Frances Cowell is a specialist risk manager who sees strong risk management at a source of organisational strength. She draws on extensive experience as a portfolio manager and CRO across asset classes, with emphasis on hedge funds and derivatives. Having helped pioneer the use of financial derivatives to derive risk-free profits in early hedge fund-like portfolios in Australia, Frances applied the same risk-based techniques to manage conventional pension portfolios. After moving to the UK, she served as Head of Investment Risk, focussing on risk management for multi-asset and single asset class portfolios and hedge funds, first at Aviva Investors (then Morley Funds Management), later moving to CCLA. As Head of Investment Risk, she demonstrated the value of engaging with, and earning the confidence of, portfolio managers in order to address risks before they become a problem. She believes that this is essential for ensuring that what investors get is consistent with their requirements and is a powerful contributor to commercial success. Most recently, she co-authored, with Matthew Levins, Crisis Wasted? Leading Risk Managers on Risk Culture, a book published by Wiley in October 2015, which addresses pressing issues affecting financial system stability, business ethics and conduct risk since the financial crisis of 2007-09. Its preparation drew on her extensive network of directors and senior managers in investment management firms to engage with ten C-suite global risk professionals.