ThirdEye
RiskInsights
“Each thing has to transform itself into something better, and acquire a new destiny” –
Paulo Coelho, The Alchemist.
The Company
ThirdEye RiskInsights was founded to provide guidance and advice on enterprise risk management strategy and assessments, to corporate boards and senior management, creating for them possibilities through risk awareness.
While almost all organizations manage risk in some form or shape, it is those that view risk management as embodying both threats and opportunities, incorporating elements of foresight and pro-activity, taking a stance on prevention rather than cure, that tend to perform better than others.
A number of corporations whether in manufacturing or financial services, have a limited understanding and a misguided perception of what ERM (enterprise risk management) entails and consider it to be limited to some of the following:
¾ Enhancing the control, compliance or audit functions of an organization ¾ A bolting together of disparate and legacy risk practices
¾ Understanding the weakest link in the supply chain ¾ Developing a set of sophisticated quantitative metrics ¾ Building resiliency within the operations
¾ A process for establishing capital adequacy requirements ¾ A tool intended to predict the birth of a “Black Swan” ¾ A static practice
At ThirdEye RiskInsights we view Enterprise Risk Management as “the art and discipline of listening, learning and responding proactively to all types of threats and opportunities, internal and external that face an organization, so as to create mutually beneficial and lasting relationships with all customers that interact and have a stake in it.”
We therefore believe that “ERM is a cultural framework, designed by organizations to bring about a greater sense of risk awareness, and the implementation of which is an evolutionary process.” ThirdEye RiskInsights provides corporations with that guidance and advice needed to establish this alchemy.
The Partners
Prior to founding ThirdEye RiskInsights in April 2008, Dr. Prodyot Samanta was a director and ERM specialist with Standard and Poor’s Financial Services Ratings Group.
At Standard and Poor’s Prodyot was the chief architect in designing and shaping the framework and analytical methodology which Standard and Poor’s currently employs in assessing the ERM practices of financial institutions. Prodyot spearheaded and guided the application of this framework to insurance companies, energy trading firms and more recently to non-financial and manufacturing companies. Prodyot also served as the chair of Standard and Poor’s risk-adjusted capital modeling committee for financial institutions.
Prodyot also spent several years at Algorithmics Inc., an enterprise-wide risk management software and consulting company. There he was responsible for running the Solutions and Financial Engineering division for Algorithmics’ North American operations. In that capacity he was primarily responsible for articulating the mechanics of Algorithmics’ suite of products and designing ERM solutions for banks, asset managers, hedge funds, and energy companies. This involved a comprehensive set of solutions spanning market risk, counterparty credit risk, portfolio credit risk, and operational risk. Prodyot also guided the implementation from a business and functional aspect, of Algorithmics’ market and counterparty credit solutions at several companies in North America.
From 1994 - 1998, Prodyot was an associate professor in the School of Business at Manhattan College in NY. In that capacity he taught MBA and undergraduate courses in economics and finance and designed, structured and implemented a risk management program for the school of business.
Prodyot has spoken and presented at several national and international risk conferences and symposiums. He has consulted on a number of risk management projects including those with the AIMR and the Treasury Management Association. He is a member of several risk organizations and has served on the Advisory Examination Council for GARP. Prodyot also serves as an advisory board member for NC State University’s ERM initiative program.
In June 2007, Prodyot was recognized by Treasury and Risk magazine as “one of the 100 most influential individuals in finance”. He is also a Charter Member of “Risk Who’s Who”.
Services Provided
ERM Strategy, Assessments, Education and Research
Through our unique experience with enterprise risk management we complement the work of these organizations and offer Boards and CEO’s the highest quality guidance and advice on:
1. Formulating robust ERM strategies for their corporations, thereby creating greater possibilities to enhance performance. And,
2. Facilitating corporations with their internal risk assessments.
3. In addition to this we conduct workshops and research on enterprise risk management to engender thought leadership and establish sound risk management practices within businesses.
ThirdEye RiskInsights provides organizations with insights into and guidance for establishing robust and effective enterprise risk management strategies through customized ERM education, designed for Boards, CEO’s and Senior Management across industry sectors. Through this process Boards and their CEO’s create for their organizations a greater awareness towards risk, thereby enhancing their possibilities and performance.
Secondly, as a follow-up step, we also facilitate corporations with their internal risk assessments, bringing to the table our unique perspective on risk management practices that institutions and firms are employing across the globe.
While the efforts of a number of organizations that have contributed to the thinking and articulation of some generally accepted principles of risk management, [including, COSO (The Committee of Sponsoring Organizations of the Treadway Commission), AS/NZS 4360 (created by the Joint Standards Australia/Standards of New Zealand Committee OB/7) and BIS (Bank for International Settlements)] clearly need to be applauded, it is important for CEOs and their Boards to understand that the adoption of any one of these standards, is in itself not sufficient for them to assert that their organization have effective risk management practices embedded into their business processes.
News & Resources
Research PapersVisit us @ www.thirdeyeriskinsights.com to download articles.
Recent Speaking Engagements
ERM Research Conference, North Carolina State University, April 11, 2008 ERM Symposium, Chicago, April 14-16 2008
Innovations in Performance Management, Orlando, April 29th – May 1st, 2008
Keynote Speaker: Risk + Compliance Management Conference, Athens Greece, June 12th, 2008
Associated Links www.riskwhoswho.com/Charter/SamantaProdyot.html www.treasuryandrisk.com www.erm.ncsu.edu www.garp.com www.prmia.org www.sifma.org www.gloriamundi.org www.erm.coso.org
Contact Information
In 1636, tulip trading was introduced on the Dutch Stock Exchange, whilst in the grip of a tulip-mania. By February of 1637 the greed and madness burst the ‘bulb-ble’ ruining thousands of wealthy individuals. The concept of risk appetite did not exist in the risk management lexicon of the times. More than 350 years later, organizations are still grappling with obtaining a clear vision of risk appetite!! If your organization needs guidance on this, or on establishing a sound risk management strategy, contact us to provide you with that insight.
Located in scenic Westchester county New York, ThirdEye RiskInsights is less than 40 miles from midtown Manhattan.
For information email us @: [email protected]
If you wish to contact one of the partners, please send an email to
