2012 Summit Agenda

Following is a fairly detailed DRAFT of our Summit agenda. The table is intended to aide with assignment of the right persons to the topic host role & to allow members to comment on the topics or suggest additional topics.

There are three days included, starting on the afternoon of Weds the 26th and continuing through the morning of Friday the 28th

CCRO Risk Networking Summit September 26, Day 1
11:00 REGISTRATION Starts at the CCRO office, 3rd floor of building 8	CCRO Staff
12:00 Lunch Lunch served at CCRO office reception catered by Schilleci's New Orleans Kitchen	Support from:
1:30 Welcome, introductions, and agenda overview Bob will introduce the inner-seating ring of CCRO members and active contributors	Bob Anderson CCRO Exec Dir.
Antitrust Statement	Mike Gill Crowell & Moring
Proposed Topics for Discussion	Tentative Discussion Hosts:
1:45 - OPENING STATEMENTS FROM THE CCRO BOARD Welcome and introductions from our Board members
*2:00 - Working Group Discussion (60 min)* RISK MANAGEMENT MINIMUM STANDARDS THE WHITE PAPER An overview of the white paper objectives and target audience. A demonstration of how the paper’s standards map to the 8-principles put forth by the ISOs. Four blog posts summarize each of the four sections of this new white paper. Part 1 blog post. Part 2 blog post. Part 3 blog post. Part 4 blog post. A demonstration of how the paper’s numerous standards map to the 8-principles put forth by the ISOs. The white paper has been mapped through eight different on-line views available. Members can CLICK HERE to see those views and more. A NEW WORKING GROUP: "Verification of Compliance" We will discuss progress made with defining the process through which an energy company requests and receives a CCRO Passport. A NEW WORKING GROUP: "Inspector Certification" We will discuss progress made with setting criteria required for firms to be listed as qualified inspectors for the CCRO Passport proce	Glen Mackey NRG Energy Brad Radimer NRG Energy Phil Gootee Group Coordinator Jack Yeager Group Coordinator Jason Plummer Group Coordinator
FOLLOW-UP: Regulator's Comments & Perspective Scott has been following the CCRO developments related to the Risk Management Minimum Standards white paper and the new "Passport" working group. We'll have a chance to take-in some of his thoughts on how the CCRO can be most helpful and to do some Q&A. Thanks again goes to Scott for joining us - he has been a long-time advocate of the CCRO and it's work.	Scott Miller Senior Market Advisor FERC
3:15 Highlights of New CCRO Training Programs Steve & Morgan will introduce the topics and methods that the CCRO will be offering expert risk training for members and guests.	Steve Kelly SAK Consulting Morgan Davies Alliance Risk Group
3:30 BREAK FOR APPROX 20 MINUTES	~
*3:45 - Presentation & Discussion (15 min)* “BEST PRACTICE USE OF RISK METRICS” Are risk managers gaining the insights they want from the risk metrics they generate? Are we often too quick to deploy common metrics? An in-depth discussion of insights gained by CCRO members and contributors. Specifically how to ensure that efforts to calculate and report risk metrics actually provide value to the firm and are actionable in some way by their audience... CLICK HERE to see our Blog Post providing more details for this topic...	Jack Yeager TDYG
4:00 - Presentation & Discussion (15 min) "RISK MANAGEMENT WITH PARTIAL INFORMATION" In many risk management situations we lack complete information regarding the underlying risk structure. For example, we may be unsure of the correlations between assets, counterparties, commodity prices, etc. This lack of information means that we cannot determine precise estimates of VaR and other important metrics. Eric discusses an innovative approach to trying to tackle this challenge for risk managers....	J. Eric Bickel Center for International Energy & Environmental Policy, University of Texas
*4:15 - New Working Group Discussion (30 min)* CCRO SUBCOMMITTEE ON RISK METRICS ROLES OF THE SUBCOMMITTEE Discussion of the five roles outlined for this group. PROGRESS/ACTIVITY/PLANS A review of the work plans, who is involved, and how to become a participant EMERGING TOPICS & ISSUES ENCOUNTERED BY THE GROUP Open discussion of key issues being addressed such as: FTR forward risk, Potential margin calls, CFaR, VaR, etc.	Jim Allison ConocoPhillips Sailesh Buddhavarapu EdisonMission Malinda Prudencio The Energy Authority
*4:45 New Topic Discussion (30min)* OPERATIVE RISK MEASURES FOR THE ENERGY COMPANY: “Turning Hindsight into Foresight” THE DATABASE APPROACH OF THE BANKS The banking industry as background for a way forward for energy CCRO DISCUSSIONS: VIGNETTES AS A FIRST STEP The CCRO has started a compilation of vignettes from members that are shared during CCRO meetings. Discuss how we are thinking such an archive of stories could be very valuable to the risk manager thinking about operative risks at his firm. HOW SOME CCRO MEMBERS ARE TACKLING OPERATIVE MEASURES CCRO members share steps they are taking to quantify and/or manage operative risks	Amit Budhwar Powerex Brenda Boultwood CCRO Board Member Jim Allison ConocoPhillips Glen Mackey NRG
*5:15 Guest Speaker Dr. Vince Kaminski (15min)* Presentation by CCRO Contributor Dr. Vince Kaminski. Vince will present for our discussion some exciting new challenges that Risk Managers face in todays market and regulatory environment.	Vince Kaminski Author, and Professor at Rice University
~5:30 COCKTAIL RECEPTION Located at Tommy Bahama's outdoor patio Unwind with your old & new friends from the CCRO	Support from:
~7:00 CCRO & GUESTS SUMMIT DINNER Located in the Hyatt Market Street private dining area CCRO 10-year anniversary dedication A toast from current & past CCRO Board members attending	SPONSOR:

CCRO Risk Networking Summit September 27, Day 2
*8:30 Morning reception at CCRO Office:* Coffee, danish & fruit available	Support from:
Topics for Discussion	Tentative Discussion Hosts:
*9:30 Working Group Discussion 60min* DODD FRANK AND THE CHIEF RISK OFFICER DISCUSSION OF RECENT DEVELOPMENTS Mike Gill and the CCRO members that are most engaged in Dodd Frank implementation within their company discuss the latest revisions & updates from the CFTC. DEFINITIONS THAT MATTER MOST TO THE CRO Discover what other risk management professionals think the recently clarified definitions from the CFTC really mean to risk management in their firm. Join in this discussion and get feedback on your thoughts. WHAT MEMBERS ARE DOING NOW Join in a discussion and compare/contrast where you stand & what you are doing about Dodd Frank regulations with what other CCRO members are doing & where they stand today with implementation of necessary changes.	Mike Gill Crowell & Moring Mike Prokop CCRO Board Member Jim Allison ConocoPhillips Brenda Boultwood CCRO Board Member
10:30 New Discussion Topic (30 min) INTERNAL SURVEILLANCE AGAINST FERC/CFTC VIOLATIONS Best Practice Metrics/Models? A discussion of technology resources available, preferred metrics, and today's general practices found in energy companies as they strive to mitigate risks of this type. Best Practices on Whistle Blowing ? The new legislation on whistle blowing brings some powerful financial incentives and changes the dynamics of compliance considerably. How are CROs today thinking about dealing with this aspect of Dodd Frank? Whistle blowing has drawn considerable attention in CCRO discussions, join in this discussion with members.	Patrick Woody SAS RiskAdvisory Brenda Boultwood CCRO Board Member
*11:00 - Presentation & Discussion (15 min)* RISK AND ENVIRONMENTAL REGULATIONS CCRO members have presented the challenges that face with some unintended consequences of environmental regulations. Specifically the creation of seemingly un-manageable credit risks & other types of exposures that arise from compliance with regulations. Join in this discussion as members share their experiences and possible solutions or best practices to mitigate these risks..	Shahrokh Hessami PG&E
11:30 - CCRO Survey Discussion (15min) CCRO SURVEY: RISK ORGANIZATIONS A discussion of the recently posted survey for CCRO members and subscribers which delves into the specifics of their risk management organization. We'd like to discuss survey objectives and current results that we've received on the Mid-Office survey. Also encourage widened participation and/or enhancements to the questions. The survey is available now by clicking here: CCRO MID-OFFICE SURVEY ON-LINE CLICK HERE	Justice Awuku PG&E Brenda Boultwood CCRO Board Member Chris Jones CCRO Web Developer Bob Anderson CCRO Exec Dir.
12:00 LUNCH BREAK in meeting area & reception - CATERED BY TOMMY BAHAMAS	Support from
*1:30 - Discussion Topic (30min)* LOW FREQUENCY-HIGH IMPACT RISKS This discussion delves into the challenging issue of managing the many, low-frequency but high impact events that energy companies face. Members discuss & debate their various ideas for measuring and managing these unwieldy risks... …What about the potentially large number of events that have individually low probability but they could be very bad if they did occur. Their expected value might be quite small and deal by deal or issue by issue, their probability might be quite low, but there are enough of them that assuming they are independent and there are enough of them, something’s going to happen sometime. So how do you prioritize your attention to those things? And if mitigation is not a useful strategy, what is a useful strategy? Click HERE to see the blog post for more details from a recent CCRO meeting discussion... standard.	Jim Allison ConocoPhillips Amit Budhwar Powerex Sailesh Buddhavarapu EdisonMission
2:00 - New Discussion Topic (45min) RISK MANAGEMENT & THE RECENT FCM DEBACLES - Lessons for CRO's to Take-in - Opportunities Emerging from the Aftermath Potential for a CCRO training program? CCRO members have expressed their interest in developing a CCRO sponsored training program regarding this challenge to risk management for companies that use one or more FCM... Blog Post available for more detail here	Mike Prokop CCRO Board Member Margot Everett PG&E Glen Mackey NRG Amit Budhwar Powerex Morgan Davies The Alliance Risk Group Bill Balson OTC Online
2:45 - Modeling Practices Discussion (30 min) RISK MODELS AND MARKET DATA - THE ENERGY DATA HUB The demand for scarce information regarding markets such as liquidity, option characteristics, physical forward markets, and more expansive views of trade types is taking the Energy Data Hub into phase two of development. This discussion will briefly review some new opportunities for analyses that are emerging as participation in EDH is growing.	Robert Stibolt Galway Group Bill Balson OTC Online Brad Kyer EDH
3:15 Modeling Practices Discussion (30 min) CHALLENGES TO MODELING IN TODAYS MARKET ENVIRONMENT Are all our models now defunct?" A discussion based on a CCRO meeting in which members developed perspectives on unusual pricing situations and how they can affect the suitability of traditional risk models...	Amit Budhwar Powerex Vince Kaminski Author, & Professor at Rice University Sailesh Buddhavarapu EdisonMission
4:30 CCRO SUMMIT PUB CRAWL CCRO Members & Guests get to know each other in a fun environment as we rotate around our group's favorite pubs surrounding the CCRO office. Join us for this activity which is back this year by popular demand -	Support from:

CCRO Risk Networking Summit September 28, Day 3
8:30 Morning reception at CCRO Office: Coffee & Fruit available	Support from:
Proposed Topics for Discussion	Tentative Discussion Hosts:
9:30 - UPDATING YOUR RISK POLICY WITH BEST PRACTICES Several of our members have indicate that they are reviewing their company's risk policy documents and as a result it has been proposed that the CCRO's Risk Policy White paper is be reviewed and updated by members. This discussion will open some of our members' experiences with risk policy re-writes and new "best practices" that members & contributors think we should include in our white paper standard.	Carrie Carrigan The Energy Authority Bob Anderson CCRO Exec Dir.
10:00 - Regulatory & Compliance Discussion DEFINING METRICS AND ENVIRONMENTAL ATTRIBUTES PG&E has been using a number of metrics that are similar to standard risk metrics, but are quite different in terms of their focus. These metrics are particularly designed to address the role of the regulated utility. Margot will introduce a number of metrics such as "customer risk tolerance" and "customer affordability". In addition, Margot has some interesting challenges to discuss such as how to hedge something like "customer risk tolerance"....	Margot Everett PG&E
10:30 - Market Theory Discussion "APPROPRIATE REGULATION" ? From recent CCRO meeting discussions this topic has emerged as driver for some very insightful comments...CLICK Here to view a blog post from the last CCRO discussion about this topic...	Jim Allison ConocoPhillips
11:00 - Internal Processes & Security DATA GOVERNANCE The risk systems used across the enterprise of an energy company are often diverse and usually generate many varied reports. What are best practices for managing all the data that they utilize? Consider: Clarity of data ownership System of record Propagation of Spreadsheets Model validation process Data dictionary	Margot Everett PG&E Charlie Sanchez SAS RiskAdvisory
12:00 LUNCH
CCRO GOLF OUTING - Please contact us to indicate if you will be able to join us in a casual golf outing with CCRO members and contributors at the Woodlands Country Club	All are invited by RSVP to info@ccro.org Sponsor:

2012 Summit Agenda

CCRO Risk Networking Summit

September 26, Day 1

12:00 Lunch

Lunch served at CCRO office reception

1:30 Welcome, introductions, and agenda overview

Antitrust Statement

1:45 - OPENING STATEMENTS FROM THE CCRO BOARD

2:00 - Working Group Discussion (60 min)

RISK MANAGEMENT MINIMUM STANDARDS

FOLLOW-UP: Regulator's Comments & Perspective

3:15 Highlights of New CCRO Training Programs

3:45 - Presentation & Discussion (15 min)“BEST PRACTICE USE OF RISK METRICS”

4:00 - Presentation & Discussion (15 min)

"RISK MANAGEMENT WITH PARTIAL INFORMATION"

4:15 - New Working Group Discussion (30 min)CCRO SUBCOMMITTEE ON RISK METRICS

4:45 New Topic Discussion (30min)OPERATIVE RISK MEASURES FOR THE ENERGY COMPANY:“Turning Hindsight into Foresight”

5:15 Guest Speaker Dr. Vince Kaminski (15min)

~5:30 COCKTAIL RECEPTION

~7:00 CCRO & GUESTS SUMMIT DINNER

CCRO Risk Networking Summit

September 27, Day 2

8:30 Morning reception at CCRO Office:

9:30 Working Group Discussion 60minDODD FRANK AND THE CHIEF RISK OFFICER

10:30 New Discussion Topic (30 min)

INTERNAL SURVEILLANCE AGAINST FERC/CFTC VIOLATIONS

Best Practice Metrics/Models?

Best Practices on Whistle Blowing ?

11:00 - Presentation & Discussion (15 min)

RISK AND ENVIRONMENTAL REGULATIONS

11:30 - CCRO Survey Discussion (15min)

CCRO SURVEY: RISK ORGANIZATIONS

12:00 LUNCH BREAK

in meeting area & reception -

CATERED BY TOMMY BAHAMAS

1:30 - Discussion Topic (30min)LOW FREQUENCY-HIGH IMPACT RISKS

2:00 - New Discussion Topic (45min)RISK MANAGEMENT & THE RECENT FCM DEBACLES

2:45 - Modeling Practices Discussion (30 min)

RISK MODELS AND MARKET DATA - THE ENERGY DATA HUB

3:15 Modeling Practices Discussion (30 min)

CHALLENGES TO MODELING IN TODAYS MARKET ENVIRONMENTAre all our models now defunct?"

4:30 CCRO SUMMIT PUB CRAWL

CCRO Risk Networking Summit

September 28, Day 3

9:30 - UPDATING YOUR RISK POLICY WITH BEST PRACTICES

10:00 - Regulatory & Compliance Discussion

DEFINING METRICS AND ENVIRONMENTAL ATTRIBUTES

10:30 - Market Theory Discussion

"APPROPRIATE REGULATION" ?

11:00 - Internal Processes & Security DATA GOVERNANCE

CCRO GOLF OUTING -

3:45 - Presentation & Discussion (15 min)
“BEST PRACTICE USE OF RISK METRICS”

4:15 - New Working Group Discussion (30 min)
CCRO SUBCOMMITTEE ON RISK METRICS

4:45 New Topic Discussion (30min)
OPERATIVE RISK MEASURES FOR THE ENERGY COMPANY:
“Turning Hindsight into Foresight”

9:30 Working Group Discussion 60min
DODD FRANK AND THE CHIEF RISK OFFICER

1:30 - Discussion Topic (30min)
LOW FREQUENCY-HIGH IMPACT RISKS

2:00 - New Discussion Topic (45min)
RISK MANAGEMENT & THE RECENT FCM DEBACLES

CHALLENGES TO MODELING IN TODAYS MARKET ENVIRONMENT
Are all our models now defunct?"

11:00 - Internal Processes & Security
DATA GOVERNANCE