RM 2022

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Wednesday, 26 October 2022
8:30 am–9:00 am	Registration and Coffee Venue: Tower Ballroom Foyer
9:00 am–9:15 am	Group Photo Venue: Acacia
9:15 am–9:45 am	Keynote Address Ms. Roberta Casali, Vice President (Finance and Risk Management), Asian Development Bank Mr. Rui Xiong Kee, Executive Director, Reserve Management Department, Monetary Authority of Singapore Venue: Banyan
9:45 am–10:50 am	Session 1: Global & Regional Economic and Markets Outlook Format: Panel Discussion Panelist: Mr. Donghyun Park, Economic Advisor (Strategic Knowledge Initiatives), ADB Ms. Natalia Novikova, IMF Resident Representative in Singapore Mr. Ng Kheng-Siang, Head of Asia Pacific Fixed Income, State Street Global Advisors Mr. Ben Powell, Chief APAC Strategist, BlackRock Investment Institute Moderator: Mr. Pierre Van Peteghem, Treasurer, Asian Development Bank This panel discussion will focus on the global economic prospects, with emphasis on Asia and the Pacific region. It will cover major developments and their potential impact on economic growth – including recovery from the social and economic impacts of a pandemic that is by no means over, the Russian invasion of Ukraine which has heightened geopolitical risks and confounding the outlook for the world economy, monetary tightening by the United States Federal Reserve and adverse developments such as inflationary pressures and supply disruptions that are intensifying global uncertainty including a surge in commodity prices.
10:50 am–11:05 am	Open Discussion
11:05 am–11:25 am	Coffee Break
11:25 am–11:45 am	Audience Polling
11:45 am–12:45 pm	Session 2: Managing Large Portfolios in the Current Market Environment Format: Presentation Speakers: Ms. Rini Kusumastuti – Head of Fixed Income and FX Portfolio Division, Reserves Management Department, Bank Indonesia Mr. Aram Sahakyan, Head of Global Markets Division, Central Bank of Armenia Ms. Min Jung Kim, Manager, Reserve Management Planning Team, Reserve Management Group, Bank of Korea Moderator: Mr. Jonathan Grosvenor, Assistant Treasurer, Asian Development Bank Managers of FX Reserves and Sovereign Wealth Funds continue to face a difficult investment environment with a rise in global interest rates in developed economies to control a surge in inflation. In a climate of lower global growth, increasing geopolitical risks, and volatile FX markets, how should portfolio managers invest? How are these factors impacting capital flows, and are all emerging markets equally vulnerable? In this session, reserve and sovereign wealth fund managers share their insights and experiences in managing large investment portfolios.
12:45 pm–1:00 pm	Open Discussion
1:00 pm–2:00 pm	Lunch Venue: Acacia
2:00 pm–2:40 pm	Session 3: Risk Management Framework Format: Presentation Speakers: Mr. Tarlan Rasulov, Director of Reserve Management Department, Azerbaijan Mr. Aleksandre Khazaradze, Head of Risk Management and Control Division, National Bank of Georgia Moderator: Ms. Priti Sinha, Treasury Specialist, Asian Development Bank A key focus for all FX reserves managers should be management of risk in the reserves portfolio. This requires a broad understanding and knowledge of broad risk management concepts such as the measurement of volatility and reserve portfolio sensitivities to changes in interest rates, currencies, and other asset classes. This session will introduce a discussion around risk management best practices and will also consider the practical issues around the organization, placement, and structuring of the risk management function within a central bank. There is an increasing focus on developing a more dynamic and robust approach to risk management covering not only market risks but also operational risks including the increasing threats from cyber-attacks. With increasing business complexity, globalization, and the exponential power of technology (reach and sophistication), operational risks in financial institutions have become far more important than ever. Speakers will present on among others, 1) governance in risk management; 2) developing indicators to manage event, political and other risks; 3) risk factor-based investing; 4) regulatory approaches to enhance central banks’ cyber-security frameworks; and 5) the tools needed to evaluate independently and manage operational risks.
2:40 pm–2:55 pm	Open Discussion
2:55 pm–3:35 pm	Session 4A: Green and Transition Finance for Sustainable Investing – Issuers’ Perspective Format: Presentation Speakers: Ms. Shu (Grace) Tian, Senior Economist, ADB Mr. Yuddy Hendranata, Deputy Director, Directorate General of Budget Financing and Risk Management, Ministry of Finance of the Republic of Indonesia Moderator: Mr. Deepak Taneja, Principal Treasury Specialist, Asian Development Bank Debt management offices and central banks are increasingly focusing on green and transition finance as they become more conscious of the effects of the economic footprint and the benefits of integrating sustainability, mainly by adding ESG considerations into debt issuance and investment decisions. There has been much progress with the development of the sustainable bond market in Asia. However, this presents both challenges and opportunities that developing Asia and Pacific financial sectors face during the transition to net zero emissions. This session will set out recent developments with transitioning to green financing, the development of green and other sustainable development government bonds, and the potential for further development of the markets to meet ESG considerations.
3:35 pm–3:50 pm	Open Discussion
3:50 pm–4:10 pm	Coffee Break
4:10 pm–5:20 pm	Session 4B: Green and Transition Finance for Sustainable Investing – Investors’ Perspective Format: Presentation Speakers: Mr. Tobias C. Hoschka, Assistant Treasurer, Financial Policy and Planning Division, ADB Mr. Francois Haas, Chief Representative, Asia Pacific, Banque de France Asia Office Dr. Xinting Jia, ESG Investment Strategist, Asia Pacific, State Street Global Advisors Mr. Abhishek Dangra, Senior Director, Sector Lead, Infrastructure, S&P Global Ratings Moderator: Mr. Jonathan Grosvenor, Assistant Treasurer, Asian Development Bank Central banks are increasingly focusing on green and transition finance as governments look to meet the targets that they have set for reducing net zero carbon emissions. While climate change is not a policy matter for central banks to address, a key question is whether central banks should be looking more actively to favor green assets in their FX reserves portfolio as climate change has significant, pervasive effects which can impact on all of the primary objectives of a central bank and therefore they will have no choice but to take climate change into account. In addition, central banks are showing a growing interest in issues of market transparency in green finance, particularly regarding taxonomies, green external review and assessment, and climate transition metrics, frameworks, and market products. Taxonomies are classification systems that define criteria to identify assets, projects and activities with environmental benefits or costs. They are an important tool for achieving high-level environmental objectives such as those established by global accords or national environmental or sustainable development policies. Sustainable investment which encapsulates ESG integration and corporate engagement is also gaining traction. This session will set out recent developments with transitioning to green financing and the impact that this is having on the investment strategies of central banks as well as motivations to follow sustainable investing.
5:20 pm–5:35 pm	Open Discussion
5:35 pm–6:15 pm	Session 5: Engaging External Fund Managers Format: Presentation Speakers: Mr. Kimty Kormoly, Deputy Director General, Central Banking Directorate, National Bank of Cambodia Ms. Danielle R. Espiritu, Assistant Chief Reserve Management Officer, Financial Markets, Bangko Sentral ng Pilipinas Moderator: Ms. Penelope Stafford, Assistant Treasurer, Asian Development Bank As central banks diversify their reserves into increasingly complex asset classes it is natural to draw on the services of external asset managers. External service providers also play important roles as custodians, advisors, and auditors. It is essential that central banks manage relations with external service providers effectively, which can be a costly and time-consuming exercise. What has the experience been with external fund managers (EFM)? What is the optimum way to leverage them, and for which asset classes? What is the appropriate mandate for EFM? In this session, we identify best practices in managing relations with private-sector partners, with an emphasis on how to reduce the cost of doing so.
6:15 pm–6:30 pm	Open Discussion
7:15 pm–9:00 pm	Dinner Venue: Acacia Dress Code: Casual