Moody's KMV Credit Practitioner Conference 2006

POST-CONFERENCE LINKS: Presentations | Photos | Attendee List

Deepak Agrawal, Ph.D., Director, Moody's KMV

Deepak Agrawal is a Director in the Research group at Moody's KMV. He is currently responsible for developing and managing credit valuation models. He joined the firm in June 2002 after completing his Ph.D. in Finance at the Leonard N. Stern School of Business at New York University. Since then he has done significant research work on pricing of credit risk in corporate bonds, credit default swaps, and syndicated loans. Deepak has published in the Journal of Finance and the Journal of Banking and Finance and has served as a referee for several leading journals. He has also given presentations at many prestigious conferences in the areas of credit risk, risk management and alternative investments.

Deepak also holds a Bachelor's degree in Electronics and Communication Engineering and a Master's degree in Economics.

Ivo Antonov, Senior Director, Moody’s KMV

Ivo Antonov, a Senior Director at Moody’s KMV, is responsible for the Modeling Services arm of Moody’s KMV Professional Services. In that capacity, Ivo leads a global team that helps clients with the development, validation and calibration of internal rating systems.

Since joining Moody’s KMV in 1999, Ivo has facilitated the adoption and implementation credit decisioning and quantitative credit risk tools at major financial institutions worldwide and has actively participated in more than thirty Modeling Services engagements. Prior to joining Moody’s KMV, Ivo spent six years as a corporate banker and business development executive with a merchant bank.

Ivo holds a Master’s degree in Computer Science from Technical University of Sofia and an MBA from Cyprus International Institute of Management.

Ron Armstrong, Risk Management Leader, GE Commercial Finance

Ron is Risk Management Leader for the Capital Allocation and Portfolio Analytics Group of GE’s Commercial Finance business, as well as for Project Consistency—Com Fin’s project for an enterprise-wide transaction-level risk measurement and management system based on Economic Capital.

Ron has overall responsibility for the global rollout of MKMV credit risk management tools, notably Risk Analyst and RiskCalc, across the several sub-businesses of Commercial Finance. He also reviews and approves capital allocations for new products, programs, and unusual transactions, and supports Basel II compliance for regulated entities. Ron leads projects related to Project Consistency, such as standardized financial statement spreading and obligor risk rating tools, and works with the businesses on developing new methods of portfolio reporting that are based on economic capital concepts. As part of the overall Project Consistency leadership, Ron helps drive change, playing a role in many of the Project’s initiatives.

Ron joined GE in 1990 from commercial banking and has broad industry and product experience. His GE career includes six years overseas in senior risk positions in London and Hong Kong.

Ron has an MBA in Finance from the Wharton School, an MA in International Studies from the University of Pennsylvania, an MS in Policy Analysis from the Heinz School of Carnegie-Mellon University and a BA from the Pennsylvania State University.

Ian Assersohn, Senior Director, Moody's KMV

Ian Assersohn, a Senior Director at Moody's KMV, leads the Platform Product Management group. Previously Ian was Product Manager for the firm's internal rating products, with responsibility for RiskAnalyst™ and the RiskAnalyst ratings package.

Ian joined Moody's Risk Management Services in 2000 when Moody's acquired the Crowe Chizek software business. Ian worked on internal rating systems for 12 years, first as a knowledge engineer and then as a C++ developer, before moving into product management.

He received a BA in music from the Royal College of Music in London and the Koningklijk Conservatorium in Den Haag, the Netherlands. Ian has done postgraduate work in computing and artificial intelligence at London University.

John Baer, Manager, Moody's KMV

John Baer is a Product Manager at Moody’s KMV. His primary product responsibilities involve: (i) financial templates within Moody's KMV RiskAnalyst, Moody’s KMV Financial Analyst and Moody’s KMV Risk Advisor software, and (ii) internal rating templates, including the newly released Middle Market and Small and Medium-sized Enterprises (SME) Internal Rating Templates, which are for use within the Ratings Package module of RiskAnalyst. John joined Moody’s KMV after nine years with Ernst & Young. He spent five years in the Audit Group at Ernst & Young's Chicago and London offices, advising clients on accounting standard application and financial reporting requirements. Subsequently, he was a Senior Manager in Ernst & Young’s Transaction Advisory Services Group, performing merger and acquisition due diligence on behalf of corporate and private equity clients.

John is a Certified Public Accountant.

Terry Benzschawel, Ph.D., Head of Credit Modeling Group, Citigroup Global Market

Terry Benzschawel holds a Ph.D. in experimental psychology and has held post-doctoral fellowships in optometry, ophthalmology, and engineering prior to embarking on a career in Finance. His financial career began in 1988 with Chase Manhattan Bank modeling corporate bankruptcy and his focus since then has been on risky debt of consumers, sovereign nations, and corporations. Terry joined the fixed income arbitrage group at Salomon Brothers in 1992 focusing on pricing models and risk management of emerging market cash and synthetic obligations until 1998 when he moved to fixed income strategy. Since then, his main focus has been on US corporate debt, with recent emphasis on credit models as applied to structured products, credit derivatives, and capital structure arbitrage. He currently heads the Credit Modeling group within Citigroup Global Markets.

Pamela M. Bickel, Director, Moody's KMV

Pam Bickel is a Director at Moody's KMV, where she has product management responsible for Moody's KMV Financial Analyst and the RiskAnalyst application suite.

After working as an independent consultant to Moody's KMV, Pam joined the firm in 2003. Previously, she was Partner and Client Support Executive at iWork Software LLC, where she managed the worldwide remarketer partner channel including pre-sales, execution and relationship management. Pam also brings nearly 12 years of experience with Crowe Chizek, where she was an executive in the Systems Consulting Group.

She earned a BS in Industrial Engineering from the University of Cincinnati and holds certifications from the American Production and Inventory Control Society, the National Society of Professional Engineers and the Society of Manufacturing Engineers.

Christian Bluhm, Ph.D., Managing Director, Credit Suisse

Christian Bluhm is heading the Credit Portfolio Management unit within Credit Suisse's Credit Risk Management department in Zurich. Prior to that he was responsible for Structured Finance Analytics in HypoVereinsbank's Group Credit Portfolio Management division in Munich where his team modeled securitization transactions, collateralized debt obligations, and other types of asset-backed securities. He started his banking career in the Credit Risk Analytics department of Deutsche Bank in Frankfurt where he worked on portfolio models, calibrations of default probabilities, and other topics in the field of credit risk modeling. Before that he worked in mathematical research (harmonic and fractal analysis of random fields and stochastic processes) at different universities in Germany and the United States.

Jeffrey R. Bohn, Ph.D., Shinsei Bank

Jeffrey Bohn leads the Financial Strategies group at Shinsei Bank in Tokyo. Previously, he led Moody’s KMV’s (MKMV’s) Global Research group as well as MKMV’s Credit Strategies group. In the past, his responsibilities included co-heading product management and managing MKMV Asia. In his MKMV Asia role he had responsibility for the client service teams selling and supporting clients in this region. Dr. Bohn has been directly involved in developing several of the models and products currently sold by MKMV. His research group developed, maintained, and improved the models underlying MKMV’s product offerings. He often gives seminars on topics ranging from credit instrument valuation to active credit portfolio management.

Dr. Bohn develops strategies and conducts research in the credit risk space covering private and public firm risk assessment, correlation estimation, portfolio risk assessment, collateralized debt obligation risk assessment, credit instrument valuation, credit trading strategies, bank funding strategies, and management of financial institutions. He is directly involved with research projects focused on default probability estimation, credit instrument valuation, portfolio modeling, active credit portfolio management, and valuation of financial institutions. Dr. Bohn has published widely in the area of credit risk. Before working in research, Dr. Bohn built relationships with global, strategic clients as a member of KMV’s client services group and spearheaded the effort to expand KMV’s presence in Japan and Asia. He is fluent in Japanese.

Prior to joining KMV in 1997, he owned a business consulting firm called Infopattern. This firm assisted U.S. companies building their businesses in Asia. He has also taught in the MBA program at Golden Gate University and currently teaches a credit risk modeling class in the Masters of Financial Engineering program at the University of California, Berkeley. Recently, Dr. Bohn presented his research at both the University of Tokyo and Waseda University in Japan.

Dr. Bohn holds a B.A. with Honors in Economics from Brigham Young University and an M.S. in Finance from the University of California, Berkeley. He received his Ph.D. in Finance from the University of California, Berkeley.

Raffaele Borriello, Managing Director ISMEA

Raffaele Borriello is Managing Director, Head of ISMEA’s Markets and Risk Management Department. He is responsible for developing new financial instruments for the Italian Agricultural Enterprises on behalf of Agricultural and Forestry Ministry. Currently he is coordinating the developing team of Ismea-Moody’sKMV Agricultural Enterprises Rating Model to the purpose to make Ismea an ECAI agency. He has been extraordinary commissioner of the Inter-Bank Guarantee Fund. As a Managing Director of “Sviluppo Italia S.p.a.” he was involved in the evaluation and development of agribusiness and agricultural entrepreneurship.

Recently he has been nominated president of OIGA (Italian Agricultural Young Entrepreneurs Observatory). He published, together with a Bocconi University professors’ research group, a study called “Agriculture and Credit” in which the relationship between banks and agricultural firms are explored.

Barry L. Campbell, Principal and CIO, Credit Risk Advisors

Barry is a founder, Principal, and CIO of Credit Risk Advisors (CRA). As Chief Investment Officer for CRA, Barry focuses on managing CRA’s portfolio and designing investment strategy. For the five years prior to founding CRA, Barry was an Executive Managing Director at Bank of Montreal, where he headed a unit that specialized in the management of high yield corporate bonds, leveraged loans and credit derivatives in collateralized debt obligations and other fiduciary structures. At Bank of Montreal, the group Barry led generated consistent above market returns which were attributable to building diversified, high quality portfolios and being disciplined in eliminating exposure to deteriorating credits. Barry’s group pioneered the use of quantitative models in the management of credit risk portfolios. Barry’s prior positions at Bank of Montreal included portfolio management for large corporate loans, loan workout, asset/liability management and corporate finance.
Barry holds a BA degree from Queen’s University in Kingston, Ontario and an MBA degree from York University in Toronto, Ontario.

Linda Crochet, Senior Vice President, Capital One BanK

Linda joined Hibernia National Bank (the predecessor to Capital One Bank) in 1984. She has held various managerial positions in commercial portfolio risk assessment, commercial loan underwriting and investor relations.

Linda has been in her current position as Director of Commercial Portfolio Risk Assessment since 1998. Her responsibilities include in-depth analysis of the commercial portfolio, which includes monitoring and analyzing loan concentration trends as well as shifts in the risk profile and reporting these issues to executive management. Linda constantly interacts with line management and the Chief Credit Officer to identify and mitigate credit risk from a portfolio standpoint. In addition, she assesses, procures and manages the software used in the commercial and small business underwriting process.

Recently, Linda has been involved in the development of automation projects with the intent of developing an efficient and comprehensive framework within which to monitor Capital One’s commercial portfolio at every stage in a loan’s life. Her experience in this area makes her a valuable asset as Capital One works toward implementation of Basel II requirements.

Douglas W. Dwyer, Ph. D., Senior Director, Moody’s KMV

Douglas W. Dwyer, Senior Director, has been at Moody’s KMV for nearly five years. He is now responsible for the research foundations of KMV’s single obligor risk models including both public and private EDFs as well as loan valuation and loss given default.

Dr. Dwyer was the lead architect of Moody’s RiskCalc v3.1 modeling framework. The RiskCalc models predict private company defaults throughout the world. These models cover 22 geographic specific regions and represent over 80% of the world’s GDP. Hundreds of institutions worldwide use RiskCalc. While using the same underlying framework, each model reflects the domestic lending and accounting practices of its specific region. By incorporating both market (systematic) and company specific (idiosyncratic) risk factors, the RiskCalc v3.1 models are at the forefront of modeling middle-market default risk.

Prior to working at Moody’s KMV, Dr. Dwyer was a Principal at William M. Mercer, Inc., in their Human Capital Strategy practice. Dr. Dwyer earned a Ph.D. in Economics at Columbia University. He has published several articles in peer reviewed academic journals.

Gerald Gagnon, Vice President, Caisse centrale Desjardins

Gerald Gagnon joined Caisse centrale Desjardins in 1996 after having worked for 15 years in the area of long term and mezzanine financing for small and medium size businesses. He previously worked as a research assistant in the finance department of the University of Montreal.

Gerald was named to his current title in January 2004 after having gone through the positions of loan manager, senior credit manager and assistant VP credit risk management. He played a key role in developing the current loan origination system as well as the selection and implementation of a major system reengineering program involving all back office operations for banking, financing as well as international trade and treasury systems. He is an important player in the Basel accord capital requirement program at Caisse centrale Desjardins. He also sits on various committees and work tables at the Desjardins Federation level relating to Basel implementation and credit risk management policies. His primary focus is on introducing best banking practices for PD and LGD evaluation, while overseeing all aspects of credit risk management operations at Caisse centrale Desjardins for sovereign, SME and large corporate markets, both for balance sheet operations and off-balance sheet risks.

He holds a BA in business management with minors in Finance and Economics from the University of Montreal.

John Gibbon, Ph.D., Senior Director, Moody's KMV

John Gibbon is a Sr. Director of Product Management at Moody’s KMV. He is responsible for Public and Private EDF products and for promoting best practices in product management processes for all products. John has a financial services product management and product development background including having been a founding officer of a JPMorganChase backed secure financial transaction company and more recently having been the VP Products for a default mortgage software company.

John earned a B.A. and B.S. from the University of Notre Dame and a M.S. and Ph.D. in Computer Engineering from Boston University.

TOM HAGSTRÖM, Risk Analyst, Nordic Investment Bank

Tom Hagström works as a Risk Analyst at the Nordic Investment Bank. Tom is currently responsible for the corporate rating tools, their development and methodologies at NIB. He has been involved in numerous projects, including implementing a credit risk portfolio model, developing internal rating processes and tools, and implementing economic capital methodologies in the Bank. Furthermore, he also has work experience of collateral management, development of systems and reports, and evaluations with regard to credit risk within the treasury operations.

Tom holds a M.Sc. in Economics from the Swedish School of Economics and Business Administration, in Vaasa, Finland.

Mary Jan Hedman, Managing Director, Moody's KMV

Mary Jan Hedman, as head of Product Management, oversees strategy for new products, management of existing products, business and corporate development and the Moody' s KMV Credit Research Database. She is also Chairperson of the Moody's KMV Product Board.

Mary Jan joined Crowe Chizek in 1990 in the Sales Group. She initiated the Product Management function at Crowe Chizek in 1998 and remained with the firm when it was acquired by Moody's.

Mary Jan holds a B.S. in Finance from Indiana University.

Jim Herrity, Senior Director, Moody’s KMV

Jim has 21 years experience in the credit profession, including 11 years at Moody's KMV. Currently, Jim is Senior Director of Moody’s KMV’s Credit Research Database (CRD), which he co-founded in 1996 to support the firm’s private firm default research and the RiskCalc network. Today, the CRD and RiskCalc cover countries that account for approximately 75% of the world’s GDP.

At Moody's KMV, Jim has also been project manager for upgrades to the Public EDF model, product manager of Credit Monitor and LossCalc, and a relationship manager in the Corporate Sales Group. Prior to joining Moody's KMV, Jim was Senior Vice President and Chief Credit Officer at Banknorth Group. Prior to joining Banknorth, he managed Chapter 11 firms through the re-organization process. Jim started his credit career at Bank of America where he was a commercial real estate construction loan officer.

He graduated cum laude at the University of Vermont in 1985.

Andrew Huddart, President, Moody’s KMV

Andrew Huddart joined Moody's KMV in November 2004. Previously, he was CEO of mPower, a San Francisco-based investment advisory firm. Before mPower, Andrew spent four years at Barra Inc., a provider of institutional risk analytics, serving as President of its Investment Data Products division then COO and President of Barra International. Previously, Andrew spent 14 years at Reuters in Europe and the US.

He has a BA (Hons.) degree in French and Management Studies from the University of Leeds.

Kimito Iwamoto, FRM, Director, Moody's KMV

Kimito joined Moody’s KMV in 1998. He is responsible for Moody’s KMV CreditEdge, CreditEdge Plus and MappingEdge products. Prior to joining product management group, he had been involved primarily in business development of Japanese and Asian clients.

He worked closely with the clients to help implement Moody’s KMV credit risk management solutions.

Kimito holds B.A. in economics from Aoyamagakuin University (Tokyo) and M.B.A. from Pepperdine University (Malibu), and is a member of GARP (Global Association of Risk Professional) and a certified Financial Risk Manager (FRM).

Dave Jones, senior Director, Moody’s KMV

Dave Jones, a Senior Director at Moody’s KMV, has global responsibility for the Implementation Services Group within Moody's KMV Professional Services. The Implementation Services Group is responsible for the building and technical deployment of internal rating models.

Dave has over twelve years experience working with the Moody’s KMV technologies in development and consulting management roles. Prior to joining Moody’s KMV, Dave worked as a technical consultant, analyst and software developer for various large financial institutions.

He is a Chartered Engineer, Chartered IT Professional and holds an MA in Entrepreneurship from the University of Durham Business School.

Estelle Jonkergouw, Ph.D., Senior Vice President, Rabobank Netherlands

Estelle Jonkergouw is senior vice president at Rabobank Netherlands and has a PhD in Econometrics. She established the credit risk modelling unit within Rabobank which was until recently responsible for the development as well as the validation of credit risk models. She is currently head of the Risk Model Validation and Methodology team within the Group Risk Management department of Rabobank. In this capacity she is responsible for the validation and review of all risk models developed within the Rabobank Group for Bazel II and Economic Capital purposes. Within Rabobank she has also worked in the Market Risk department where amongst others she did research on a number of VAR modelling issues.

Previously she was professor in Statistics and Econometrics at the University of Pretoria in South Africa.

Stephen Kealhofer, Ph. D., Founder, KMV and Principal, Diversified Credit Investments

Stephen Kealhofer is a Founder of KMV and the Managing Partner of Diversified Credit Investments, an institutional fixed income asset management company based in San Francisco.

KMV was a pioneer in the development of credit risk modeling and management, working with most of the world's major financial businesses. Stephen, John McQuown and Oldrich Vasicek founded the company in 1989. Stephen was Managing Partner from 1989 to 2000 and directed Research and Product Development. In 2002, KMV became part of Moody's Risk Management Services as Moody's KMV.

Prior to forming KMV, Stephen was Director of Research for Diversified Corporate Loans in San Francisco. He has taught investment management and corporate finance at Columbia University and the University of California.

Stephen received a BA in Economics from Macalester College and a Ph.D. in Economics from Princeton University.

Jason Kofman, Director, Moody’s KMV

Jason Kofman is a Director at Moody’s KMV in London, where he leads the Credit Risk Specialist team for Europe, the Middle East and Africa. The Credit Risk Specialist team provides industry and product expertise to existing and prospective Moody's KMV clients. The team also works closely with Moody's KMV research and product management groups in providing market feedback to assist in the direction of the models.

Jason specializes in advising banks and other credit providers on how internal risk ratings and economic capital models can be structured to best add value to their businesses. He previously worked at Oliver Wyman and Goldman Sachs, and was a founder of ERisk, a risk management software vendor in New York.

Jason has a BA in economics from the University of Massachusetts and an MBA from the University of Chicago.

Stephanie Lee, Director, Moody’s KMV

Stephanie Lee is a Director at Moody’s KMV and the Product Manager for Portfolio Manager. Stephanie was hired by KMV in 1998. Prior to joining Product Management, Stephanie was the technical lead engineer on Portfolio Manager and GCorr. Before MKMV, she was the head of Information Technology for two California cities. She has been published in Network World and has spoken at several conferences. Stephanie holds a B.S. in Applied Mathematics from Yale University and a Master's of Public Administration from the University of Southern California.

Amnon Levy, Ph.D., Senior Director, Head of Portfolio Research

Amnon Levy heads the Portfolio Research Group that is responsible for research and model development for MKMV’s portfolio, CDO, and valuation models. In addition, his group is responsible for quantitative client support as well as research services related to credit risk consulting.

Prior to joining MKMV, Dr. Levy was a visiting assistant professor at the Stern School of Business, New York University, and the Haas School of Business, University of California at Berkeley. He also has taught Corporate Finance at the Kellogg School of Management, Northwestern University and worked at the Board of Governors of the Federal Reserve System. Dr. Levy’s work has been published in the Journal of Financial Economics, Journal of Monetary Economics, and Risk. His research interests include capital structure choices as it relates to macroeconomic conditions, modeling credit risk, and recovery.

Dr. Levy holds a B.A. in Economics from the University of California at Berkeley and a Ph.D. in Finance from the Kellogg Graduate School of Management, Northwestern University.

Frederik J. ten Lohuis, Head of Credit Risk Management, ING Insurance AmericaS

Frederik ten Lohuis is Head of Credit Risk Management for ING’s Insurance Americas division in Atlanta. His unit focuses on making credit risk transparent using ING’s Economic Capital framework, as well as supporting the insurance operations to put controls in place that ensure alignment of risk taken with risk appetite. Scope includes credit risk embedded in investment portfolios, retail lending activities, and reinsurance and derivative contracts.

Mr. ten Lohuis has been working for ING since 1983. After working for 10 years in several corporate banking positions in the Netherlands, Germany and the United States he joined ING’s risk management organization. In 1995 he started the RAROC department of ING Barings in Amsterdam, selling the importance of “risk adjusted thinking” within ING’s banking organization and developing ING’s first RAROC tools. From 1998 till 2001 Mr. ten Lohuis was head of the Credit Risk Analytics department and member of the management committee of ING Group Corporate Credit Risk Management, responsible for developing measurement methodologies for credit and transfer risk, risk rating systems, loan pricing systems and implementation of a portfolio model. He represented ING in the discussions around the credit risk aspects of the Basel Capital Accord on national and international platforms and was a regular speaker at risk conferences.
In 2001 Mr ten Lohuis joined ING’s investment management organization and in 2004 ING’s insurance organization, working on the implementation of economic capital concepts for credit risk.

Mr. ten Lohuis holds a masters degree in Econometrics from the University of Groningen in the Netherlands.

Farshad Mashayekhi, Ph.D., Director, Moody's KMV

Farshad Mashayekhi is the head of Research Services group at Moody’s KMV (MKMV). The group leverages off its strong quantitative credit research capabilities in the latest portfolio management and valuation techniques at MKMV to support consulting services and implementation projects related to credit risk.

Since joining MKMV in 2002, Dr. Mashayekhi has led research projects related to the valuation of corporate loans and bonds, correlation models and the analysis of corporate bond indices. He has also been involved in the initial development of CDO Analyzer for evaluating various types of structured products. As a member of Advisory Services team at MKMV, he has also led the implementation of Economic Capital Programs in banks through Portfolio ManagerTM Pilots. He has been also a member of the Portfolio and Valuation Analytics group, and acted as the model manager for MKMV Global Correlation Model which is used in a range of portfolio products.

Dr. Mashayekhi holds a B.S. in Electrical Engineering from Sharif University, Tehran, a Masters in Economics from University of Illinois, Urbana-Champaign, and a Ph.D. in Finance from the Wharton School of the University of Pennsylvania.

Alec McAndrew, Director, Moody's KMV

Alec McAndrew is a Director at Moody's KMV and is Product Manager for the CreditMark and DealAnalyzer Products. Prior to joining Moody's KMV in 2003, Alec held a variety of risk management positions in Europe and North America over a 14 year career at J.P. Morgan and consulted on the design of risk management systems for a major European stock exchange group.

Alec holds a BA degree in Mathematics from Amherst College and an MBA from the University of Chicago.

John Andrew McQuown, Principal, Diversified Credit Investments

John Andrew “Mac” McQuown a Principal of Diversified Credit Investments, a San Francisco–based investment management firm that he cofounded.

A long-time entrepreneur, the companies Mac cofounded also include KMV (acquired by Moody’s in 2002), Diversified Corporate Loans, Dimensional Fund Advisors, Loan Performance Corporation, the Chalone Wine Group, and Stone Edge Vineyard & Winery.

Mac began his career at Smith Barney in New York, later joined Wells Fargo Bank in San Francisco as Director of Management Sciences, and served as founding-Chairman of Wells Fargo Investment Advisors (now Barclays Global Investors). He created the first equity index funds for institutional and retail investors.

He has an MBA from Harvard Business School, and a BS in mechanical engineering from Northwestern University. Mac serves on the advisory councils of the Graduate School of Business, University of Chicago; the Scripps Institution of Oceanography at University of California, San Diego; and TRAC II, Esalen Institute, Big Sur, California.

William Morokoff, Ph.D., Senior Director, Moody’s KMV

William Morokoff, Senior Director, leads the Global Research group at Moody’s KMV. Bill’s team is focused on developing methodologies and products for modeling default risk, credit valuation and risk assessment of credit sensitive portfolios and structures. Key efforts of the group include development of the EDF™ credit measures of public and private firm default probabilities, and development of credit portfolio performance and risk measurement tools covering the spectrum of credit sensitive assets. Previously, Bill headed the New Product Research group, with a focus on the development of CDO research and analytics.

Prior to joining MKMV, Bill was a vice president in quantitative risk management research at Goldman Sachs. His work has focused primarily on developing analytic and numerical methods for risk management and derivatives pricing.

Bill holds a Ph.D. in mathematics from the Courant Institute at New York University.

Mikael Nyberg, Senior Director, Moody’s KMV

Mikael Nyberg is a Principal Consultant with Moody’s KMV Portfolio Advisory Services practice. He leads the group that provides services to improve credit portfolio performance, helping clients address their most pressing portfolio strategy issues.

Prior to this, Mikael worked on the global implementation and product management of Moody’s KMV EDF™ and Portfolio Manager™, where he was responsible for the development of new models, software and data products.

Before joining Moody's KMV, Mikael worked for Prudential Securities in Los Angeles, and for engineering firms in the UK and Norway. He has a BS in finance and accounting from the London School of Economics and an MBA from IESE Business School in Barcelona.

Christopher J. Patafio, Director, HP Global Credit Operations

Chris Patafio is Director of Global Credit Operations for Hewlett-Packard Company, where he is responsible for setting the strategic mission and vision of the global credit function. As Director of HP Global Credit, Chris is also responsible for Global Credit / Collection Policy and Process, AR Portfolio Measurement and Management, Supplier Risk Analysis, and overall Credit related systems architecture, development and implementation. Chris joined Hewlett-Packard directly out of college in 1985 and has held various Finance related positions during his HP career.

Chris earned a BS in Finance and Economics from The Pennsylvania State University in 1985.

Mircea Pigli, Senior Quantitative Analyst, Fifth Third Bank

Mircea Pigli is Senior Quantitative Analyst at Fifth Third Bank. Mircea is responsible for revising the existing PD rating models for commercial borrowers as well as for improving the methodologies used to calculate the ALLL and credit risk economic capital.

Before joining Fifth Third Bank in 2005, Mircea worked in the Credit Risk Management group at Bank One (now JP Morgan Chase). Her duties there included evaluating PD models for commercial borrowers and backtesting and validating the internal rating system.

In addition, Mircea pursued doctoral studies in theoretical particle physics at the University of Chicago.

Thierry Porte, President and CEO, Shinsei Bank, Limited

Thierry Porté is President and Chief Executive Officer of Shinsei Bank, Limited. He joined Shinsei Bank in November 2003 as Vice Chairman and became Vice Chairman and Director in June 2004. Prior to joining Shinsei Bank in November 2003, he was a Managing Director of Morgan Stanley and served as President, Representative Director and Branch Manager of Morgan Stanley Japan. Over the course of a 22 year career at Morgan Stanley, Mr. Porté held various positions in capital markets, corporate finance and management in New York, London and Tokyo.

In 2002-2003, Mr. Porté served as a member of the Invest Japan Forum, a private sector committee which provided recommendations to Prime Minister Koizumi for the promotion of foreign direct investment in Japan. He served as Vice President and Governor of the American Chamber of Commerce in Japan from 2000 through 2003. He is a member of the Board of Directors and the Chairman of the Finance Committee of the American School in Japan. Mr. Porté currently serves as President of the Harvard Club of Japan. He is currently a member of the Harvard Business School Visiting Committee and participates on a number of Harvard boards and advisory committees.

Mr. Porté received a BA (magna cum laude) in Economics from Harvard College in 1978 and is a Baker Scholar graduate of the Harvard Business School, class of 1982.

William Procasky, CFA, Deputy Chief Credit Officer and Credit Origination Manager, BP North America Gas and Power

Will Procasky has been with BP North America Gas and Power since July 2005, where he started as the Credit Portfolio Manager responsible for the Power, Utility, E&P, Chemicals and Financial Institution sectors before transitioning to his current dual role of Credit Origination Manager responsible for the facilitation of structured transactions as well as Deputy Chief Credit Officer. Prior to joining BP, Will spent 14 years in the banking industry with ABN AMRO, DZ Bank and PNC Bank in various credit and origination roles in Energy Corporate Finance, International Corporate Banking, Leveraged Finance and Middle Market Corporate Banking. Before entering banking, he taught German and Math at Keystone Oaks High School in Dormont, PA.

Will holds a B.A. in Mathematics and German from Dickinson College in Carlisle, PA, and an M.B.A. from the University of Pittsburgh. He also is a CFA Charterholder.

Shisheng Qu, Ph.D., Manager, EDF Model Research, Moody’s KMV

Shisheng Qu is manager of EDF Model Research at Moody’s KMV, where he is responsible for recalibrations and improvements on Expected Default Frequency models, and also provides technical support. He joined the firm in 2004.

Shisheng received a Ph.D. in Engineering Mechanics from Tsinghua University in Beijing, China, in 1996. He then joined the treasury division of the international finance department of China Development Bank in Beijing. Shisheng is a candidate for a Ph.D. in Finance at the University of Texas at Austin.

Brian J. Ranson, Managing Director, Moody’s KMV

Brian J. Ranson is a Managing Director and Head of the Credit Strategies Group at Moody’s KMV. The Credit Strategies Group brings leading-edge credit risk knowledge to clients, regulatory bodies and the credit risk community at large. Prior to joining Moody’s KMV, Mr. Ranson was a Senior Vice President of Bank of Montreal. Mr. Ranson has a global reputation as a pioneer in the introduction of modern portfolio theory to the management of credit risk in banking. After executive positions in Finance and Asset/Liability management he became head of Loan Portfolio Management in Bank of Montreal in 1991. An emeritus member of the National Association of Asset/Liability Management, Mr. Ranson founded a group of credit practitioners that eventually became the International Association of Credit Portfolio Managers, Inc.

Mr. Ranson has lectured in North America, Europe, the Far East, the Middle East and Australia. He is the author of “Credit Risk Management” published in 2002 (third edition, 2005) and of many articles on credit risk management as well as a former columnist for Global Investor magazine.

Abe Riazati, Managing Director and Group Head for Quantitative Research & Risk Management, Evergreen Investments

Abe Riazati is a managing director and Group Head for Quantitative Research and Risk Management at Evergreen Investments. He has been with Evergreen since 2004. Previously, he served as the vice president for Quantitative Risk Management for ING Investment Management. He also served as a Senior Auditor for Ernst & Young.

Abe has been working in the investment management field since 1990. He received a BSc in Petroleum Engineering from Montana School of Mines and a BSc in Business Administration from University of Colorado at Denver, and an MS in Quantitative and Computational Finance from Georgia Institute of Technology. Abe is a CFA Charterholder and a member of the CFA Institute. He is also a Certified Public Accountant.

Brad Saegesser, Director, Moody’s KMV

Brad Saegesser is a Director in the Credit Risk Specialist group at Moody’s KMV. He has been with Moody’s KMV for thirteen years and has worked in many different areas, including product development, quality assurance, professional services, sales, and product management. Brad's role in Credit Risk Specialist group is as a product specialist working directly with clients to enable them to maximize their value and return on investment from Moody’s KMV products and services. Brad focuses much of his attention on RiskAnalyst, including the Ratings Package module, RiskCalc, and CreditEdge.

Brad has an MBA in Accounting Information Systems and a BA in Accounting, both from Michigan State University and is a Certified Public Accountant. Prior to joining Moody’s KMV, he worked as an Audit and Tax Professional with Ernst & Young.

Martha Sellers, Managing Director, Moody’s KMV

Martha Sellers is a Managing Director in Credit Strategies at Moody’s KMV. Her role bridges research, product development and client relationships for the firm, as she brings emerging product and research innovation to clients in the Americas.

Martha joined MKMV in 1995, first working in client service and product management. Before joining MKMV, she spent five years managing client relationships at a quantitative equity investment management firm. She began her career at the Federal Reserve Bank of San Francisco, in bank supervision.

Martha has a BA in economics from Mills College, an MBA in finance from the University of California, Berkeley, and a CFA.

Chris Shayne, Director, Moody’s KMV

Chris Shayne is a Director at Moody’s KMV and the Product Manager for Credit Monitor. Chris joined the firm in 1999 as a Technical Communicator and has held a variety of roles since his arrival. Prior to becoming the Credit Monitor Product Manager, he managed the Technical Communications and User Interface Design Group and was the Product Manager for both the Moody’s KMV Support Web and CDOEdge.

Chris received his CFA charter in 2004. He holds a BA in English Literature from the University of California as well as an MA in English Literature from San Francisco State University.

Alok Sinha, Principal, Deloitte & Touche LLP

Alok Sinha, Principal at Deloitte & Touche, leads the firm’s Basel II and Economic Capital services in the United States. Alok has assisted clients with projects related to capital allocation, RAROC, risk-based pricing, counterparty and portfolio risk measurement, credit portfolio valuation, and credit risk assessment. He is currently leading several projects related to Basel II implementations at leading financial institutions, both in the US and globally. His team is assisting four of the top five US banks on different aspects of their Basel programs.

Before joining Deloitte & Touche, Alok was SVP in the Risk Capital and Portfolio Analysis Group of Bank of America.

Alok has an MS and MBA from the University of Texas, Austin, and a BS from the Indian Institute of Technology in Kharagpur, India.

Ronald A. Strong, Vice President, Credit and Syndications, Oracle Financing

Ron Strong is a vice president of Oracle Corporation and responsible for global credit and syndications for Oracle Financing. Oracle Financing is the customer financing unit of Oracle and originates approximately $1 billion of financing contracts and leases annually.

Prior to joining Oracle in 2001, Mr. Strong was senior credit officer of Fleet’s vendor finance business, having held various credit management positions with its predecessor, Sanwa Business Credit since 1991. During the past 15 years, his primary focus has been providing financing solutions for software and other technology products. Prior industry experience includes business development and risk management for large financial institutions in the areas of leveraged lending, asset-based financing, franchise financing, aircraft financing and construction equipment financing.

He holds a bachelor's degree in business from the University of Illinois at Urbana-Champaign and completed credit training at Mellon Bank.

Wayne Iric Super, Director, Finance, Cisco Systems CapitaL

Wayne Iric Super is Director of Finance and Chief Risk Officer of Cisco Systems Capital, where he leads the worldwide risk function of 42 managers and analysts. The team executes credit risk, portfolio risk, portfolio reward, and compliance activities of a $3 billion long-term portfolio, $2 billion annual long-term originations, and $7 billion short-term originations, and develops worldwide risk, economic, and compliance policies.

Before joining Cisco, Wayne worked for GE Capital and Pitney Bowes. He serves on the board of directors of Tideline Capital Corporation and Vavni Corporation.

Wayne has a BA from the University of Missouri and an Executive MBA from the Keller Graduate School of Management.

Monty Taylor, Regional Credit Manager, Cisco Systems Capital Corporation

Monty Taylor is one of six U.S. Regional Credit Managers responsible for credit underwriting/ deal structuring, and risk management of a portfolio exceeding $2 billion. In addition, Monty is responsible for the implementation, deployment and training of Moody's|KMV Risk Analyst to the U.S. Credit Organization. Prior to joining Cisco Capital, Monty was manager of end-user financing programs for the Apple Computer.

Christian Thun, Ph.D., Director, Moody’s KMV

Christian Thun, a Director at Moody’s KMV, is responsible for Commercial Banking clients in Germany, Austria and Switzerland. He is based in MKMV’s London office but works offsite in Germany. Christian has established Expected Default Frequencies (EDFs) as the accepted benchmark for middle-market credit risk in Germany and was deeply involved in the latest development of the German middle-market CDO market

Prior to joining Moody's KMV in 2002, Christian was a team leader with private firm model developer Baetge & Partner and worked in the Structured Finance division of Dresdner Kleinwort Wasserstein in Frankfurt. Since 2004 Christian has been a lecturer on modern credit risk modeling at the University of Augsburg, Germany.

He holds a degree in business administration and a Ph.D. in finance, both from Westfälische Wilhelms-Universität, Münster, Germany.

Jeremy Vogelmann, Associate Director, Credit Derivatives

Jeremy Vogelmann is an Associate Director, Credit Derivatives at Barclays Capital. Based in New York, he trades high yield loan CDS.

Previously, Mr. Vogelmann worked at Lehman Brothers as a HY CDS trader with a focus on the loan product, and before that as a member of the Derivatives Solutions Group, marketing Interest Rate and FX Derivatives to Corporates.

While trading LCDS at Lehman, the desk was named LCDS Trading Desk of the Year for 2005 by Loan Market Week, as voted on by institutional investors. Mr. Vogelmann was one of the initial members of the industry-wide working group established to standardize LCDS documentation and is actively involved in creating a tradable LCDS Index product.

Mr. Vogelmann holds an MBA in Finance and Accounting from New York University’s Stern School of Business and an SB in Computer Science from the Massachusetts Institute of Technology. He is a CFA Charterholder.

David L. Waldman, Managing Director, Putnam Investments

David L. Waldman is Managing Director and Senior Portfolio Manager on the Core Fixed Income Team at Putnam Investments, and Director of Fixed Income Quantitative Research. David specializes in risk management and the use of sophisticated risk metrics in the management of multi-sector portfolios.

As Director of Fixed Income Quantitative Research, he provides the research link to portfolio management and establishes research priorities. David is an expert in the development and application of quantitative tools for portfolio construction.

David previously worked at Lazard Freres and Goldman Sachs. He has a BA from Stanford University and an MBA from New York University.

Scott Walker, Credit Portfolio Manager, BP North America Gas and Power

Scott Walker joined BP North America Gas and Power in March 2004, where he is currently the Credit Portfolio Manager for the Commercial, Industrial, Municipalities, and Trading industry groups. Before moving into his current role, Scott was responsible for counterparty relationships and credit assessments for BP’s trading partners in the utilities industries. He also led several internal projects designed to improve the team’s core operations, with a focus on driving ratings consistency and standardization of the credit assessment process. These efforts continue in his current role, with the dynamics of a growing business constantly challenging the team to develop more efficient and effective processes.

Prior to joining BP, Scott spent 7 years as a management consultant with Ernst & Young LLP. During this time, he worked in various project management and technical roles on information technology and process improvement projects with the firm’s energy sector clients.

Scott holds a B.B.A. from Baylor University in Waco, TX, and an M.B.A. in Finance and Management from the McCombs School of Business at The University of Texas at Austin.

Vanessa Wu, Senior Director, Moody's KMV

Vanessa Wu is a Senior Director at Moody's KMV, where she heads the portfolio products team. The team is responsible for Next Generation Portfolio Manager™ and the integration strategies of portfolio products.

When Vanessa joined Moody’s KMV in February 1997 as a Client Service member, she assisted global financial institutions in the implementation of KMKV's solutions for risk assessment and credit portfolio management. Before transitioning to her current role in product management, Vanessa was head of Global Client Support and Training.

Vanessa holds a BS with honors in applied mathematics, with an emphasis in business administration and a specialization in computing, from the University of California, Los Angeles.