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Risk Road Map: Navigating the Evolving Risk Landscape in the Hedge Fund World

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Risk Road Map: Navigating the Evolving Risk Landscape in the Hedge Fund World

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  1. <?xml version="1.0"?><AllQuestions /> <?xml version="1.0"?><AllResponses /> <?xml version="1.0"?><Settings><answerBulletFormat>Numeric</answerBulletFormat><answerNowAutoInsert>No</answerNowAutoInsert><answerNowStyle>Explosion</answerNowStyle><answerNowText>Answer Now</answerNowText><chartColors>Use PowerPoint Color Scheme</chartColors><chartType>Horizontal</chartType><correctAnswerIndicator>Checkmark</correctAnswerIndicator><countdownAutoInsert>No</countdownAutoInsert><countdownSeconds>10</countdownSeconds><countdownSound>TicToc.wav</countdownSound><countdownStyle>Box</countdownStyle><gridAutoInsert>No</gridAutoInsert><gridFillStyle>Answered</gridFillStyle><gridFillColor>255,255,0</gridFillColor><gridOpacity>50%</gridOpacity><gridTextStyle>Keypad #</gridTextStyle><inputSource>Response Devices</inputSource><multipleResponseDivisor># of Responses</multipleResponseDivisor><participantsLeaderBoard>5</participantsLeaderBoard><percentageDecimalPlaces>0</percentageDecimalPlaces><responseCounterAutoInsert>No</responseCounterAutoInsert><responseCounterStyle>Oval</responseCounterStyle><responseCounterDisplayValue># of Votes Received</responseCounterDisplayValue><insertObjectUsingColor>Red</insertObjectUsingColor><showResults>Yes</showResults><teamColors>Use PowerPoint Color Scheme</teamColors><teamIdentificationType>None</teamIdentificationType><teamScoringType>Voting pads only</teamScoringType><teamScoringDecimalPlaces>1</teamScoringDecimalPlaces><teamIdentificationItem></teamIdentificationItem><teamsLeaderBoard>5</teamsLeaderBoard><teamName1></teamName1><teamName2></teamName2><teamName3></teamName3><teamName4></teamName4><teamName5></teamName5><teamName6></teamName6><teamName7></teamName7><teamName8></teamName8><teamName9></teamName9><teamName10></teamName10><showControlBar>All Slides</showControlBar><defaultCorrectPointValue>0</defaultCorrectPointValue><defaultIncorrectPointValue>0</defaultIncorrectPointValue><chartColor1>187,224,227</chartColor1><chartColor2>51,51,153</chartColor2><chartColor3>0,153,153</chartColor3><chartColor4>153,204,0</chartColor4><chartColor5>128,128,128</chartColor5><chartColor6>0,0,0</chartColor6><chartColor7>0,102,204</chartColor7><chartColor8>204,204,255</chartColor8><chartColor9>255,0,0</chartColor9><chartColor10>255,255,0</chartColor10><teamColor1>187,224,227</teamColor1><teamColor2>51,51,153</teamColor2><teamColor3>0,153,153</teamColor3><teamColor4>153,204,0</teamColor4><teamColor5>128,128,128</teamColor5><teamColor6>0,0,0</teamColor6><teamColor7>0,102,204</teamColor7><teamColor8>204,204,255</teamColor8><teamColor9>255,0,0</teamColor9><teamColor10>255,255,0</teamColor10><displayAnswerImagesDuringVote>Yes</displayAnswerImagesDuringVote><displayAnswerImagesWithResponses>Yes</displayAnswerImagesWithResponses><displayAnswerTextDuringVote>Yes</displayAnswerTextDuringVote><displayAnswerTextWithResponses>Yes</displayAnswerTextWithResponses><questionSlideID></questionSlideID><controlBarState>Expanded</controlBarState><isGridColorKnownColor>True</isGridColorKnownColor><gridColorName>Yellow</gridColorName><AutoRec></AutoRec><AutoRecTimeIntrvl></AutoRecTimeIntrvl></Settings> <?xml version="1.0"?><AllAnswers /> BNY Mellon Alternative Investment Services October 20, 2011 Risk Road Map: Navigating the Evolving Risk Landscape in the Hedge Fund World Moderator: Brian Ruane, BNY Mellon Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P.

  2. Who will win The World Series? • Texas Rangers • St. Louis Cardinals 2

  3. How would you describe your firm? • Hedge Fund with less than $1BN • Hedge Fund with $1BN - $5BN • Hedge Fund with more than $5BN • Institutional Investor • Industry Influencer • High Net Worth Investor 3

  4. Other than market risk, which type of risk would you rank as a most important risk factor? Redefining Risk A defining characteristic of Hedge Funds is their focus on managing risk. As we all know, fund managers have always focused on managing and mitigating market/investment risk. • Liquidity / Funding Risk • Counterparty / Credit Risk • Operational / Fraud Risk • Regulatory Risk 4

  5. Which type of risk do you feel is currently the most manageable? Redefining Risk • Liquidity / Funding Risk • Counterparty / Credit Risk • Operational / Fraud Risk • Regulatory Risk 5

  6. Risk RoleAt your firm today, how empowered is your Chief Risk Officer? • Veto rights • Reporting function • Can close out trades 6

  7. Evolving Governance Models • Moderator: Brian Ruane, BNY Mellon • Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P. 7

  8. Operational Risk How have the resources allocated to your operation changed in the last 3 years? • Increased by 10-20% • Increased more than 20% • Stayed the same • Reduced 8

  9. Operational Risk • Moderator: Brian Ruane, BNY Mellon • Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P. 9

  10. Managing Funding and Liquidity Risk • Moderator: Brian Ruane, BNY Mellon • Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P. 10

  11. Managing Counterparty Risk • Moderator: Brian Ruane, BNY Mellon • Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P. 11

  12. Disclosing Risk Many hedge funds are providing risk reporting to investors. Today, what type of risk reporting do you provide/receive? • Position based reporting from fund • Returns based reporting from fund • Both position based & returns based reporting from fund • Position level reporting from fund • Reporting from a third party • None 12

  13. Disclosing RiskFive years from now, what risk reporting would you expect? • Position based reporting • Returns based reporting • Both position based & returns based • Position level reporting • Other • None 13

  14. The Future of Risk Management • Moderator: Brian Ruane, BNY Mellon • Panelists: Dolores A. Atallo, DeloitteViju Joseph, Eton Park Capital Management, L.P. Eric Jacobs, King Street Capital Management, L.P. 14

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