On October 5-6, PricewaterhouseCoopers hosted the 2006 Financial services audit committee forum. You are invited to view select sessions from this event via webcast as well as download presentations from the Industry sector forums.
- There is no presentation
for this session.
| Welcoming remarks- Tim Ryan, Chairman, US Financial services industry practice, PricewaterhouseCoopers LLP
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for this session.
| Keynote address- Steven J. Bensinger, Executive vice president, Chief financial officer, American International Group, Inc.
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for this session.
| The board’s role in crisis and risk management
This panel of industry leaders will discuss risk management oversight, preparation and mitigation issues for the board, the audit committee, and the working relationship with the risk committee. Our panelists will provide insight on working with management to identify the potential sources of, and approaches to, managing corporate crisis at financial institutions. These include failure of critical technology, natural disasters, corporate storms caused by restatements, environmental risks, human resources, and managing an unexpected CEO departure.
Moderator- Dan Ryan, Partner, PricewaterhouseCoopers LLP
Panelists:- David C. Bushnell, Senior risk officer, Citigroup Inc.
- James Cole, Partner, Bryan Cave LLP and independent consultant, American International Group, Inc.
- Michael J. Passarella, Audit committee chair, UnumProvident Corporation
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- There is no presentation
for this session.
| Emerging practices for audit committees
This panel of industry leaders will discuss current challenges for audit committee effectiveness, including restatements, fair valuation, accounting for derivatives (FAS 133), uncertain tax positions, and how you can address these issues within your committee agenda.
Moderator: - Bill Lewis, Leader, US Banking and capital markets industry practice, PricewaterhouseCoopers LLP
Panelists:- Frederic K. Becker, Audit committee chair, Prudential Financial, Inc.
- Al de Molina, Chief financial officer, Bank of America
- Sarah E. Smith, Chief accounting officer and controller, Goldman Sachs & Co.
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- There is no presentation
for this session.
| Lunch and luncheon address – View of the economic landscape
Marci Rossell will provide lively commentary on the economy and corporate America. Marci is the former chief economist for CNBC where she appeared every morning on the network’s flagship program “Squawk Box.” As a journalist, she covered the economy, the Federal Reserve, and the bond market. Marci has also held positions at the Federal Reserve Bank of Dallas, Deloitte & Touche, and Oppenheimer Funds.
- Marci Rossell, Former Chief Economist, CNBC; Visiting Professor, DePaul University
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- There is no presentation
for this session.
| The rising cost of healthcare
The nation’s healthcare system is stressed by a confluence of powerful trends – rising costs, increasing demand, and resource constraints. The sustainability of the health system is not only a moral imperative; it is a matter of global economic competitiveness that affects every industry and the entire capital markets system. Jim Henry will discuss factors driving up healthcare costs, the implications of policy changes, lessons learned from other countries, and the role that the financial services industry might play in healthcare industry transformation, innovation, collaboration, and integration.
- Jim Henry, Leader, Global Healthcare Industry Practice, PricewaterhouseCoopers LLP
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- There is no presentation
for this session.
| Discussion of lessons learned
This panel of audit committee members who represent a variety of financial services institutions will share their observations and discuss the topics presented by the panelists during the day’s general sessions. The panelists will also share how they plan to put the lessons learned into practice.
Moderator- Tim Ryan, Chairman, U.S. Financial Services Industry Practice, PricewaterhouseCoopers LLP
Panelists:- Gerald Czarnecki, Chairman and Chief Executive Officer, The Deltennium Group, Inc.; Audit Committee Chair, State Farm Insurance Companies
- James H. Kropp, Senior Vice President – Investments, Gazit Group USA, Inc.; Audit Committee Member, Trustreet Properties
- Michael E. Roemer, Senior Vice President and Director of Internal Audit, American International Group, Inc.
- Roslyn M. Watson, President, Watson Ventures; Audit Committee Chair, American Express Centurion Bank
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- There is no presentation
for this session.
| Closing remarks
- Tim Ryan, Chairman, U.S. Financial Services Industry Practice, PricewaterhouseCoopers LLP
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Day 2 | Industry sector forums
| Banking and Capital Markets
This session will include two facilitated discussions. The first discussion will focus on some of the more recent technical accounting and reporting developments, including FASB standards and proposals on stock options, fair value accounting, asset transfers and recent SEC comment letter topics. The second discussion will tackle a wide range of operational, compliance and regulatory challenges, and provide audit committee members with critical information they need for understanding the affect of these risks within their organizations. |
| Insurance
Our professionals will analyze and debate a number of key issues and challenges impacting the insurance industry, leveraging their first-hand experiences from a variety of perspectives: actuarial, regulatory, risk management, and accounting. We will examine areas such as the continued scrutiny around “finite” and other reinsurance arrangements; new products and other competitive developments; risk management issues facing audit committees; an update on GAAP, SEC and NAIC accounting and reporting hot topics; and other emerging matters.
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| Investment Management
Mutual fund directors will join industry professionals on a panel to share their perspectives on the annual process to evaluate and renew the investment management contract, including a discussion of profitability analysis. This panel will be moderated by a PricewaterhouseCoopers partner. PricewaterhouseCoopers partners will also discuss current developments and trends in internal control reporting (SAS 70 reports) by service providers such as fund accounting, pricing services, transfer agents and custodians; as well as cover federal tax legislation and regulation. The session will provide fund directors with practical guidance, written information on the discussion subjects tailored for use by fund directors, and the opportunity to discuss these significant matters with other fund audit committee members.
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| Real Estate
This session will include two panels. The first will focus on audit committee best practices for real estate companies, and will include discussions concerning recent developments in governance, technical accounting, and risk management issues. The second panel will focus on emerging accounting and reporting trends and their relevance for real estate interests. |
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