Members Hear Expert Views on State and Local Government at May Dinner Meeting
Risk Management Guidelines Offered at Mini-Session
Michael Affuso, Executive Vice President and Director of Government Relations for the New Jersey Bankers Association,
shared his expert views on key issues regarding state and local governments in New Jersey at the Chapter’s recent May
Dinner Meeting. The afternoon mini-session featured a timely risk management presentation by Will Ansah, Director - Risk Advisory Services for RSM US LLP. The meeting was held on Wednesday, May 18, 2016 at the
Stony Hill Inn in Hackensack. Members enjoyed a cocktail hour following the mini-session before sitting down to a
full course dinner featuring sirloin steak or fresh salmon prepared by expert chefs.
Featured dinner speaker Michael Affuso, New Jersey Bankers Association, presented expert views on government issues at the May Dinner Meeting.
Michael Affuso answers questions from the Membership during the May Dinner Meeting presentation.
Mr. Affuso provides legal opinions and analysis of proposed and pending legislation that affects the New Jersey
banking industry. He also manages relationships with both federal and state legislatures on behalf of the New
Jersey Bankers Association. Michael touched on the key legislative issues affecting state and local governments.
He believes that proposed increases in the state gas tax are certainly on the way, but “How much?” is the question.
He noted that increases in the estate tax, the “millionaires” tax and pension reform will serve as key factors
legislators will use to lower the significant state budget deficit. He cautioned that the electorate will not
support a tax increase to fund the state’s deficit without a tangible benefit to the state’s taxpayers.
Michael discussed the significant redistribution of property taxes by New Jersey townships to county, state and
education makes it difficult to determine the cost of services to taxpayers. He also noted how the comingling of
tax revenues collected for specific purposes represents a “complete breach of public trust” and a “complete lack
Michael described the current state of affairs regarding Atlantic City as “planning gone catastrophically wrong”.
He stated that a declaration of bankruptcy is not a viable option and he feels that a bailout or takeover is the
most likely solution. Michael shared his opinions regarding the upcoming state elections. He concluded by stating
that the “big winner” in the presidential election will likely be “Fox News, CNN and the other news channels!”
Will Ansah presented Model Governance and Risk Management at the mini-session
preceding the cocktail hour. Will defined model governance as the oversight structure for managing risk through a model
risk management function that reports to the board of directors of an institution. He noted that this function is required
for banks exceeding $10 billion in assets. He then defined the risk management process and provided specific guidelines
for building a risk management framework that is properly aligned with an institution’s structure and activities. Will
noted how institutions need to constantly improve internal risk management in order to meet regulatory requirements,
increase competitive advantage and provide board accountability.
Topics and Speakers
State and Local Government Issues
Model Governance and Risk Management
Will Ansah (l.), BDO US is introduced by Chapter Treasurer Stephen Feehan at the afternoon mini-session.
Will Ansah provides Members with an expert framework for implementing a risk management plan.