October 30, 2006
Congratulations to the Top Scoring PRM Candidates in Q3 2006
Our congratulations are extended to the following members who earned top scores during the third quarter of 2006 on the exams of the PRM Certification.
Zoubair Kachri, Greifenberg, Germany, Exam I
Yiu Kei Cheung, Hong Kong, Exam II
Roman Jarocki, London, Exam III
Robert Boczar, Warsaw, Poland, Exam IV
Aaron Xiaolei Hou, Kingston, Jamaica, Exam IV
Of candidates in 89 countries, these were the top in the third quarter of 2006. Each year, PRMIA recognizes the top performing PRMs with the PRM Candidate of the Year Award.
For more information on the PRM certification program, click here.
Posted by dkoenig at 04:08 AM
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October 27, 2006
Mark Abbott, Christian Jimenez and Alexander Shipilov Elected to PRMIA Board of Directors
Regular Members who were registered with PRMIA on or before September 27, 2006 were eligible to vote in this year's Board of Director elections. At the Special Meeting of the Members today, a Quorum representing more than 2% of the membership in each region and more than 6% of The Members overall, was declared. At the meeting the following votes for Board candidates were received:
Global Director
Mark Abbott 375 votes, 26.0%
Philppa Girling 268 votes, 18.6%
Christian Jimenez 302 votes, 21.0%
Alexander Shipilov 292 votes, 20.3%
Ashish Dev 203 votes, 14.1%
We welcome Christian Jimenez to our Board of Directors as a new member and enjoy the return of Mark Abbott and Alexander Shipilov. Each of these representatives will serve a term that expires in 2009.
Our appreciation is extended to Philippa Girling and Ashsh Dev for their candidacy and willingness to serve PRMIA's global Mission.
Our association is strengthened by member participation in the vote and your 'ownership' of the association. The next formal step in our governance of the association to elect the Executive Committee of the Board and then to conduct the Annual Members' Survey, which you will receive in mid-November. We hope that you will take that opportunity to tell us how our Board and volunteer committees can best serve you and to further commit your support of PRMIA.
On Wednesday November 15th, 2006, our Regional Directors will elect the Executive Committee of the PRMIA Board, including the Chair, Vice Chair and Secretary/Treasurer.
On a personal note, I am very honored to have served for these 4+ years on the PRMIA Board and extend my deep appreciation to all who have served and who have been nominated by the members for consideration over these years. We have a tremendous group of people supporting and driving PRMIA.
Posted by dkoenig at 06:48 PM
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October 23, 2006
Be Sure to Vote in PRMIA Board Elections
Proxy voting for the 2006 PRMIA Board of Directors Election has now opened.
Any member registered on September 27, 2006 or before is eligible to vote at http://prmia.org/Elections/elections_Global.php
Please be sure to have your PRMIA username and password available. You may vote for one candidate.
The candidates are:
Mark Abbott
Ashish Dev
Philippa Girling
Christian Jimenez
Alexander Shipilov
Proxy voting is available until 8:00 AM Central Time on Friday October 27th. Please cast your vote at http://prmia.org/Elections/elections_Global.php
We thank you for your paricipation in the governance of your association!
Posted by dkoenig at 04:43 PM
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October 18, 2006
Five Nominated for Global Representatives to PRMIA Board of Directors
We have received nominations from our membership for five candidates to stand for the three Global representatives on the PRMIA Board of Directors, all of whom have world-class credentials. Those nominated include:
Mark Abbott - Managing Director, Head of Quantitative Risk Management, Guardian Life Insurance (Current PRMIA Board Member)
Ashish Dev - Executive Vice President, KeyCorp
Philippa Girling - Global Co-Head of Operational Risk, Nomura
Christian Jimenez - CFO, Ecureuil Vie and Regional Director, PRMIA Paris
Alexander Shipilov - Director, PricewaterhouseCoopers (Current PRMIA Board Member and PRMIA Treasurer)
Full bios of the nominees can be found online by clicking here.
We are very pleased to be able to attract such an excellent group of candidates who are committed to the higher standards for which PRMIA members and volunteers strive.
Voting by the members will begin on the 19th of October, and will conclude at 8:00 AM Central Time on Friday the 27th. All members who were registered on September 27,2006 or before are eligible to vote and will be notified of the opportunity to cast a proxy vote at the email address listed in their PRMIA membership records.
Posted by dkoenig at 09:05 PM
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October 16, 2006
PRMIA to Launch Hedge Fund Risk Management Specialization Exam
The Professional Risk Managers’ International Association (PRMIA) today announced that it will launch a Hedge Fund Risk Management specialization exam in January of 2007 as part of its Professional Risk Manager (PRM) certification program.
For more than one year, a committee of highly regarded experts in the field of Hedge Fund risk management has been designing and developing a method for validating the knowledge and understanding of risk management necessary for application to the unique risks of hedge funds. The PRM certification program is one that validates the foundations of the knowledge and understanding needed to be a professional risk manager. The new PRM Hedge Fund Specialization Exam evaluates the risk manager’s skills in this particular industry application.
"The application of risk management to hedge funds is a necessary component of any successful hedge fund program. The breadth and dynamism of investment styles that fall within the scope of the hedge fund investment industry require a sound grounding not only in the basic principles of risk management, but also, how those principles apply to the sometimes strange, but fascinating, world of hedge funds,” said Mark Anson, Ph.D, CFA, CAIA, CPA, JD, who is the CEO of Hermes Pensions Management and CEO of the British Telecomm Pension Scheme and a member of the committee that developed this exam. “Considerable time and effort was put into the selection of reading materials and exam questions to ensure a thorough grounding in understanding how hedge funds work."
The exam development committee includes a mix of leading practitioners and academicians, all widely published:
Mark Anson, Ph.D, CFA, CAIA, CPA, JD, CEO of Hermes Pensions Management and CEO of the British Telecomm Pension Scheme
Keith H. Black, CFA, CAIA, Illinois Institute of Technology
Francois-Serge Lhabitant, PhD, Chief Investment Officer, Kedge Capital, Professor of Finance, HEC Lausanne and EDHEC
Prof. Luis Seco, University of Toronto and President, Sigma Analysis and Management
Ms. Hilary Till, Principal, Premia Capital Management, LLC, Research Associate, EDHEC Risk and Asset Management Research Centre
Kathryn Wilkens, Ph.D., CAIA, Chartered Alternative Investment Analyst Association, Director of Curriculum
David R. Koenig, Executive Director and Past Chair, Board of Directors, PRMIA
The exam will first be offered in January of 2007 through the 4,000 testing centers worldwide where the PRM exams are administered. Registrations will be taken beginning in December of 2006 via the PRMIA website at www.prmia.org. A fact sheet about the exam can be downloaded here.
“In this day and age, when alternative investments have surpassed the one trillion dollar mark and are becoming mainstream, PRMIA is showing their traditional leadership offering a focal certification on the alternative investment space, from hedge funds to futures and commodities trading,” said Prof. Luis Seco, University of Toronto and President, Sigma Analysis and Management. “This will be an invaluable addition to help promote healthy risk management practices in this sector.”
This exam furthers the development of the risk profession as applied to hedge funds. The significant and valuable work of the Chartered Alternative Investment Analysts (CAIA) will be recognized with partial exemption from sections of the PRM Hedge Fund Risk Management Specialization Exam.
Questions for the exam database have been developed by industry participants from around the world. Contributions have been made by several individuals, including:
Rian Akey, COO, Cole Partners / Cole Asset Management
Marcel Beutler, PhD, Risk Management, RMF Investment Management
Keith H. Black, CFA, CAIA, Illinois Institute of Technology
Ashish Dev, Executive Vice President, KeyCorp
Armelle Guizot, Independent Author, Writer, Operational and Compliance Risk Management Consultant
Galina Kalcheva, CFA, Director, UBS Global Asset Management
Dr Guan-Seng Khoo, Head, Innovation Unit, Singapore Exchange
Pierre-Yves Moix, Chief Risk Officer, RMF Investments
Nawal Roy, Vice President, Moody's Investor Services
Rick Seefeldt, Investment Analyst, Man Investments/Man Global Strategies
Florian Stärk, Head of Risk Management, MEAG Asset Management GmbH
Dr. Michael Thiergen, PRM, Senior Portfolio Manager, Global Risk Management & Alternative Investments HVB Markets & Investment Banking Bayerische Hypo- und Vereinsbank AG Munich Germany
Kathryn Wilkens, Ph.D., CAIA, Chartered Alternative Investment Analyst Association, Director of Curriculum
"The increasing impact of Hedge Fund activities on the financial markets is remarkable.
Understanding the complex nature of the Hedge Fund business and assessing the risks involved is a must for any committed market participant, said Dr. Michael Thiergen, PRM, Senior Portfolio Manager, Global Risk Management & Alternative Investments HVB Markets & Investment Banking Bayerische Hypo- und Vereinsbank AG. “The PRM Hedge Fund Risk Management Specialization exam is perfectly suited to attain this goal."
Information is available by clicking here and by contacting PRMIA at certification@prmia.org.
About PRMIA and the PRM
PRMIA is the Professional Risk Managers’ International Association. A nonprofit formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and over 36,000 members from more than 170 countries. A non-profit, member-led association of professionals, PRMIA is dedicated to advancing the standards of the profession worldwide through the free exchange of ideas. PRMIA offers the only globally endorsed Professional Risk Manager (PRM) certification program, pursued by over 1,700 active candidates from more than 85 countries, more than any other risk certification program. The PRM is the higher standard in risk certification. More information can be found at www.PRMIA.org.
Posted by dkoenig at 08:02 PM
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October 15, 2006
PRM Exam Volume Increases By 40% Through Third Quarter of 2006
With candidates from nearly 90 countries pursuing the PRM designation, we're pleased to report that exam testing volume has increased by 40% in the first nine months of 2006 verus 2005.
Highly successful training programs run by university faculty and others have helped to stimulate further interest in the program. In addition, the global recognition of the PRM's standing as the higher standard in risk certification grows.
Said one Wall Street senior executive "[I] recently looked at, for one of the Risk Areas, the PRM vs. [another risk certification] and came to the conclusion that the PRM was better for the following reasons:
Less Costly
More Quantitative
Affiliated with Top Academics
Better Manual
More Flexible
Four Exams will lead to better understanding and learning as opposed to one exam”
For more information about the PRM certification, please click here.
Posted by dkoenig at 04:27 AM
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October 12, 2006
PRMIA Adopts New Taglines
PRMIA, the PRM and the PRMIA Institute are adopting new taglines which better reflect our focus on standards-setting for the profession.
PRMIA or "PREE - me - ahh" has its origin in the term "premia", meaning something higher or something above the normal.
In keeping with this origin and our commitment to setting the highest standards, our new tagline is PRMIA - A Higher Standard for Risk Professionals.
The PRM has become widely known as the most challenging certification program for risk managers. Those who take on this challenge are distinguishing themselves as the best in the profession. Therefore the new tagline of the PRM conveys this as well: PRM - the higher standard in risk certification.
The PRMIA Institute continues to grow in its work to establish high academic standards, fund research, recognize excellence and to provide a new standard for public professional development programs. Its new tagline is: The PRMIA Institute - Setting a Higher Standard in Risk Education.
We're proud of how our volunteers continue to serve the profession. As we see risk management develop globally, we continue to strive for even higher standards and to set the expectations that these standards are expected of all Professional Risk Managers.
Posted by dkoenig at 07:32 PM
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October 04, 2006
PRMIA and The Insurance Institute of China to Host Enterprise Risk Management Forum in Beijing
The Professional Risk Managers' International Association (PRMIA) and the Insurance Institute of China are making final preparations for their Enterprise Risk Management Forum to be held in Beijing October 16-18, 2006. Through this international partnership, risk management leaders from around the World will be sharing the best practices of Enterprise Risk Management with the leaders of China's insurance industry.
Several PRMIA leaders are involved in this event.
The PRMIA delegation to China is being organized by David R. Koenig, immediate past Chair of the Board of Directors and Executive Director of PRMIA and William Ding, Senior Vice President & Chief Risk Officer, D. B. Zwirn & Co,LP, a member of the PRMIA New York Steering Committee and former Regional Director, PRMIA Boston. They are being joined by Raj Singh, Chief Risk Officer, Allianz, Tom Wilson, Chief Insurance Risk Officer, ING and former Regional Director, PRMIA Zurich, Erwin Martens, Chief Risk Officer, TIAA-CREF, Christian Jimenez, Chief Financial Officer, Ecureuil Vie and Regional Director, PRMIA Paris, James Tunkey, Chief Operating Officer-Americas, I-OnAsia and Regional Director, PRMIA New York, Leo M. Tilman, Chief Institutional Strategist & Senior Managing Director, Bear, Stearns & Co Inc, Xisuo Louis Liu, Portfolio Manager & ALM Specialist, Wellington Management Company, Phillip Straley, Partner, Global Financial Services Risk Management and Jonathon Zhao, Senior Manager, Actuarial Services, Ernst & Young.
“Risk is not only a common enemy faced by of all human races, but also a difficult problem to tackle by insurance companies and other financial institutions around the Globe,” said Dr. Zongjian Li, Secretary General of the Insurance Institute of China. “In order to facilitate information exchange and to learn from each other regarding the best risk management practices, the Insurance Institute of China (IIC) and the Professional Risk Managers International Association (PRMIA) will jointly host the first ever IIC – PRMIA Insurance Enterprise Risk Management (ERM) Forum from October 16 to October 18, 2006 in Beijing.”
The delegation from the Insurance Institute of China is being led by Fengju Dai, Chairman, Insurance Institute of China and Dr. Zongjian Li, Secretary General, Insurance Institute of China. Joining Chairman Dai and Secretary General Li is Dr. Bingxing Hu, Chief Risk Officer, PICC Asset Management Company and former Regional Director, PRMIA Shanghai. A senior representative from the Chinese Insurance Regulatory Commission (CIRC) will also participate.
“I believe that the planned Insurance ERM Forum will greatly advance the on-going communication and collaboration between IIC and PRMIA,” continued Dr. Li. “I have no doubt that the forthcoming Insurance ERM Forum will make significant contributions not only to promote risk management education, but also to enhance risk management practices in Chinese insurance industry.”
The event is a highly personalized program, where approximately 100 of the most senior members of China’s insurance industry will convene.
“In order to establish an effective and complete risk management system, we have to leverage different roles and advantages of government regulatory functions and market mechanisms,” said Dongsheng Chen, Chairman and CEO of Taikang Life Insurance Company. “In a market economy environment, insurance is a basic tool for managing risks. Insurance will play a more and more significant role in mitigating risks associated with catastrophic disasters, in ensuring both security of human lives and safety of people’s properties, and in stabilizing a country’s economic development. “
This is an invitation-only event.
About PRMIA and the PRMIA Institute
PRMIA is the Professional Risk Managers’ International Association. A nonprofit formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and over 36,000 members from more than 170 countries. A non-profit, member-led association of professionals, PRMIA is dedicated to advancing the standards of the profession worldwide through the free exchange of ideas. PRMIA offers the only globally endorsed Professional Risk Manager (PRMTM) certification program, pursued by over 1,700 active candidates from more than 85 countries, more than any other risk certification program. More information can be found at www.PRMIA.org.
The PRMIA Institute is setting a higher standard in risk education. It is a non-profit corporation formed to serve the academic, scientific and charitable mission of PRMIA. The PRMIA Institute partners with leading university programs around the world to develop best-practice curricula for graduate level study in risk management and financial mathematics/engineering, classroom and online educational programs for working professionals, financial support of scholarly work, publications like the Professional Risk Managers’ Handbook and scholarships to support the study of risk management and financial mathematics/engineering among lower-income individuals.
About the Insurance Institute of China
The Insurance Institute of China was established in Beijing on Nov. 1979, and is responsible for the China Insurance Regulatory Commission. As a nationwide academy, IIC is a non-profit society engaged in theoretical & practical studies of insurance, and composed of insurance companies, insurance intermediaries, provincial insurance institutes, relative colleges and universities, research and teaching institutes, and professionals in relative fields. At present, IIC comprises 128 members and 200 directors, including 57 standing directors, 1 honorary president, 1 president, 9 vice presidents, 1 secretary general and 9 deputy secretaries general.
The top authoritative organ of IIC is National Membership Congress and the executive organ is Board of Directors. IIC is responsible for China Insurance Regulatory Commission and Ministry of Civil Affairs of P.R.C. The philosophy of IIC is to abide by constitution and laws of P. R.C., stand by social morality, be engaged in theoretical & practical studies of insurance, academic exchanges and training, bring up the enhancement of management of China’s Insurance and expertise of insurance practitioners, and hence induce the sustainable development of Insurance.
Posted by dkoenig at 05:20 PM
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