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PRMIA NEWSNews and information from industry's higher standard in risk associations. August 30, 2010 Submit Your Abstract - ERM Symposium Call for PapersThe 2011 ERM Symposium offers an opportunity for professionals from numerous disciplines to gather and discuss the latest developments in ERM. In conjunction with the ERM Symposium, a call for papers has been issued for those exploring risk management topics, with a focus on analysis and practical tools related to both financial and operational risks, the interaction between risks, integrated ERM and creating value through ERM. Abstracts are due by Oct. 1, 2010 to: Barbara Scott Selected papers will be presented at the Symposium, and prizes for best papers will be awarded. Some travel expenses will be reimbursed as well. View the Call for Papers website for additional information. Interested authors must submit completed papers no later than Jan. 5, 2011. Papers submitted by PRMIA members but not selected as prize-winners may be published on the PRMIA website or in an upcoming issue of the Risk Premia newsletter. For questions on the call for papers, please contact Steven Siegel, SOA research actuary, at ssiegel@soa.org. The 2011 ERM Symposium is presented by PRMIA, the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries. Posted by Janet Tritch at 09:23 PM | Comments (0) August 25, 2010 David Millar Offers Insight on Careers in Risk ManagementDavid Millar, PRMIA Chief Operating Officer, was recently interviewed in the Hong Kong University of Science and Technology Risk Management and Business Intelligence newsletter on the topic of careers in risk management. In his interview Mr. Millar stresses the importance of recognizing risk management as a profession and the critical nature of risk education and certification. Click here and read Mr. Millar's article on page 6. Posted by Janet Tritch at 07:54 PM | Comments (0) June 29, 2010 New Regional Director to lead the Washington DC Chapter - Thomas DayPRMIA announces today the appointment of Thomas Day as the new Regional Director of the Washington DC Chapter. In his role as the Managing Director for Risk and Policy at SunGard Financial Services he is responsible for assessing risk across the balance sheet of some of the largest banks in the United States, understanding the risk management challenges - be they credit, market, liquidity, funding, price and other risks - and developing and deploying solutions that improve efficiency, capital measurement and, perhaps most importantly, foster the right set of enterprise-wide incentives. Not surprisingly, this view isn't simply resolved with technology platforms. The challenge of actively managing a balance sheet - whether corporate, financial, insurance or alternative investment - requires organizational infrastructure and financial risk governance models that create the right business intelligence being available at the right time, in the right place and at the right price. As the Managing Director of Risk and Policy at Sungard, Mr. Day is a key source of thought-leadership for the company and its financial institution clients. Leveraging an extensive twenty-year career in banking, risk management and bank supervision, he assists clients in navigating through diverse market challenges and opportunities. His overall knowledge across financial enterprises is comprehensive and Mr. Day is well known for practical solutions to financial problems from a best-practice, business, accounting and strategic perspective. Prior to re-joining SunGard, Mr. Day was Senior Risk and Policy Advisor within the US Treasury Department. In this role, Mr. Day oversaw the TARP program for various OTS chartered institutions and was a member of the interagency committee that reviewed applications for billions of dollars of capital investments into banks and other institutions. He has also served in senior roles at the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors, AmSouth Bancorporation and SouthTrust Bancorp. He previously served as the SVP and head of product management and development at SunGard BancWare, one of the world's leading providers of risk management software, and was SVP of Balance Sheet Strategy for one of the largest commercial banks in the nation. Mr. Day has a BS in Economics from Auburn University, is a Commissioned National Bank Examiner and a Commissioned Federal Bank and Financial Holding Company Examiner. Mr. Day is also the Regional Director for the Professional Risk Managers' International Association (PRMIA) in Washington D.C., a chapter with over 4,800 members. He is a frequent speaker at various industry conferences and events, a published writer and an avid fan of college football (particularly the SEC). He believes that social networking technology, cloud-computing and data transparency will radically transform not only finance, but financial risk management, our understanding of markets and will revolutionize the nature of brand and value. Mr. Day's goals for the DC-PRMIA Chapter in 2010 are to (http://bit.ly/DCPRMIA): 1. Create an environment of connectivity and community amongst DC chapter participants PRMIA would like to acknowledge the Steering Committee members of the Washington DC chapter that will help the chapter achieve their goals, please find the members below. Posted by Janet Tritch at 11:13 AM | Comments (0) June 15, 2010 Call for Speakers - Credit Risk Global Event SeriesPRMIA announces a call for speakers for its Global Event Series on Credit Risk. The series will be held throughout the months of Spetember, October and November in 2010. 16 chapters will be holding events throughout the global PRMIA chapter network. These events include morning, afternoon and evening programs. We are seeking high level speakers who can share best practices, effective strategies and current thinking in the field of Risk Management for these chapter events on Credit Risk. The PRMIA regional chapters that need your support are listed on the speaker application attached. Please mark on the application the box next to the chapter for which you are able to present. Speakers can select as many chapters as they are able to speak. Speakers will be matched with the Regional Director of the chapter(s) they have selected. Regional Directors will coordinate directly with speakers on preferred format, length of speech and other needed arrangements. PRMIA does not pay speaker fees, per diem or honoraria. Please make note on the application of specific speaker restrictions for some chapters. The application can be downloaded by clicking here or entering the following link into your internet browser: http://www.prmia.org/Weblogs/General/PRMIA_docs/PRMIA GES Speaker Application_Credit Risk_2010.doc Please address any questions to Sue.Rod@prmia.org Posted by Katie M Gittins at 10:13 AM | Comments (0) June 10, 2010 Risk Certification Awards AnnouncedPRMIA and Thorek/Scott and Partners today announced the winners of their inaugural risk certification awards. Jan Larsen from the United States was named the winner of the Thorek/Scott Award for PRM Excellence and Richard Jones from the United Kingdom as the winner of the Thorek/Scott Award for Associate PRM Excellence. These awards recognize those risk managers who believe in certifications as a vital step toward improving industry-wide risk management competence and achieving higher professional standing. Jan Larsen successfully passed the Professional Risk Manager (PRM) exams with the highest score among all exam takers between June 1, 2009 and May 31, 2010 and will receive a $4,000 cash prize. Richard Jones passed the Associate PRM exam with the highest score during this same period and will receive a $1,000 cash prize. The two winners share their thoughts on the importance of risk certification and education and the benefits the PRM and Associate PRM have brought to them. "The events of the past few years have served as a stark reminder to all of us of the critical importance of sound risk management practices. It is a great honor to have received the PRM certification and this subsequent recognition, and I hope to use what I have learned to help the financial community to move forward and ultimately emerge stronger than it was," says NERA Economic Consulting Senior Consultant Jan Larsen. "The skills demanded by the PRM Exam will benefit all PRM candidates, their employers and their employers' stakeholders. I am proud to have participated in the program and to be a member of PRMIA." The PRM is recognized worldwide as the leading industry certification for risk managers, having received public endorsements from both business and universities. A PRM assures that the holder has the required broad knowledge and understanding, qualitative and quantitative, that risk managers must bring to the job. The Associate PRM is a PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. A leader in executive search, Thorek/Scott and Partners has successfully connected top tier organizations with highly qualified professionals for over 30 years. Thorek/Scott's expertise in sourcing top talent risk professionals for the corporate, financial, and banking industries has enabled them to form lasting relationships with leading companies both within Canada and across the globe. Working with clients and candidates to create true partnerships, Thorek/Scott has dedicated themselves to bringing their intelligence, experience and enthusiasm to finding the leadership capital that fits. To learn more about their approach and values, as well as their recent successes and current opportunities, visit them at www.thorekscott.com or contact Catherine Edmunds at cedmunds@thorekscott.com. Posted by Janet Tritch at 08:53 PM | Comments (0) June 03, 2010 FICO Survey Indicates Credit Supply Unlikely to Meet Consumer DemandFICO (NYSE:FICO), the leading provider of analytics and decision management technology, announced the results of a survey conducted on its behalf by PRMIA asking bank risk professionals to predict trends in consumer credit. Demand for Credit Up, But Lenders Still Cautious "Bankers have a growing sense of optimism about the economy, but it's clear that risk management and responsible lending will be top-of-mind as they pursue new customers," said Dr. Andrew Jennings, chief research officer at FICO and head of FICO Labs -- the company's research unit that worked with PRMIA on this survey. "Banks will stay focused on loss prevention. Our survey found most bankers are still concerned about delinquencies. Throw in the CARD Act, which makes it harder for lenders to rein in risky cardholders, and it becomes highly unlikely we'll see lenders throw caution to the wind." Delinquencies Expected to Increase Risk Management Becoming a Higher Priority in Banks "Risk management hasn't always been treated strategically, but that's starting to change in a significant way," said Dr. Russell Walker of the Zell Center for Risk Research at Northwestern University's Kellogg School of Management. Walker is a PRMIA member and analyzed the survey results. "Financial institutions have come to realize how vulnerable their businesses are to macro-economic forces and I expect to see much more emphasis placed on proactive, systematic risk management and loss prevention than we've seen in the past." Risk Managers Almost Universally Pessimistic about Impact of CARD Act A detailed report of the survey results is available at http://www.prmia.org/PRMIA-News/USConsumerCreditRisk.pdf. FICO and PRMIA extend special appreciation to The Zell Center for Risk Research at The Kellogg School of Management for its assistance in analyzing the survey responses and writing the report. FICO intends to replicate this survey quarterly. About the Zell Center for Risk Research About FICO
Posted by Janet Tritch at 05:05 PM | Comments (0) May 19, 2010 Global Event Series on Liquidity Risk - Webinar Now Available to all PRMIA MembersThe PRMIA Global Event Series webinar on Liquidity Risk is now available for viewing by all PRMIA members. The recorded webinar features Colin Lawrence and David Benson, who share their observations and answer member questions on liquidity risk in this 45-minute webinar. Colin Lawrence is Director of the Prudential Risk Division of the Financial Services Authority, the independent body with statutory powers to regulate the UK's financial services industry, and a PRMIA board member. David Benson is Executive Vice President and Head of Capital Markets of the Federal National Mortgage Association, better known as Fannie Mae. The webinar is moderated by Steve Lindo, PRMIA's Executive Director. The webinar can be accessed by clicking the link below: https://www2.gotomeeting.com/register/800356203 PRMIA would like to thank our webinar sponsor Moody's Analytics (www.moodysanalytics.com) Posted by Katie M Gittins at 06:16 AM | Comments (0) May 12, 2010 First Chinese-language sittings of PRMIA's international financial risk management examinationsThe Professional Risk Managers' International Association (PRMIA) and PRMIA's partner in China, Beijing Prming Education Counseling Corporation (PECC - www.prmiachina.org.cn) announce that on April 24th the first sittings of PRMIA's international risk management examinations were run in Chinese. Chinese students now have the advantage of taking internationally respected qualifications covering all aspects of financial risk management and being able to both study for and sit the examinations in the Chinese language. In this way PRMIA and PECC contribute to the development of risk management standards both in China and the rest of the world. The qualifications consist of PRMIA's advanced PRM (Professional Risk Manager) designation, and the Chinese Risk Management Certificate, comprising PRMIA's Associate PRM certificate and an especially developed second examination consisting of a China-specific risk management syllabus. All syllabus material is available in Chinese. PRMIA's exams are identical both in English and in Chinese. "It's wonderful that PRMIA has set up two exams for the Chinese Associate PRM in Greater China which involved the Chinese risk management practices. Regarding the features and achievements of "a road with Chinese characteristics", the development path of China's financial industry gradually formed its different market environment, innovation environment and regulatory requirements. So it is necessary for China's financial industry to develop the standard of risk management based on realistic local demands. From this perspective, I believe that, by combining international risk knowledge and Chinese risk practice together, PRMIA therefore will have set the higher standard of risk management in China. PRMIA and PRMIA China Center are doing very significant work to achieve these challenges." As would be expected, all were determined to prove their skills, and there was a high pass rate of the two examinations of 78%. Candidates passing both examinations will receive a certificate of Chinese Risk Management prowess as well as PRMIA's Associate PRM certificate. "How to train more qualified risk management talent for banks is one aspect of my work. Besides banks organize trainings for their staff, we also like to see more independent third party professional institutions appearing on the market, and help personnel working in related fields to improve their professional skills. This is why I came to sit the examination: in terms of exam book, teaching arrangements, quality of exam questions, the effect fully satisfied my objectives." - Dang Junzhang, General Manager, Risk Management Department, Postal Saving Bank of China To satisfy local cultural preferences, the exams are being taken at fixed times each month in centres across China with frequency and venues increasing as the examination registrations require. Next to be taken will be repeats of the above certificate plus the first of the PRM designation examinations. "Jilin's financial institutions currently have attached great importance to risk management as never before. This is a good thing and it deserves consideration of our trainees', who hope to improve their professional abilities and employment competitiveness. Taking this exam makes me conclude that a good certificate and standards require three conditions: 1. the knowledge system is complete, and point of view is neutral and unbiased; 2. certification developers have profound practical experience, so that people who obtain the certificate can apply their knowledge to practice; 3. follow-up education and mechanisms to encourage information exchange are provided. PRMIA and PECC have achieved this goal." - Zhao Bingshen, Senior Trainer of Jilin L&H Financial Consulting Co., Ltd For more information on the exams in China, please contact Ms. Alloy Lara, Chief Executive Officer of PECC (contact details below) or PRMIA's Greater China Education Director in Beijing, Mr. Guo Jun on guo.jun@prmia.org or +86 13 1202 78568. PECC is an affiliated company of the TEHUA Finance & Economic Research Institute (FERI) and was set up for the execution of this exam and training programme and benefits from the facilities FERI and its sister company, the TEHUA Post-Doctoral Research Station, and other Chinese academic institutions. Through this support, PECC benefits from training and testing centres in more than 40 Chinese cities and a finance faculty of 30 which is currently educating 4,500 finance students and professionals a year in China. PRMIA is a non-profit, member-led association of professionals, dedicated to advancing the standards of the profession worldwide through the exchange of ideas, professional standards and education. Formed in 2002, PRMIA now has more than 68,000 members from 198 countries and operates over 60 local chapters around the world. PRMIA offers a higher standard for risk professionals and works with universities and training organizations to provide educational resources from the cradle to the pinnacle of risk professionals' careers. PRMIA has recently established chapters in Beijing and Shanghai. More information can be found at www.prmia.org. For a version of this announcement in Chinese, click here. Posted by Janet Tritch at 10:25 AM | Comments (0) Support for Systemic Data Collection Revealed in Survey of Financial Risk ExpertsThe results of a recent survey of financial risk management experts by PRMIA and the CE-NIF (Committee to Establish the National Institute of Finance) established that there is a strong consensus that not enough has been done to collect and analyze system-wide financial data. The risk experts who participated in the survey also broadly agree that future efforts to standardize and aggregate this type of system-wide data would significantly improve systemic risk management. The creation of an Office of Financial Research, which will be tasked with aggregating and analyzing system-wide financial data is one of the provisions in the regulatory reform legislation currently being debated in the U.S. Senate. Survey Highlights Survey Background PRMIA is a non-profit, member-led association with more than 60 chapters around the world and over 68,000 members from 198 countries. PRMIA is dedicated to defining and implementing the best practices of risk management through education, events, networking and online resources. PRMIA offers its members two levels of risk management certification - the Professional Risk Manager (PRM) designation and Associate PRM certificate. More information can be found at www.prmia.org. The Committee for the Establishment of a National Institute of Finance is a non-partisan, volunteer group formed by current and former financial executives, practitioners and academics, which includes 6 Nobel Economics Laureates. More information is available at www.ce-nif.org Posted by Janet Tritch at 08:47 AM | Comments (0) April 16, 2010 PRMIA Updates ePRM Coach Online Training and Diagnostic Exams to Reflect Syllabus ChangesPRMIA has updated the ePRM Coach online training and ePRM Diagnostic Exams to reflect the October 2009 syllabus changes to Exams III and IV. Current license holders will have automatic access to these new versions. ePRM Coach is a comprehensive self-study guide for the PRM Certification Exam. Designed in accordance with the PRM exam structure, the ePRM Coach covers all subject areas and is consistent with the requirements of PRMIA standards. The courses and diagnostic exams have been designed for all risk professionals who want to assess and develop their skills. To purchase either ePRM Coach online training or ePRM Diagnostic Exams, click here. Posted by Janet Tritch at 11:36 AM | Comments (0) April 14, 2010 PRMIA Awards Risk Management Accreditation to University College Dublin, Smurfit School of Business ProgramPRMIA today announced that it has awarded Risk Management Accreditation to the MSc in Quantitative Finance Program at University College Dublin, Smurfit School of Business in Dublin. The accreditation program is designed to identify and endorse university degree programs that prepare candidates for careers as professional risk managers. Students completing appropriate courses within accredited degree programs will be eligible for exemption from PRMIA's Professional Risk Manager (PRM) Exams I and II, which form a major part of the PRM certification program, the global standard for the world's top financial risk professionals. All students will still be required to pass Exams III and IV in the PRM program. The MSc in Quantitative Finance is a balanced programme of finance and computational methods that gives students the knowledge and skills to develop quantitative security pricing models and trading strategies for managing portfolios of equity, fixed income and derivative securities and for managing corporate financial risk. The program will prepare students for a specialist career in the finance industry in functions like funds management, investment banking, financial engineering and corporate treasury management. "We are delighted to have the MSc in Quantitative Finance at University College Dublin (UCD) accredited by PRMIA and that it is recognised as being sufficiently rigorous to gain exemption from PRM Exams I and II," says Professor John Cotter (UCD School of Business and Steering Committee Member of Dublin Chapter of PRMIA). "Our degree, which is a leading program in risk management, will continue to grow domestically and internationally as a result of the success in gaining accreditation. In addition, we see the development of executive education in the area of risk management through our PRMIA partnership as a vital step in the training of current and future risk managers. We expect both these developments will underpin the growing importance of risk management, and also the activities of the Dublin PRMIA chapter." University College Dublin is also PRMIA's newest University Partner. In conjunction with its leading Academic Partners (including both University Partners and Academic Associates), PRMIA seeks to set the international standards for graduate level education in risk management and financial engineering, to offer training and development programs in finance and risk management worldwide, and to reinvest the proceeds of these activities into further educational efforts, scholarly research, and scholarships.
Posted by Janet Tritch at 11:48 AM | Comments (0) March 25, 2010 Chinese Exams Now Open for RegistrationThe Chinese PRM and Associate PRM are now taking registrations at www.prmiachina.org.cn and the first registrations for the opening day of the exams, April 24th, have now been received. Posted by Janet Tritch at 08:24 AM | Comments (0) March 15, 2010 Associate PRM Books Now Available in ChineseThe two supporting books of the Associate PRM exam - (i) the Essentials of Risk Management and (ii) the Chinese Risk Management Practices, are now available at financial book shops in China. For further information on the Chinese Associate PRM, please go to www.prmiachina.org.cn or contact guo.jun@prmia.org or alloy.lara@gmail.com. We expect the books to be available on Chinese online booksellers' websites soon and will inform members when this happens. Posted by Janet Tritch at 09:41 AM | Comments (0) February 12, 2010 PRMIA Partner Events Offer Registration Discounts to PRMIA MembersPRMIA members will receive discounted registration rates when registering for the upcoming Investment Symposium, taking place March 22 - 23 in New York, and the ERM Symposium, taking place April 12 - 14 in Chicago. The Investment Symposium will address many of the current economic issues and provide the latest updates from insurance industry's perspective. The program will cover Asset Classes, Finance and Investment Risk Management and Investment Strategy. The speakers have roles in various backgrounds: investment process, portfolio managers, traders, actuaries, investment professionals, derivatives and capital markets experts. PRMIA volunteer leaders are among those speaking at both events. Posted by Janet Tritch at 02:30 PM | Comments (0) February 08, 2010 PRMIA and Thorek/Scott and Partners Announce Awards Which Advance the Professionalism of Risk ManagementPRMIA and Thorek/Scott, responding to public concerns over insufficient rigor in risk management practices, have joined forces to promote industry-leading risk management education. This initiative will boost the efforts of high-performing risk professionals and forward-thinking organizations, who regard risk management professionalism as essential to their own success and certification achieved through formal risk education as the most effective route to its implementation. To recognize those risk managers who achieve higher professional standing in the industry through education and certification, the Professional Risk Managers' International Association (PRMIA) has joined forces with Thorek/Scott and Partners, a leading executive search firm, to offer the Thorek/Scott Award for PRM Excellence and the Thorek/Scott Award for Associate PRM Excellence. These awards will recognize the two candidates who successfully pass the Professional Risk Manager (PRM) and Associate PRM exams with the highest scores between June 1, 2009 and May 31, 2010. The PRM Award winner will receive a $4,000 cash prize, with the Associate PRM award winner receiving a $1,000 cash prize. The winners will be announced in June 2010. Detailed award terms and conditions are available by contacting support@prmia.org. David Millar, PRMIA Chief Operating Officer says, "The key to the future of financial risk management is the attainment of professional status. Taking exams is the first step towards this, and these awards recognize those individuals who have committed to the improvement of the industry and the safeguarding of the finance sector." Michael Thorek, President, Thorek/Scott and Partners, adds, "Our many years of working with those in risk has emphasized the value of risk and risk education and we are proud to support PRMIA for developing its extensive risk education program." The PRM is recognized worldwide as the leading industry certification for risk managers, having received public endorsements from both business and universities. A PRM assures that the holder has the required broad knowledge and understanding, qualitative and quantitative, that risk managers must bring to the job. The Associate PRM is a PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. The Professional Risk Managers' International Association (PRMIA) promotes a higher standard for risk professionals, with more than 60 chapters around the world and over 65,000 members from 195 countries. A non-profit, member-led association, PRMIA is dedicated to defining and implementing the best practices of risk management through education, certification, events, networking, and online resources. More information can be found at www.prmia.org. A leader in executive search, Thorek/Scott and Partners has successfully connected top tier organizations with highly qualified professionals for over 30 years. Thorek/Scott's expertise in sourcing top talent risk professionals for the corporate, financial, and banking industries has enabled us to form lasting relationships with leading companies both within Canada and across the globe. We work with clients and candidates to create true partnerships, dedicating ourselves to bringing our intelligence, experience and enthusiasm to finding the leadership capital that fits. At Thorek/Scott we are committed to helping both our clients and candidates succeed. Visit us at www.thorekscott.com to learn more about our approach and values, as well as our recent successes and current opportunities. Posted by Janet Tritch at 05:54 PM | Comments (0) |
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