Kevin Stiroh: Opening remarks at the GARP Global Risk Forum Remarks by Mr Kevin Stiroh, Executive Vice President of the Financial Institution Supervision Group of the Federal Reserve Bank of New York, at the Federal Reserve Bank of New York / GARP Global Risk Forum, New York City, 2 November 2016. * * * Good Morning. I’m Kevin Stiroh, the head of the Supervision Group at the Federal Reserve Bank of New York. I’d like to extend a warm welcome from the Federal Reserve Bank of New York, which is co-hosting the Global Risk Forum with the Global Association of Risk Professionals. I’d like to thank the many organizers of this meeting—as you can imagine, considerable time and resources went into planning this conference and that is what makes it so valuable for the participants and the risk management profession. First, let me state that my comments today are my own and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System. Looking Back at the Global Risk Forum When I was asked to speak at today’s session, I realized that it’s been five years since I served on the planning committee that developed the Global Risk Forum program in 2011. I wondered how our risk priorities and risk management issues have evolved over those five years as the world has changed around us.
2/3  BIS central bankers' speeches  Conclusion As risk professionals, it’s important to be forward-looking and to continually ask ourselves: are all risks being captured, measured, and monitored? What is missing? Are we focused on the right areas? So, here is another question: When we look back at this conference five years from now, what will we view as a major blind spot? I expect there will be issues that we will be surprised we missed, and part of the purpose of discussions like this is to lower the likelihood and impact of those inevitable blind spots. Thanks for your attention, and I’m looking forward to hearing the discussion throughout the day. 3/3  BIS central bankers' speeches