Awkward Bedfellows? The Relationship between External Regulation and Internal Risk Culture in the Wake of the Financial Crisis

Summary

This talk will examine the relationship and potential tension between two post-crisis trends in the regulation of large, complex financial institutions.  The first is the increasingly prescriptive capital, liquidity, and other regulation imposed by prudential supervisors.  The second is the emphasis by these same supervisors on promoting the development of deliberative, responsive, and judgment-based risk cultures within financial institutions

Biography

Andrew Payne is AIG ERM Investments Regional Chief Credit Officer (Non-Americas), Chief Credit Officer AIG Europe Ltd and Chief Risk Officer AIG Asset Management (Europe) Ltd.

Mr. Payne joined AIG's Enterprise Risk Management function in July 2013 as the non-Americas Chief Credit Officer for AIG Investments and the Chief Risk Officer of AIG's European asset management company. He has recently also taken on oversight of credit risk for AIG's European insurance company. Prior to AIG he spent 23 years with Barclays Investment and Corporate Banking businesses where he held various positions in Portfolio Management, Trading, Treasury, Lending and Risk. He spent ten years establishing and then running Loan Portfolio Optimisation and Structuring within the Investment Bank and latterly was Treasurer and co-head of Non-Core for the Corporate Bank. Mr. Payne is a St. Catherine's, Oxford alumnus, graduating from there in 1989 with a B.A. in Chemistry.  He also holds an M.B.A. from London Business School.  He is a past board member of the International Association of Credit Portfolio Managers.