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The return of inflation: an old challenge for a new generation of bankers

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Andrew Cunningham, Chairman at Editorial Board for the Centre for Governance, LIBF
Mark Cliffe, visiting Professor, LIBF
Paul Fisher, former MPC member at the Bank of England, visiting Professor, LIBF
Professor Bryan Foss, Risk Coalition

For the past 30 years, Europe, North America and much of Asia has enjoyed stable monetary conditions characterised by low inflation and low interest rates.

But now, the Bank of England is predicting that UK inflation approach 10% by the end of the year, and the prognoses for other developed markets are the same.

How will the new monetary environment affect bank performance, and how should directors and senior managers of banks respond?

LIBF's Centre for Governance, Risk and Regulation has assembled a team of experts to consider the challenges and opportunities presented by the return of inflation, and to consider different scenarios. Among the themes to be discussed will be:

  • what is the cause of the increase in inflation, how high could inflation go, and how will monetary authorities react?
  • how will higher inflation impact banks' balance sheets and earnings?
  • responding to these new conditions: action points for board directors and senior managers.

Who will be speaking?
Andrew Cunningham, Chairman at Editorial Board for the Centre for Governance, LIBF
Mark Cliffe, visiting Professor, LIBF
Paul Fisher, former MPC member at the Bank of England, visiting Professor, LIBF
Professor Bryan Foss, Risk Coalition

Andrew Cunningham
Andrew's work focuses on corporate governance and on bank risk and regulation. He has extensive experience working with banks and bank regulators in both advanced and developing economies.

He has advised on the implementation of international standards, and delivered training courses on bank regulation, bank capital and liquidity, and corporate governance to central banks, supranational organisations and commercial banks around the world.

Much of his work on governance entails working with institutions to help them align their corporate governance practices with international best practices and local standards.

Andrew began his career as a journalist, then spent nine years with Moody's, rating banks in emerging markets and in western Europe. He went on to work for an NGO that advised financial sector regulators on how to introduce the latest international standards, and worked with state-owned banks, and private sector institutions to introduce best practices on risk management and governance.

More recently, Andrew has worked as an independent consultant including for the European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation, and the United Nations Development Programme. He is proficient in Arabic and French and has a working knowledge of Greek.

Mark Cliffe

Mark is an experienced international economist who has led teams, providing analysis and insights to both corporate and retail banking customers. Currently he is a Senior Adviser to KPMG on environment, social and corporate governance (ESG) and climate risk.

He has over 30 years' experience with major international banks. Having spent over 20 years as Chief Economist and Global Head or Research at ING Group, he created and led the New Horizons Hub - analysing disruptive change, climate risk and digital finance.

Mark is regular conference speaker and his work features in the international media.

Paul Fisher

Initially an academic research economist, Paul served at the Bank of England for 26 years, including as Executive Director for Markets, Deputy Head of the Prudential Regulatory Authority (PRA) and for five years as a member of the Monetary Policy Committee.

Since 2016 Paul has pursued a portfolio career, including as:

  • Chair, London Bullion Market Association
  • Non-executive Director at UK Debt Management Office
  • consultancy and technical assistance for central banks and the IMF.

He has a number of academic affiliations including:

  • Visiting Professor, at LIBF, Warwick University Business School and the University of Richmond, London
  • Fellow, Cambridge Institute for Sustainability Leadership, andconsultancy and technical assistance for central banks and the IMF.
  • Senior Research Fellow, King's College Business School.

Paul writes about central banking and financial markets and is the Editor of Making the Financial System Sustainable, published by Cambridge University Press, 2020.He spends a considerable amount of personal time working on the interactions of climate change and the financial sector. This has included serving on the EU High-Level Experts Group on Sustainable Finance and the UK Green Finance Task Force - both in 2017/18. He's currently a member of the UK Green Technical Advisory Group.

Professor Bryan Foss

Bryan is an independent director and Co-founder of the Risk Coalition. He's an experienced non-executive director (NED) with listed, financial services, public sector organisations and innovative small to medium enterprises (SMEs). He's currently an adviser to the Financial Reporting Council (FRC).

In addition, Bryan mentors growth company founders and numerous senior executives into NED roles. As these new SME businesses are more likely technology and data based - eg artificial intelligence (AI), internet of things (IoT), blockchain etc - they grow quickly through partnerships with much larger organisations and financial backers. Supporting international growth and regulatory compliance are key issues for Bryan's mentoring.

Bryan is also a Visiting Professor with Bristol Business School. With the Risk Coalition, he has published risk guidance and benchmarking for boards, risk committees, chief risk officers and risk functions. Most recently this has included an environmental, social and corporate governance (ESG) and technology transformation focus.

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