and fund platform offerings to private and institutional investors. Fidelity International in Ireland includes a regulated UCITS/AIFM management company, various funds boards, and a regulated Life Insurance entity under Solvency II / EU Insurance & Reinsurance regulations.

    Enda has experience in the investment management, credit institution, and insurance investment sectors on both an Irish domestic and cross border international basis. Enda has managed the start-up/build out of a cross border pan-European Life Assurance entity, European credit institutions, and a fund management investment administration group, all based out of and regulated primarily from Ireland. The roles include responsibility for the establishment and build out of the risk and the compliance functions, risk framework, control assurance programs, policy development and application and legislative review and interpretation. Enda has significant experience in dealing with the Irish, UK, European, and US regulatory bodies. Prior to joining Fidelity, Enda worked for Prudential plc in both Group Head Office in London and for the Irish operations, Prudential International Assurance plc, the European & offshore Life Assurance regulated entity based in Ireland. Prior to Prudential, Enda was Chief Risk Officer for Dell Bank International part of Dell Financial Services, and prior to Dell, was Chief Risk Officer for the European operations of U.S. Bancorp, Elavon Financial Services, a payments and corporate trust business.

    Enda joined both Dell Bank and U.S. Bank’s European entity at their start up stages, prior to the entities receiving licenced regulatory approval, and was central to the establishment and build out of their enterprise risk management functions.

    Enda is a qualified Chartered Accountant, holds a Bachelor Commerce Degree from University College Dublin, and a Diploma in Economics from Independent Colleges.

    Michael Blighe

    Michael Blighe

    Michael joined LGIM in July 2018 as Chief Risk Officer. In this role he leads the Compliance and Risk team which supports all aspects of both Compliance and Risk for LGIM Managers (Europe) Ltd. Prior to joining LGIM, Michael was Chief Risk Officer of Abbey Capital, where he was a member of the Executive management team, Compliance Committee, Credit Committee, Risk Committee and Operational Due Diligence team, ensuring he has a deep understanding and knowledge of the Compliance and Risk requirements of a management company, as well as an appreciation of the challenges faced by the wider industry in these areas.

    Michael began his career as a software developer. Michael graduated from Trinity College Dublin with First Class Honours degree in Information Systems and has a PhD in Electronic Engineering from Dublin City Universities Centre for Digital Video Processing. Michael is also a member of the Professional Risk Managers International Association.

    Thomas Nummer

    Thomas Nummer

    Thomas Nummer, a former investment manager, acts as an independent director for a number of Luxembourg and Cayman funds and Management Companies and has over 20 years of experience in the financial industry. Thomas is a seasoned risk manager with specialist knowledge of investment compliance and risk management within UCITS and alternatives funds governed by the AIFMD framework. Before starting his own business, Thomas was Managing Director of Carne Global Financial Services in Luxembourg where he launched their Management Company business.

    Until 2011 he was Director and Chief Risk Officer for Allianz Global Investors Luxembourg S.A., where he worked for eight years incl. his role as European Head of Outsourcing Risk for all Management Companies at Allianz Global Investors Europe. Prior to this, he was employed by ADIG Investment in Luxembourg, working as a portfolio manager. He began his financial career as an options trader (EUREX market maker) for AGON in Cologne.

    Thomas has a degree (Dipl. Kaufmann) from the University of Trier, Germany, and a post-graduate qualification (Financial Analyst – CEFA) from the Society of Investment Professionals in Germany (DVFA). He plays an active role with ALRiM (the Luxembourg association of risk management professionals) and is well known in the industry as a risk and product expert. Furthermore he is Co-Chairman of ALFI´s Risk Management Committee.

    Select a day for more information on the curriculum on that day:

    Week 1: Tuesday 31 January 2023 - (4-7pm)

    Presenter - Michael Blighe

    HOW THE RISK FUNCTION IS PUT TOGETHER INCLUDING THE LEGAL AND REGULATORY REQUIREMENTS

    Requirements and regulatory expectations

    • Overview of the EU regulatory regime

    • Overview of CBI requirements

    • Where DPs for Operational Risk and Fund Risk fit in the CBI regulatory framework

    • Authorisation requirements – business plan /programme of activities

    • PRISM reviews

    Organising a risk management function

    • What is risk in context of funds

    • What typical 1LOD/2LOD/3LOD look like

    • Identifying risk and risk appetite

    • Preparing RCSA

    • Measuring and monitoring risk – risk mitigants

    • Reporting

    • Escalation policies

    • Who does what – risk management delegates and the role of DPs; overlap with other DPs

    • ESG integration

    • Third party and proprietary ManCo challenges

    Week 2: Tuesday 7 Februray 2023 - (4-7pm)

    Presenter - Enda Roche

    MANAGEMENT COMPANY RISK FUNCTION

    • Risk Management Process Document (RMPD/RMP)

    • Management Company linkage with Group entities

    • Local & Group frameworks and policies requirements

    • Risk Framework components

    • Risk Appetite examples

    • Capital Assessments (ICAA)

    • Risk Registers

    • Risk Appetite

    • PRISM risk ratings, CBI RMP reviews & expectations, information requests and records retrievability time frames

    • Students will be provided with case studies/examples as part of the class materials

    Week 3: Tuesday 14 February 2023 - (4-7pm)

    Presenter - Arveen Rughbar

    OPERATIONAL RISK: OVERVIEW AND GOVERNANCE

    What is Operational Risk

    Scope of the risk types falling within Operational Risk

    Legal and regulatory requirements

    Roles and Responsibilities with focus on the DP

    Risk Governance – the Op Risk Management Framework (what is a framework and the elements that might be encompassed) with reference to the Business Plan or Program of Operations

    Risk Appetite Statement

    Risk & Control Self Assessment (RCSA)

    Key Risk Indicators

    Students will be provided with case studies/examples as part of the class materials

    Week 4: Monday 20 February 2023 - (4pm - 7pm)

    Presenter - David Delaney

    FOCUS ON TOPICAL RISKS

    Outsourcing and Delegation

    Developing an Outsourcing Framework under CP 138

    Monitoring and Reporting

    Resiliency

    Developing a Resiliency Framework under CP 140

    Monitoring and Reporting

    Critical Business Services

    Monitoring and Reporting

    Cyber security and data protection

    Integrating Environmental, Social and Governance (ESG) factors into an Operational Risk Framework

    Developing an Emerging Risk monitoring process

    Students will be provided with case studies/examples as part of the class materials

    Week 5: Tuesday 28 February 2023 (4-7pm)

    Presenter - Thomas Nummer

    General Part

    The functions and responsibilities associated with the designated person for fund risk role

    Risk management process at individual fund level

    Risk management in the context of funds with liquid investment strategies v funds with non-liquid assets such as real estate or private equity

    The identification of relevant risks categories such as market, portfolio, liquidity, credit, counterparty, concentration, leverage etc)

    Good practices in meetings with portfolio managers including skills with which to challenge these delegates

    Specific Part

    Risk Management for UCITS and other liquid strategies

    Leverage and the different approaches to calculation

    Use of models and model validation, including back-testing and addressing issues such as VaR overshoots

    Stress testing (market risk, liquidity risk etc) including the appropriateness of the stress tests in light of the prevailing Environment

    Students will be provided with case studies/examples as part of the class materials

    Week 6: Thursday 9 March 2023 - (4-7pm)

    Presenter Thomas Nummer

    General Part

    ESG/Sustainability risk and integration into fund risk

    Risk function role in relation to asset valuation

    Ex post risk management including the Fund Risk DP role and input into Active Share Analysis, Peer Analysis and Investment Performance

    To include the relationship with the compliance function and investment oversight function

    Specific Part

    Risk Management for non-liquid assets (such as RE and PE AIFs)

    Identification of Risk Categories

    Pre-deal involvement

    Stress testing (market risk; liquidity risk etc)

    Students will be provided with case studies/examples as part of the class materials

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