10 Ty Brull and Jonny Hulse with CalTech, Olathe, KS (KBA Endorsed Vendor). Dennis Zimmerman, Commerce Bank, Kansas City, MO and Bank Management Committee Chair Mike Cearley, Centera Bank, Sublette, KS. 2021 Economic Outlook & Risk Management Conference The Wichita Marriott Hotel was the location for the 2021 Economic & Risk Management Conference Nov. 3–4. With many CEOs, CFOs and investment bankers on hand, the program provided high-level and timely bank development and planning information. KBA Chairman Mike Ewy, Community State Bank, Coffeyville, welcomed attendees, thanked conference sponsors, and gave special recognition before introducing the first keynote speaker, economist Chris Kuehl with Armada Corporate Intelligence. In his talk titled, “Navigating the Post-Pandemic Economy: New Worries with the Relief,” Kuehl discussed that as we have emerged from the pandemic nightmare – to a degree – we face new challenges. Some sectors of the economy are still having issues, including travel, manufacturing, and entertainment, to name a few – but the overall economy model is predicted to experience growth. Further, he explained the lack of job seekers and how this affects our industry and the entire labor market. Lastly, he shared how the just-in-time model we have all grown accustomed to is broken. With supply chain issues, people and companies are hoarding products to make sure they have what they need, causing others to go without. “Data Break: What’s my Risk?” was presented by Dr. Robert Minniti. Cyber fraud is growing. In 2020 alone, 791,790 incidents totaled $4.2 billion in losses. Minniti broke down the Internet Crime Complaint Center’s (ICS3) top four schemes: phishing, vishing, smishing, and pharming, and the impact a breach can have on a financial institution. He shared some very eye-opening examples of how extremely vulnerable we are and how easy it is for cybercriminals to obtain personal information off the dark web. Following lunch, the conference had three options for breakout sessions that included: • “ALCO & Balance Sheet Management in the Era of COVID-19” Al Forrester, FICAST/Empyrean Solutions • “The Economic Factors Influencing Interest Rate Risk” A.W. Spellmeyer, First Bankers’ Bank • “Internal Audit’s Role in Risk Management” Janice Harden, Wipfli In the day’s final session, “2021 Economic Forecast – The Light at the End of the Tunnel,” K.C. Mathews, UMB, provided a hopeful economic forecast. We are coming out of the tunnel; economic activity will naturally moderate as the cycle matures. We think GDP will end the year around 6% and slow to 4% in 2022.
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