May 19, 2010
Global Event Series on Liquidity Risk - Webinar Now Available to all PRMIA Members
The 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 kgittins at 06:16 AM
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May 12, 2010
First Chinese-language sittings of PRMIA's international financial risk management examinations
The 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.
The first sitting of these examinations was held at the Chinese Academy of Social Sciences in Beijing, and PRMIA members from a variety of Chinese organisations - financial institutions, universities and training companies - took the Chinese Risk Examination.
"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."
- Dr. Wang Li, Executive Director of the TEHUA Post-Doctoral Research Station
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 PRMIA_Marketing at 10:25 AM
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Support for Systemic Data Collection Revealed in Survey of Financial Risk Experts
The 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.
"Senior risk managers have been voicing their concerns about untreated financial systemic risk for many months," said Steve Lindo, Executive Director of PRMIA. "It was one of the top risk management concerns identified at PRMIA's Chief Risk Officer (CRO) Summit held in New York last November and the central theme of a PRMIA roundtable for CRO's held in London on April 16. With regards to managing system-wide risk, the financial sector is behind other industry sectors which have already established systemic risk management initiatives, such as the aviation industry's ASIAS program which, through sharing of data without compromising privacy or confidentiality, brings visibility to risks which may be common among multiple players, allows appropriate safety triggers to be designed and then monitored to check that they are working."
"The recent financial crisis spotlighted significant weaknesses in the capabilities of regulators. In response, the Committee to Establish the National Institute of Finance (CE-NIF) has been working to equip financial regulators and policy-makers with much better detailed data and the improved analytical capacities that are needed to understand and respond to future threats to financial stability. We are greatly encouraged by the broad and strong support for this effort on the part of financial risk management executives as revealed by the PRMIA survey. This confirms the view that the most senior risk managers charged with the risk management of their own institutions and concerned about systemic risk support the responsibilities assigned to the Office of Financial Research and recognize the value of its creation," commented Dr. Allan Mendelowitz, former Chairman of the Federal Housing Finance Board and GAO Managing Director, speaking on behalf of the CE-NIF.
Survey Highlights
82% of financial risk experts who participated in the survey consider that current systemic risk monitoring resources are inadequate
72% consider that system-wide data is critical to monitoring systemic risk
A further 73% believe that standardized data protocols would be valuable
63% recognize that government efforts to collect system-wide data would be a major undertaking but doable and worth the effort
Survey Background
The survey was conducted between 23 March and 9 April, 2010. A total of 98 risk management experts participated, drawn from PRMIA's C-Suite network of Chief Risk Officers and their direct reports located in the USA.
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
Additional information about the survey including detailed survey results is available by contacting surveys@prmia.org
Posted by PRMIA_Marketing at 08:47 AM
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