Course Description:

Many institutions have spent hundreds of millions of dollars on either buying or building operational risk systems. However, the overwhelming majority of business users are unsatisfied with their solutions. This workshop will discuss the opaque nature of operational risk and the challenges such as:

  • Developing an institution wide approach
  • Overcoming silo practices and systems
  • Risk data aggregation
  • The need to ensure strong and well-articulated processes that drive the technology requirements and not the other way around
  • Administration and support needs required for an effective and efficient system
  • The potential external data feeds needed to interact with your solution
  • Communications analysis to ensure availability
  • Different platform architectures
  • The management, board and reporting requirements

This workshop will prepare attendees to make decisions understanding approaches that could make the difference between success and failure. Some of the key topics that will be covered include:

  • Define goals of ORM technology
  • Identify common mistakes - lack of cohesion, user interface, project teams, agreed upon framework methodologies
  • Describe and discuss the ORM elements and how that needs to interact, which include scenario analysis, risk assessment, event management, internal and external data, incident management, issue management, new products capital, materiality and measurements
  • Create the planning process – risk data aggregation, reporting, regulatory requirements
  • Define the key data element and their interactions, workflow
  • Map the organizational preferences – levels of organization, legal entities, scoping, security model, user entitlement reviews, internal and external feeds (FX rates, general ledger, etc.)
  • Discuss the main vendors and their offerings – how to build an RFP
  • Explore pros and cons of buy vs. build
  • Developing an organizational communications plan
  • Effective techniques for building a pilot
  • Keeping up with the framework evolution
  • Reporting metrics
  • Automation

Learning Objectives:

  • Understand the basics of the operational risk elements to better define user requests
  • Gain a full understanding of the challenges of implementing a cross business system with a wide group of stakeholders who usually have adopted different approaches
  • Understand the various system architectures
  • Identify the external data feeds and linkages that are required to support the system’s needs
  • Define the administration model that best suits the organization
  • Understand the data aggregation and board reporting requirements
  • Senior and board committee reporting design and requirements

Who Will Benefit:

  • Financial Officers
  • Risk Officers
  • Internal Auditors
  • Operational Risk Managers
  • Operational Risk Management Personnel
  • Office Staff in Operational Roles
  • Board Members
  • Risk and Audit Committee Chairs and Members
  • Heads of Market, Credit, and Operational Risk
  • Auditors
  • Chief Compliance Officers
  • IT Managers
  • Actuaries
  • Treasurers
  • Bank Regulators and Examiners
  • Payroll Personnel

Course Outline:

Day One (8:30 AM - 4:30 PM) Day Two (8:30 AM - 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

  • ATRA Tax Increases
    • Increase in top marginal tax bracket/capital gain tax rate
    • Phase-out of itemized deductions and personal exemptions
    • Expanded AMT exemption and phase-outs
  • ACA New Taxes
    • .9% additional Medicare tax
    • 3.8% net investment income tax
  • What Income is Subject to Additional Medicare Tax?
  • What is Net Investment Income?
    • What expenses reduce investment income?
    • How are passive income/losses treated?
  • Tax Minimization Strategies: Investment Income
  • Tax Treatment of Business Income
    • Sole proprietor
    • Partners & LLC/LLP members
    • S corporation shareholders
  • Tax Minimization Strategies for Business Income
    • The S-corporation election
    • Tax advantages of hiring your children to work in your business
  • Comprehensive Case Study

  • Tax Strategies for Maximizing the Tax Benefits Available for Post-Secondary Education Expenses
    • Who benefits?
    • Understanding the terminology
    • Tax deductions
  • Work-Related Education Expenses (WREED)
  • Tuition and Fees Expenses (TFD)
    • Tax Credits
  • Lifetime Learning Credit (LLC)
  • American Opportunity Credit (AOC)
    • Which is preferable?
    • Examples and comprehensive case study
  • Tax Strategies for Minimizing/Eliminating the Alternative Minimum Tax
    • Origins of the AMT
    • Recent legislative changes to the AMT patch
    • AMT formula
    • Computation of AMT
  • What are AMT Adjustments and Preferences?
  • Disallowed Itemized Deductions
  • Disallowed Personal and Dependency Exemptions
  • Depreciation Adjustments
  • Adjustments When Computing the Gain/Loss Recognized on Disposition of Certain Assets
  • AMT Treatment of Incentive Stock Options
  • AMT Treatment of Tax-Exempt Bond Income
  • What is the AMT Exemption?
  • How is it Phased-Out?
  • What is the Tentative Minimum Tax and How is it Computed?
  • Dual Rate System of 26%/28%
  • What is the AMT Credit and How is it Computed?
  • Limited to Timing Differences
  • How the Credit May or May Not Benefit Future Tax Years
  • Tax minimization Strategies to Avoid/Minimize the AMT
    • Examples and Comprehensive Case Study

Meet Your Instructor

Craig Spielmann
CEO & Founder of RiskTao, LLC

Craig Spielmann is CEO and founder of RiskTao, LLC, which specializes in risk training and advisory services. He has over 30 years of operational risk management, business development, and technology and audit experience gained from working with the world’s top financial institutions (RBS, Citigroup, J.P. Morgan, Dean Witter, and Merrill Lynch).

Prior to this, Mr. Spielmann was RBS’s global head of operational risk systems and analytics. He was responsible for providing strategic direction and oversight of all RBS operational risk systems and headed up their ORM risk data aggregation initiative. In addition, Mr. Spielmann and his team developed a strong analytical engine (Aggregated Risk Intelligence Dashboard) and automated committee decks and critical reports. He also headed RBS’s operational risk management for North and South America, where he was responsible for driving compliance for the ORM Federal Reserve’s Cease & Desist Order, and 2nd line challenge over the divisions, and for managing regulatory relationships.

Mr. Spielmann designed and implemented major changes to RBS’s compensation program to align with the Federal Reserve’s compensation initiative and Dodd-Frank. He also implemented regional level scenario analysis on major industry exposures such as DDO, foreclosures practices, and a program for model risk management, etc. Additionally, he co-chaired the regional risk committee and was a member of the divisional new product approval committees, IT risk committee and ORM capital and vendor management committees. Mr. Spielmann graduated from Iona College with a double major in history and communications.

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Local Attractions

Downtown Phoenix offers something for everyone including, museums, performing arts venues and a thriving art scene as well as a large sports presence. Chase Field is home to the Arizona Diamondbacks and the US Airways Center is home to the Phoenix Suns, the Phoenix Mercury, the Arizona Rattlers and the Phoenix Roadrunners.

METRO is now open and operating with traffic in the cities of Phoenix, Tempe and Mesa. At any time of the day or night, you can find yourself near an operating light rail vehicle or a METRO train consisting of two or three vehicles connected together.

The Cactus League has been an Arizona tradition for over a half-century. What began as a two-team league in 1947 has grown to twelve Major League Baseball teams playing in seven cities throughout the state. The league's popularity is at an all-time high with games scheduled every day in March. The Cactus League offers baseball enthusiasts an excellent opportunity to enjoy their favorite teams in fan-friendly, state-of-the-art ballparks.

Be sure to bring your camera as the desert offers spectacular sunsets and beautiful scenery year round.

Red Rock State Park in Sedona (110 miles) is an open-sky theatre of fabulous rock formations. Sprawled across 286 unspoiled acres, this popular park is the perfect starting point for hiking, picnicking, bird watching and photography.

Cathedral Rock in Sedona is 110 miles away and offers a great hiking trail for the adventurous. Cathedral Rock, also known as 'Lovers', was thought to be created by the Great Spirit. A couple of lovers, who always argued, were asked by Him to look around at the beautiful surroundings and count their blessings. The couple was believed to never argue thereafter and stands in perfect harmony.

Camelback Mountain draws thousands of visitors with its sheer red sandstone cliffs and its telltale hump. Hiking to the top is not for beginning hikers -- the two summit trails are strenuous climbs over sometimes-tricky trails. Some easier trails allow close-up exploration around Camelback's base.

Located 90 miles north of Phoenix, you can marvel at the 1,000 year old legacy of the Sinagua as you explore the ruins at Montezuma Castle National Monument. A paved, 1/3 mile loop trail takes you through a tranquil sycamore glade and past the ancient cliff dwellings of a people surprisingly similar to us.

Prickly pear cactus are found in all of the deserts of the American Southwest, and are abundant in the mountains around Tucson and offer a beautiful site when they flower in the spring.

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