Experience

Spero Risk Associates

• United States
• Business Consulting and Services
• 1 - 100 Employee

• President

  • 2016 - Present

  Leading experts in risk management; CECL and stress testing modeling; and model risk, development, validation and governance. Our principals are former banking executives with broad and deep experience in valuation, model, market, credit, and operational risk. Leading experts in risk management; CECL and stress testing modeling; and model risk, development, validation and governance. Our principals are former banking executives with broad and deep experience in valuation, model, market, credit, and operational risk.



John Carroll Catholic High School

• United States
• 1 - 100 Employee

• Track & Field Head Coach

  • 2017 - 2019

  Head coach for indoor and outdoor track: running, jumping and throwing and cat herding. Head coach for indoor and outdoor track: running, jumping and throwing and cat herding.



Regions Bank

• United States
• Banking
• 700 & Above Employee

• EVP, Head of Strategic Risk Management

  • 2012 - 2016

  Organized new SRM function and team and developed analytical framework; identified largest individual and joint risks; and ported CCAR models and methods to those idiosyncratic risks.• Beyond “what if” sensitivity analysis to “what then” to determine actionable strategies, tactics, and contingency plans to reduce propensities and magnitudes of loss.• Built SR 12 -7 compliant framework of hypothetical and historical scenario analyses of (1) environmental shocks; (2) income and value sensitivities; and (3) order of estimation (from preferred internal sensitivities to available external proxies). Show less

• EVP, Head of Model Development

  • 2014 - 2015

  Built centralized model development team, and constructed best-in-class models, stress tests, and related analyses across all banking functions and risk types, e.g., credit, market, operational.• In Birmingham, AL, where it is extremely difficult to recruit, quickly grew team from five to 37 by recruiting and integrating nationally-recognized, subject-matter experts, former regulators, “CCAR-bank” risk management executives, and analysts—about half with PhDs, most with advanced degrees. Lost two associates to family circumstances—births and deaths—none to competitors.• Successfully developed next-generation CCAR/DFAST models that integrate loss, PPNR, and balance forecasting for stress testing, scenario analysis, and valuation.• Implemented quality assurance and development programs (and SAS grid) to build (1) “zero-defect” and reusable models across portfolios and uses; (2) retain institutional knowledge; (3) provide managers and analysts with cross-training via peer-review of other development activities; (4) shorten feedback loop to discover errors quickly (before validation); and (5) minimize long-term model life cycle costs.• Corporate owner and writer of SR 11 – 7 (OCC 2011 – 12) model-related polices, including analytical tools; member of executive-level committees for risk and models and all CCAR committees; executive participant at Board Risk and Audit Committees. Show less

• SVP, Head of Model Risk Management

  • 2012 - 2014

  Built industry-leading model risk management group—both validation and governance policies, procedures and activities.• Defended all work in front of regulators. “Transformed (corporate model risk) culture in less than a year.”• In Birmingham, AL, where it is extremely difficult to recruit, built and managed industry-leading validation and governance functions for CCAR 2014 (no regulatory findings for MRM). ○ Grew team from five to 21 by recruiting experienced managers and analysts to improve validations, governance, and the function’s stature, influence, and reputation. ○ Trained and mentored managers and analysts to improve validation methods; technical and business skills and knowledge; institutional awareness; and communication skills.• Led by example: understood and could defend every validation rating and finding.• Wrote and managed SR11 – 7 (OCC 2011 – 12) compliant policies, procedures and standards related to model governance, model validation, and model development. Show less



BB&T

• United States
• Financial Services
• 700 & Above Employee

• Head of Model Risk Management

  • 2011 - 2012

  Economically built an SR 2011-07 compliant model risk management function and team. • Led all validations across all business functions and all risk types for $180B bank. • In Winston-Salem, NC, where it isn’t easy to hire, grew team from three to 15 by recruiting experienced managers and analysts to improve the quality of validations and governance and MRM’s stature, reputation and influence. • Supervised, trained, and mentored managers and analysts to increase validation technical and business knowledge and skills; institutional awareness; and communication skills. • Wrote and managed to SR11 – 7 (OCC 2011 – 12) compliant policies, procedures and standards. Show less



Spero Consulting

• Wexford, PA

• Owner

  • 2008 - 2012

  Advised senior managers and business owners on issues in finance; risk; managerial control; accounting; technology; and MIS & web site design and development. • Employed flexibility and creativity to solve root problems, e.g., hired to design a new cost system for mining firm. Explained that given fixed cost structure, new system would not be more informative. Instead, successfully valued reserves and created optimal production (excavating/washing) plan with existing system. • Projects included portfolio valuation and analysis, financial projection software development, training to make optimal decisions, web site design and development. Show less



PNC

• United States
• Financial Services
• 700 & Above Employee

• VP, Market Risk Managment

  • 2003 - 2008

  • Managed all market-related stress testing and scenario analyses: assets, liabilities, trades and conduits and subs, including loans, bonds, fixed-income derivatives, FX, CDS, CMBS pipeline, CMBX, equities and options. (>1,000 factors in about 20 LOBs.) • Modeled, valued and explained complex, unusual and novel transactions and events where data were sparse or no “textbook” or standard model existed: • Built counter-party credit reserve for interest rate swaps, swaptions, FX contracts, and other derivatives within budget and resource and system constraints. • Built Monte Carlo simulations for: (1) correlated earnings @ market risk, and (2) profitability of contractual guarantees under “sec” lending arrangements. • Built bank’s first CDS pricing model and supervised implementation. • Served as resource for technical/mathematical issues within area and bank. • Led cross-functional team to prepare enterprise-wide, scenario analyses for combined market & credit risk report to board (years before the crisis). • Validated and/or built various pricing & risk models, including: VaR for different trading books; economic capital; CDS, CDS hedging, LGDs and loan ratings; and FIN46 calcs. • Estimated price & swap risks, hedging options & potential future exposures. Show less



University of Minnesota

• United States
• Higher Education
• 700 & Above Employee

• Professor

  • 1998 - 2003

  • MBA teaching with emphasis on: --optimal decision-making --cost system design --budgeting --incentives problems and solutions, including optimal performance measures. • Academic research in corporate finance and accounting, including: --information economics and incentives --performance measures --investments --cost systems --quality --mathematical modeling but some empirical research, too. • MBA teaching with emphasis on: --optimal decision-making --cost system design --budgeting --incentives problems and solutions, including optimal performance measures. • Academic research in corporate finance and accounting, including: --information economics and incentives --performance measures --investments --cost systems --quality --mathematical modeling but some empirical research, too.



Washington University in St. Louis

• United States
• Higher Education
• 700 & Above Employee

• Professor

  • 1993 - 1998

  • Award-winning MBA and Executive MBA teaching in: --strategic cost analysis --managerial control systems --advanced managerial accounting . • Academic research in accounting, including: --information economics and incentives --performance measures --investments --cost systems --quality --mathematical modeling but some empirical research, too.. • Directed multiple independent studies and practicums on topics like cost systems, real options; budgeting at a defense contractor; and performance measures at a top-10 bank. Show less



Mellon Bank

• Credit Risk

• Credit Risk & Training

  • 1984 - 1988

  • Advised credit managers and lenders on complex financial reporting (FASB & SEC) and valuation issues, primarily related to M&A and LBOs. • Supervised corporate lending credit trainees. • Created valuation and credit analysis projection software for M&As and LBOs. Emphasis was on scenario development and the projection of available cash to meet future obligations: estimating liquidity rather than market asset values. • Developed corporate credit analysis courses and methodology of comparing borrower’s future cash flows to anticipated obligations across different scenarios. Show less