Please also note that the proposed changes to the PRMIA bylaws passed by a significant margin, greater than 96%. The updated bylaws will be accessible soon on the PRMIA website.
Thank you to everyone who voted. We appreciate your participation in this important process.
1. the individuals that will join the PRMIA Board of Directors in November 2011 for a three-year term, AND
2. proposed changes to the Bylaws of PRMIA
Voting through the website is the easiest way to register your wishes, but please do not delay because the ballot closes at 8:30 a.m. central US time on 27 October 2011.
To correct minor typographic errors.
These proposals have been reviewed and approved by PRMIA's Board of Directors, chaired by Carol Alexander; the Operational Governance Committee, chaired by Kevin Stemp; and the Ethics Committee Chair, co-founder of PRMIA and co-author of the present bylaws, David Koenig.
Changes to our bylaws must also be approved by a majority vote of our members. Therefore, it is very important that you review the proposed changes and register your vote on www.prmia.org/election2011.
Please note that only members registered with PRMIA as of 19th September, 2011, are eligible to vote.
Posted by PRMIA_Marketing at 12:04 PM
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October 20, 2011
PRMIA Awards Dr. Dan Rodriguez with 2011 Higher Standard Award
PRMIA Awards Dr. Dan Rodriguez with 2011 Higher Standard Award for his Contributions and Commitment to the Organization and the Risk Management Industry
PRMIA today announces that Dr. Dan Rodriguez has been chosen as the winner of the 2011 PRMIA Higher Standard Award. This prestigious award is granted to an individual who has significantly impacted the global practice of risk management, provided a substantial contribution to the mission of PRMIA and its members, and shows an ongoing commitment to the highest standards of the profession.
Dr. Rodriguez is the Chief Risk Officer, Global Arbitrage Trading and the Americas Equity Division at Credit Suisse. In addition, he teaches part-time at Baruch College's Zicklin School of Business and Fordham University's Masters in Global Finance program in New York City. For several years he has served as a faculty member for PRMIA's Complete Course in Risk Management at Columbia Business School Executive Education and in 2011 taught the Market Risk Management sequence of the course. He has presented PRMIA webinars, reaching hundreds of financial professionals around the world and educating them on some of the latest methodologies in risk management. He also continues to work closely with the New York PRMIA chapter leadership to organize chapter events and enlist high-level guest speakers from industry and academia.
Dr. Rodriguez has been involved with PRMIA as a volunteer since 2004. He shares what motivates him to volunteer, "I appreciate the fact that PRMIA is a not-for profit organization dedicated to developing risk managers and to setting higher standards for the profession. I believe in PRMIA's mission and, as someone who was brought up to believe in the importance of serving a greater good, I aspire to that by contributing my skills and experience. Additionally, I enjoy shaping and developing curricula and educating other executives across the industry about risk management."
Jodi Lundell, PRMIA Chief Operating Officer, congratulates and thanks Dr. Rodriguez, "On behalf of PRMIA members around the world, I wish to express appreciation for Dan's commitment to a higher standard of risk management and risk education. He is highly respected by the organization's leadership and members, as well as throughout the industry. We are very fortunate that Dan has chosen to share his time and expertise with us."
As the winner of this year's award, Dr. Rodriguez was given the opportunity to select a scholar or student to receive a $5,000 educational grant to further their continued education in the field of risk management. Dr. Rodriguez selected Xiaoning Gong, a MS in Quantitative Finance student at Fordham University, Graduate School of Business.
Posted by PRMIA_Marketing at 11:45 AM
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October 13, 2011
New Issue of Intelligent Risk Now Available
The new issue of PRMIA's Intelligent Risk publication is now available free to all PRMIA members. Simply access it at http://bit.ly/iRiskoct11.
This issue's Visions of Risk section features five thought-provoking articles, summarized below:
Systemic Risk - It's Still All About the Data
By Allan Grody
The financial services industry today consists of monstrously complex global financial institutions ... systemically important ... too big to fail... even too complex to manage! Regulators are focused on observing systemic risk in these giant, global institutions. Systemic risk analysis is a new discipline in its infancy. We have barely figured out the science of individual enterprise risk management when we now have placed another burden on our regulators through the Dodd-Frank legislation and soon through the European Communities central bank. This is the burden of observing the buildup of risk that has the potential of cascading into the global contagion of systemic risk. However, it is understood that without a global view of the underlying positions and cash flows, aggregated through common identifiers, systemic threats cannot be detected.
Recovery and Resolution Planning - Asking the Right Questions
By Andrew Davidson
In November 2011 the G20 leaders will endorse recommendations to address the moral hazard posed by Systemically Important Financial Institutions (SIFIs). This will include the requirement for an "adequate and credible" recovery and resolution plan (RRP) from any firm deemed to have a potential impact on financial stability. What questions should firms ask themselves in relation to their RRPs?
Five Downside Risks to the Global Recovery: Global Macroeconomic Outlook and Risks
By Juan Licari, Ph.D. and Andrea Appeddu
The economic recovery of the major Western economies appeared uncertain as the fourth quarter of 2011 began. In the U.S., the outlook for consumers has deteriorated markedly, with the unemployment rate edging higher, confidence shaky and house prices still weak despite accommodative monetary and fiscal policies.
IT Risk Evaluation
By John Kyriazoglou
This article describes a methodology to be used in offering concluding remarks to the management of an audited entity as to whether, for each objective assessed during an audit assignment, the situation is satisfactory, requires improvement or unsatisfactory. The aim is to provide a conceptual and practical framework to define and implement an evaluation method for Internal Audit assignments. The main uncertainties are identified and the objectives of Internal Audit are described, then we present an evaluation methodology for risk assessment.
Stress Testing: Lessons Learned and Emerging Requirements - The U.S. and European Banking Authority (EBA) Frameworks
By Thomas Day
Banks are increasingly required to integrate risk infrastructures, governance processes, and risk appetite frameworks in ways that have not been required in the past. While stress-testing is nothing new, the recent U.S. and E.U. stress-testing requirements and guidance represent a methodological shift, combining risk analysis and measures that have historically remained in silos. Meeting the new framework of requirements in a repeatable fashion requires unprecedented coordination across various business, risk, and operational units. A major insight from the last couple of years is that all banks are subject to the same macro-economic shock(s). For all the talk about enhanced risk management, enterprise-risk modeling remains primitive and non-integrated at many systemically important financial institutions (SIFIs). During the crisis, regulators were flying blind and not much has changed. A new framework for flexible, forward-looking, and integrated scenario analysis and stress-testing is needed. Implementing such a framework and combining business, capital, and risk strategy requires an enterprise decisioning tool that is agile, flexible, and serves the needs of internal and external stakeholders.
Posted by PRMIA_Marketing at 09:33 AM
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October 07, 2011
Call for Papers - Journal of Risk Management in Financial Institutions
The Journal of Risk Management in Financial Institutions has issued a Call for Papers for its counterparty risk special issue.
Guest editors: Til Schuermann, Eduardo Canabarro, Eliza Hamel & Allan Grody.
Counterparty risk has become of key aspect of risk management following the collapse of AIG, Lehman Brothers, Fortis, RBS and Lloyds, and has continued to be an important issue given the more recent concerns about sovereign credit risks. Despite increasingly interconnected global credit exposures, more work needs to been done to understand fully this important risk category. With so much bilateral counterparty risk now set to be born by central counterparties, it is time to review the literature and set the appropriate research agenda. JRMFI is providing the forum in which to display the body of knowledge that has evolved and to explore the methods yet to be developed to mitigate the risk and impact of counterparty failure, prevent contagion, and provide policy prescriptions.
JRMFI aims to solicit papers on:
Counterparty risk measurement, in particular hidden risks such as tail risks, wrong way risks, basis risk, new risks
Counterparty risk pricing and hedging, including CVA, liquidity of CDS, basis risk, crowded trades, and convexities/ cross-convexities
The impact of economic and regulatory capital on counterparty risks, including the ability/incentives to hedge
Measuring and managing the counterparty risk of clearing entities and central counterparties (CCPs), in particular new and tail risks
Operational risk and data transparency issues of counterparty credit risk, such as the definition of counterparty legal entity hierarchies, both within and across firms, and continued functioning of markets during crises
The systemic risk and policy implications associated with counterparty credit risk, including impact of crowded trades and shared counterparties such as sovereigns
The deadline for submission of articles to this special issue is 5th December 2011. Submissions should be approximately 3,000-5,000 words and may be submitted to:
julie@hspublications.co.uk
http://www.henrystewart.com/jrmfi.aspx
http://www.linkedin.com/groups?mostPopular=&gid=3712905
Posted by PRMIA_Marketing at 02:04 PM
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