David R. Koenig, QRD®

David R. Koenig, QRD®

Columbus, Ohio Metropolitan Area
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About

I'm in the final phase of my career, leading a global 501(c)3 nonprofit, the DCRO Risk…

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Activity

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Experience

  • (b)right governance Graphic

    (b)right governance

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    Global

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    Global

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    Oxford, Ohio, United States

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    United States

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    London, England, United Kingdom

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    Chicago, Illinois, United States

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    Greater Minneapolis-St. Paul Area

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    Greater Minneapolis-St. Paul Area

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    Greater Minneapolis-St. Paul Area

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    Greater Minneapolis-St. Paul Area

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    Greater Minneapolis-St. Paul Area

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    Greater Minneapolis-St. Paul Area

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    Des Moines, Iowa, United States

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    Evanston, Illinois, United States

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    Chicago, Illinois, United States

Education

  • Northwestern University Graphic

    Northwestern University

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    Activities and Societies: Served as a graduate research assistant to Prof. Charles Calomiris and Prof. R. Glenn Hubbard.

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    Activities and Societies: Pi Mu Epsilon Mathematics Honor Society, Miami University European Center (Luxembourg)

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    An abridged two-year Master of Business Administration degree via virtual learning. Innovation and informed business decision-making are at the core of the program.

Licenses & Certifications

Publications

  • The Governance of Risk

    Journal of Risk Management in Financial Institutions

    Introduction to the JRMFI Special Issue on Risk Governance - Risk, for most people, is uncertainty, especially in the domain of losses. But, in my work, risk has always been viewed as being two-sided, with account given to both potential gains and losses.

    See publication

  • Are Board Risk Committees a Fiduciary Expectation?

    Conference Board of Canada

    Businesses exist to take risk. Without the acceptance of this premise, there is no reason to deploy capital and no reason for a governance function to exist. The fiduciary governance of a business’ strategy, and therefore the firm’s risk taking, rests with
    the board of directors. Yet, with complex organizations, sufficiently meeting the fiduciary obligation of care—in which
    risk taking and risk management are embedded—may require a more specialized understanding of risk than can be…

    Businesses exist to take risk. Without the acceptance of this premise, there is no reason to deploy capital and no reason for a governance function to exist. The fiduciary governance of a business’ strategy, and therefore the firm’s risk taking, rests with
    the board of directors. Yet, with complex organizations, sufficiently meeting the fiduciary obligation of care—in which
    risk taking and risk management are embedded—may require a more specialized understanding of risk than can be managed effectively by the board as a whole.

    See publication

  • The Relationship Between Boards of Directors and Their Risk Management Organizations

    Wiley - Blackwell

    Over the past decade risk management has evolved from a technical discipline focused on specific exposures to an expectation of shareholders, regulators and others affected by the performance of governance at publicly held companies. A survey of large institutions around the world helps to benchmark the state of the practice.

    Other authors
    • Michael A. M. Keehner
    See publication

  • The Importance of Risk Management and its Potential Blind Spots

    Journal of Risk Management in Financial Institutions

    Whether a stream of cash flows from a retail or commercial loan, an equity investment or a bond, the value of receiving those cash flows in today's currency is an aggregation of all expected future cash flows, discounted by some measure of alternative returns and perceived risk. Risk management influences the value of any asset that generates cash flows in multiple ways and its optimal execution can generate substantial additional present value. Optimality, though, is an elusive level of…

    Whether a stream of cash flows from a retail or commercial loan, an equity investment or a bond, the value of receiving those cash flows in today's currency is an aggregation of all expected future cash flows, discounted by some measure of alternative returns and perceived risk. Risk management influences the value of any asset that generates cash flows in multiple ways and its optimal execution can generate substantial additional present value. Optimality, though, is an elusive level of practice, further challenged by an inability to recognize what constitutes optimality and the blind spots that threaten to undermine any preconceived notions of how optimality is best pursued.

    See publication

  • The Human Reaction to Risk and Opportunity

    in New Frontiers in Risk Management by David Olson and Desheng Wu

    Enterprise Risk Management is about increasing the value of an enterprise or system. The value of a system today is the discounted present value of some perceived set of possible future states of value of that system. By creating ductile systems that respond well to risk events, we can positively change the distribution of and perception about expected future states of value of the system. We can also increase the expected life over which the system is being valued.

    See publication

  • Aligning Compensation Systems with Risk Management Objectives

    in Risk Management - A Modern Perspective by Michael Ong

    Case studies of major financial scandals have usually focused on the controls and processes that might have prevented their realization. However, a deeper look into the behavioral aspects of the cases leads to some interesting insights about the environments in which these losses were allowed to occur. The dynamics of authority influence an incentive compensation may actually be primary contributors.

    See publication

  • Foreword

    Euromoney Derivatives and Risk Management Handbook

    Risk management and governance are in vogue. Some of those who missed this trend are in jail. We are now wondering if the serious attention given to these critical elements will continue or if corporate focus will somehow shift away, relegating value-adding governance to a role of diminished and perfunctory process. It is essential that this not be allowed to happen.

  • Understanding Risk Management as Added Value

    Euromoney Derivatives and Risk Management Handbook

    Every management decision, whether explicitly identified as such or not, is a decision on how to best take risk. One might wonder, then, why there is no overwhelming enthusiasm from line and middle managers and, to some extent, from senior managers for 'risk management' to be seen as a value creating activity on a par with increased market share, sales revenue or product innovation.

    See publication

  • Beyond the Black Marble - An Introduction to Enterprise Risk Management

    ICFAI Press

    ERM is not a black box from which answers emerge. It is a discipline, where managerial decisions are made with enhanced information. They remain managerial decisions, subject to human error. But, ERM-influenced managerial decisions are vast improvements on any ad hoc managerial styles.

    See publication

  • Business Line Advocacy - The Evolution of the Risk Manager

    GARP Risk Review

    Risk managers should ideally act as "Business Line Advocates" and can do so without compromising their independence.

    See publication
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Honors & Awards

  • M-Prize for Management Innovation

    Management Innovation eXchange

    The M-Prize is a call to management innovators (and aspiring management innovators) around the world to make a real difference when it comes to improving the technology of human accomplishment. David's entry, Risk Capital as Commons: Distributive and Networked Governance, was chosen in the category of Reinventing Leadership.

  • The PRMIA Higher Standard Award

    Professional Risk Managers' International Association (PRMIA)

    The top honor awarded by the Professional Risk Managers' International Associaton for contributions to PRMIA and to the risk profession. Prior winners include Nobel Laureate, Dr. Robert Merton, and Prof. Carol Alexander.

  • Inaugural Inductee Risk Who's Who Society

    Risk Who's Who Society

    In 2007, industry peers named the first 100 inductees into the global Risk Who's Who Society.

Languages

  • English

    Native or bilingual proficiency

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