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Risk Management A Practitioner’s Perspective Joe Carr

Risk Management A Practitioner’s Perspective Joe Carr. Chartered Accountants NAMA Forum Tuesday 29 th March 2011 Belfast. Contents. Understanding the ‘extraordinary’ context of NAMA Practical risk issues in dealing with the preparation of NAMA business plans

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Risk Management A Practitioner’s Perspective Joe Carr

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  1. Risk Management A Practitioner’s PerspectiveJoe Carr Chartered Accountants NAMA Forum Tuesday 29th March 2011 Belfast

  2. Contents • Understanding the ‘extraordinary’ context of NAMA • Practical risk issues in dealing with the preparation of NAMA business plans • Quality control of business plans; some fundamental questions • A few golden rules • Q&A

  3. Understand the ‘Extraordinary’ context of NAMA • Serious and systemic threat • NAMA creates a ‘Public Interest Entity’ • Overarching objective – National Interest (ROI) - (S33) N.I. economy • Standards • State are an involuntary creditor and NAMA Act confers extraordinary power on the agency to advance and protect the National Interest • Not preparing normal business plans

  4. Practical Risk Issues • Focus on some of the practical risk issues associated with business planning for NAMA clients: • Understanding the wider context of NAMA • Client acceptance and suitability • Commercial risk • Clarity of roles and expectations • Technical tools, methodologies and approach • Competence • Evidence, rigour, judgement • Documentation

  5. Quality control – some fundamental questions • Finance & Risk: • Business planning timeline – striking the right balance • Cash & Headroom • Debt reduction • Operating cost structure and level • Debt/equity ratio • Risk management • Residual risk exposure

  6. Quality control – some fundamental questions • Business Plan: • Opening position • Aims, goals, priorities • Internal capabilities and management • Assumptions, tasks & tactics • Targets, financial and non-financial • Implementation of tasks

  7. 6 Golden Rules • Client acceptance is a decision, make sure you make the right choice • Apply the same type of expertise, rigour and discipline that you would to an audit, accounts preparation • Understanding both breadth and depth of the business challenge is a prerequisite. Do not go where you do not know or where you are not comfortable

  8. 6 Golden Rules • Have clarity on: • Client and stakeholder objectives, goals and timeline • Advisor role and reasonable expectation of success • Approach/methodology • Inputs and timeline • Outputs • No guarantee on outcome • Document all key steps, milestones, meetings and evidence 6. Assign people with confidence, ability, experience, rigour and discipline to do assignment

  9. Q & A

  10. Contacts: Joe Carr Managing Partnerjcarr@mazars.ie Enda Gunnell Financial Advisory Partneregunnell@mazars.ie Tom O’Brien Financial Advisory Partnertjobrien@mazars.ie MazarsMazars Place Salthill Galway t +353 (0)91 570100 e mt@mazars.ie MazarsHarcourt Building Block 3Harcourt RoadDublin 2t +353 (0)1 4494400emazars@mazars.ie

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