New York Bankers Association
Insider Guidance on Risk Management, Disclosure and Engagement
Recorded On: 04/11/2023
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SVB’s collapse was primarily a result of the bank failing to properly assess and manage risk and its board’s failure to recognize the magnitude of risk exposure created by investment decisions during a period of rapidly rising interest rates. It’s important that boards and leadership teams learn from this experience and proactively take steps to ensure their risk committee and risk management team are not set up to fail. By assessing the missteps in this incident, both banks and boards can emerge stronger and more informed. Join the Continental Insights team, led by former Fitch Group Chief Risk Officer John Olert, for a discussion of what happened, what we can learn, and what should be done next. This webinar is open to all members, but may be particularly helpful to Directors, Officers and Risk Management professionals.
John Olert
Chief Risk Officer
Continental Insights
John is a trusted executive who has over 30 years experience in Financial Services. After leading Financial Institutions and Corporates in the Americas for Fitch Ratings, he oversaw restructuring of its Global Structured Credit group to preemptively address issues observed in other areas of structured finance. He went on to be Chief Credit Officer post crisis leading the enhancement of Fitch’s Credit Policy efforts and joined the executive committee. Later, he become became Fitch Group’s first Chief Risk Officer and while restructuring of its compliance function and audit functions. He is an investor, senior advisor, director, and adjunct professor in Fordham University's Masters of Real Estate Program. He completed Harvard Business Schools Advanced Management Program, Directors Academy U.C Berkely, has an MBA from Fordham University, and a BS from SUNY Geneseo.
Greg Raab
Partner
Continental Insights
Greg is an experienced Chief Risk Officer with over 30 years in financial services having worked in investment banking, asset management, bond insurance and at a rating agency. Skilled in esoteric, consumer and mortgage-backed securities; as well as insurance, corporate and public finance debt. At Assured Guaranty, he led the RMBS recovery, loss mitigation and litigation efforts; recovering $3+ billion of R&W claims. As CRO of Ambac, Greg led all restructuring, loss mitigation and risk management initiatives on $430 billion of net par insured. At GE Capital, he set up a targeted $2 billion distressed commercial ABS portfolio; backed by aircraft, containers, franchises, small business loans, whole business and equipment. He was the founder, CEO and CRO of Axon Financial Services, raising $300 million of equity and $14 billion of mezzanine and senior debt. Previously, Greg was CRO at FGIC/GE Capital, EVP of Fitch Ratings in NY and London, AVP at Citibank, N.A. and a manager at Home Box Office. He received a B.S. in Business Administration from Monmouth University in 1979.
Polly Pao
Continental Insights
Polly is a financial professional with over 15 years of structured products experience across various asset types. Ms. Pao recently worked with Lionsgate to close a $220 million Asset Based Revolving Credit Facility backed by production tax credits. She was formerly a Principal in the Structured Products Group at Oak Hill Advisors, working on strategic initiatives and asset management. Prior to joining OHA, Ms. Pao was First Vice President at Ambac in the Portfolio Risk group. She led loss mitigation and default management efforts including servicer transfer. She also spent time at Axon Financial Services as Head of Surveillance, developing internal risk methodologies and building out the firm’s monitoring platform. Ms. Pao, graduated from GE Capital’s Financial Management Program and is Six Sigma Green Belt Certified. At GE Capital, she held diverse positions across Corporate, GE Equity and FGIC. She earned a B.A., summa cum laude, from Rutgers College and is a Phi Beta Kappa.
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