NERA Vice President Dr. Sharon Brown-Hruska chaired the first day of this two-day risk management conference, which was held in New York City on 12-13 March 2008, and also participated in a panel discussion entitled "Portfolio Valuation and Illiquid Holdings." Conference participants examined best practices and strategies in risk management that investors and hedge funds can implement to meet their future obligations and maximize their risk-adjusted returns. Dr. Brown-Hruska and her co-panelists discussed a range of timely topics, including valuation of illiquid portfolio holdings; CDOs, credit default swaps (CDSs), and collateral; implications of FAS 157/159, Level 3 assets, and mark-to-model valuations; standards and guidance for determining Level 3 assets; and contagion and recent illiquidity in "cash-like" investments.