Federal Reserve Board of Governor to speak at April ERM Roundtable

Jan. 31, 2006 – Governor Sue Bies, one of five members of the Federal Reserve System’s Board of Governors, will speak at the April 28 ERM Roundtable. The ERM Roundtables are hosted by the NC State University College of Management’s Enterprise Risk Management Initiative.

Bies' presentation will be from 7:30 a.m. to 9:00 a.m. at NC State’s McKimmon Center in Raleigh, NC. The program is open to the public at no charge as a service of the ERM Initiative. Seating is limited at the popular ERM Roundtables, and reservations are required. Send reservation requests to ERM_Initiative@ncsu.edu.

Governor Bies frequently speaks about the importance of enterprise risk management for financial institutions. Prior to becoming a member of the Board of Governors, Bies was Executive Vice President for Risk Management and Auditor at First Tennessee National Corporation, Memphis, Tennessee and served as Associate Professor of Economics at Rhodes College.

The Board of Governors of the Federal Reserve System has primary responsibility for formulation of monetary policy. The Board sets reserve requirements and shares the responsibility with the Reserve Banks for discount rate policy. In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the Federal Reserve System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks.

Members of the Board of Governors are nominated by the President of the United States and confirmed by the Senate. A full term is 14 years.

The ERM Initiative at NC State’s College of Management is focused on teaching and research regarding risk management across the enterprise. It is led by Mark Beasley, professor of accounting and member of a COSO board that is working on internal control guidelines for small companies striving to comply with Sarbanes-Oxley requirements.