OREANDA-NEWS. October 12, 2012. Elena Rozanova, Manager of Risk Management Practice, the Energy Consulting Group, informed on legal risks at the International Banking Conference 2012 held in Tbilisi (Georgia), reported the press-centre of Energy Consulting. 

The International Banking Conference (IBC) 2012 in Tbilisi brought together key experts of the branch to discuss up-to-date technologies and products of the interbank financial market. The conference was arranged by the Moscow International Currency Association (MICA).

Representatives of federal authorities, top-managers from banks, stock exchanges, financial, brokerage and investment companies, managers and employees from treasuries, financial institutes, analytics and other experts were presented at the IBC 2012.

On October 4, Elena Rozanova presented her report "Legal risk as a systemic risk, or Russian banks on sufferance". Elena provided her speech with overall assessment of legal risks in the banking system in view of macroeconomics, and focused on the ways how to build legal risk management in banks as a part of the integrated risk management, and how to provide an independent economic appraisal of the performance of legal departments.

Elena Rozanova emphasized: "Legal risks of banks become systemic and macroeconomic, and make an impact not just on the financial position of financial establishments but on the economy as a whole. Banking crisis can be instigated not only by economic problems, but also legal challenges. That is why the legal risk management becomes crucial in the risk management system".

The Conference has afforded the vast opportunities for its participants to the meaningful dialogue and to the interchange of experiences, to discussion of the most topical matters concerning the efficiency of different branches on the financial market. The subject matters for discussions were the issues related to the development of inter-banking financial market infrastructure (FX&MM, forward contract transactions, repo transactions, market of debt instruments, utilization of up-to-date electronic systems and technologies, cross-border transactions, cash remittance etc.).