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September 05, 2008

PRMIA Announces a New Chapter in Bahrain

PRMIA announces today a new regional chapter in Bahrain.

Kalyan Sunderam, Chief Risk Officer and Deputy CEO of Bahraini Saudi Bank, was appointed Regional Director of the Bahrain chapter. Kalyan has been a member of PRMIA since 2002 and holds the Professional Risk Manager Certification. He is a member of the PRMIA C-Suite and also a volunteer on the Global Event Series Advisory Committee.

PRMIA wishes Kalyan success in his new role.

Posted by kgittins at 08:54 AM | Comments (0)

August 04, 2008

Join the New PRMIA Chapter in Bucharest

On July 11, 2008 PRMIA announced a new chapter in Bucharest, Romania. Co-Regional Directors, Athanasios Papanikolaou and Valentin Mazareanu, will be leading the chapter. Their goals and mission of the chapter include holding local events that will raise awareness of the importance of risk management, promoting the PRM Certification and enhancing communication between risk professionals, practitioners and regulators.

PRMIA invites you to be apart of this new chapter by editing your member profile.

Login to your member profile and under the welcome message click "manage my profile". Click on the "edit profile" link, select the Bucharest chapter and press the update button at the bottom of the page. You will now receive news and notices of events for the Bucharest chapter.

Posted by kgittins at 08:38 AM | Comments (0)

July 11, 2008

PRMIA Announces a New Chapter in Bucharest

PRMIA announces today a new chapter in Bucharest, Romania.

PRMIA appoints Athanasios Papanikolaou and Valentin Mazareanu as Co-Regional Directors of PRMIA Bucharest. Athanasios and Valentin goals and mission of the chapter include holding local events that will raise awareness of the importance of risk management, promoting the PRM Certification and enhancing communication between risk professionals, practitioners and regulators.

Athanasios Papanikolaou is a Risk Consultant with Ernst & Young Southeast Europe and has been a PRMIA member since 2006. Athanasios has obtained a certificate in "Strategic Decisions and Risk Management" from Stanford University as well as an MSc degree in Operational Research and has an excellent knowledge in risk management.

Valentin Mazareanu is currently a PhD student with the Faculty of Economics and Business Administration at Al. I. Cuza University in Iasi. The subject of his thesis is risk management in the new economy. He has an MSc degreee in Business Information Systems and some industry experience as founder and general manager of Paideia Consulting SRL Iasi.

Posted by kgittins at 11:13 AM | Comments (0)

July 08, 2008

PRMIA Appoints New Regional Director to the Toronto Chapter

PRMIA appoints today a new Regional Director to the Toronto chapter.

Graham Pugh will be replacing Dan Rosen as Regional Director of the Toronto Chapter. Graham has been a member of PRMIA since March 2004 and was an active member of the Toronto Steering Committee. Graham is the VP and Head of Risk Management and Portfolio Strategy at Ontario Municipal Employees Retirement System (OMERS), Toronto.

PRMIA would like to take this opportunity to thank Dan Rosen for his invaluable contributions to the Toronto chapter and PRMIA. Dan was one of the founding Regional Directors of PRMIA and has served the local members since 2002. Dan will continue to support the local chapter as a member of the Toronto Steering Committee.

Posted by kgittins at 10:25 AM | Comments (0)

May 23, 2008

Call for Speakers

The Professional Risk Managers' International Association (PRMIA) announces a call for presenters for its third Global Event Series. The series will be held throughout the month of September 2008 and will focus on the theme of Operational Risk and Capital Allocation.

Twenty chapters will be holding events throughout the global PRMIA chapter network. These events include morning, afternoon, evening and all day programs. We are seeking high level presenters who can share best practices, effective strategies and current thinking in the field of Risk Management for these chapter events on the theme of Operational Risk and Capital Allocation.

The PRMIA regional chapters that need your support are listed on the speaker application. Speakers can submit presentations for more than one chapter. Speakers will be matched with the Regional Director of the chapter(s) where they wish to speak. 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.

If you are interested in presenting at the third Global Event Series, please submit a speaker application to katie.gittins@prmia.org by the 30th of May. Applications must be submitted in English. Presentations may be delivered in other languages, depending on the preference of the regional chapter.

For further information about the Global Event Series, please visit www.prmia.org/globaleventseries.

Please address any questions to Katie.Gittins@prmia.org

Posted by kgittins at 11:20 AM | Comments (0)

April 02, 2008

PRMIA Congratulates MFA Best Paper Award Winners

PRMIA Institute would like to congratulate Roger Lee from the University of Chicago and Peter Carr from New York University for receiving the Midwest Finance Association's (MFA) Best Paper Award in Derivatives for their paper entitled "Robust Replication of Volatility Derivatives." The award, which was sponsored by PRMIA Institute, was presented at the recent MFA Annual Meeting. Lloyd Blenman, MFA Program Chair, says, "These authors are world-class researchers, and we are proud that they submitted their paper to our conference."

Posted by PRMIA_Marketing at 09:29 AM | Comments (0)

March 13, 2008

New Regional Chapter in Kuala Lumpur

PRMIA announces today the appointment of Dr. Joseph Eby Ruin as the Regional Director of a new chapter in Kuala Lumpur!

Dr. Ruin is the Founder and Proprietor of RiskFirst Consultancy and Training Services in Kuala Lumpur.

PRMIA wishes him success in his new role and we look forward to seeing future activity in Malaysia.

Posted by kgittins at 09:38 AM | Comments (0)

January 30, 2008

New Co-Regional Director of Montreal

PRMIA announces today the new Co-Regional Director of Montreal, Faruk Patel. Faruk is the Vice President of Compliance and Risk Management at State Street Global Advisors Ltd (Canada). He has been a PRMIA member since February 2002 and also holds the PRM.

Faruk and Co-Regional Director David Streliski have an exciting vision for the Montreal chapter. The new Montreal chapter bylaws have recently been posted, you can view them by visiting the Montreal Chapter website.

Posted by kgittins at 01:24 PM | Comments (0)

December 29, 2007

PRMIA Appoints New Co-Regional Director to the Philippines Chapter

PRMIA announces today a new Co-Regional Director of the Philippines regional chapter. Eloisa Mariano joins the current Regional Director Sofia Ladores to lead the Philippines regional chapter. Eloisa is the Assistant Vice President and Head of Statistical Analysis and Market Risk Management Division/CRMG of UnionBank of the Philippines in Manila. She has been a member of PRMIA since October 2004.

PRMIA wishes Eloisa success in her new role.

Posted by kgittins at 10:33 AM | Comments (0)

December 10, 2007

New PRMIA Chapter Vienna holds Kick-off Event

PRMIA is pleased to announce a new regional chapter in Vienna.

The chapter held a very successful kick-off event on December 3rd, 2007 at Oesterreichische Kontrollbank AG, with 60 risk professionals in attendance.

Vienna Regional Director Kurt Blecha started the evening with an overview of PRMIA and the Chapter’s main goals. Oscar McCarthy, Regional Director Amsterdam who attended as an international PRMIA representative, provided a global perspective of PRMIA as well as taking a more detailed look at PRM Certification. Key speaker Thomas Gross, Board Member and Chief Risk Officer of Bank Austria, discussed active portfolio management from a board members perspective. The second key speaker for the evening, Paul Kocher, Board Member and Chief Treasury & Chief Capital Markets Officer of Hypo Alpe Adria Bank International AG, presented on the risks for investors in the South Eastern region of Europe. Presenters and delegates attended a reception after the event, where members were able to socialize and network. The kick-off event set the standard high for the new chapter and members left with high expectations.

PRMIA would like to congratulate the Vienna chapter on the success of their first event!

Want to know more about what the Vienna chapter is doing? Edit your member profile and sign up to the chapter today!

Posted by kgittins at 09:51 PM | Comments (0)

Welcome Sai Sireesh and Ed Dumas as New Regional Directors

PRMIA welcomes two new Regional Directors today!

Sai Sireesh will be joining Seth Shapiro as Co-Regional Director of the Seattle Chapter. Sai has been a very active member of PRMIA since 2003. He was the former Co-Regional Director of Singapore and is a member of the Regional Director Support and Standards Committee. Sai is the Director and Global Head of Risk Management and Compliance Strategy of the Financial Services Industry at Microsoft Corporation.

Ed Dumas is replacing Debbie Williams as Regional Director of the Boston Chapter. Ed has been a member of PRMIA since 2003 and is a very active Steering Committee member of the Boston chapter. He is also a volunteer on the Advisory Committee of the Global Event Series. Ed is the SVP & Director of Global Treasury Risk Management at State Street.

Posted by kgittins at 12:29 PM | Comments (0)

November 26, 2007

Congratulations and Welcome New Regional Directors of Sweden and Vienna

PRMIA would like to extend a warm welcome to the new Regional Directors of Sweden and Vienna.

Cecilia Ardstom will be taking over the Regional Director role of Sweden from Lars Soderlind. Cecilia has been a member of PRMIA since 2002.

Kurt Blecha will be leading the new chapter of Vienna as Regional Director. Kurt is a Partner at Deloitte and has been a member of PRMIA since 2003. Kurt and the Vienna Steering Committee will be launching the new chapter with a kick off event December 3rd, 2007.

We wish Cecilia and Kurt the best of luck and success in their new role.

Posted by kgittins at 09:48 AM | Comments (0)

October 31, 2007

Elections Results

The Special Meeting of Members for the purpose of electing Board Members was held at 1700 GMT at the offices of Lepus, 46 Bow Lane, London, UK. No proxy votes or objections were received at the meeting.

The results were:

Americas

David Streliski — 47% of the votes cast for this region
James Tunkey — 29%
Peter Brown — 24%

Asia

Sunando Roy — 71% of the votes cast for this region
Antonius Alljoyo — 29%

EMEA

David Rowe — 91% of the votes cast for this region

David Streliski (director re-standing for election), Sunando Roy, and David Rowe are Directors of PRMIA with immediate effect.

Posted by mike.bollinger at 09:41 AM

October 18, 2007

PRMIA Minneapolis Announces Stephen Lindo as New Regional Director

PRMIA Minneapolis today announced the appointment of Stephen Lindo as its new Regional Director. Mr. Lindo is currently the Vice President, Risk Capital Management, GMAC Enterprise Risk Services. He has more than 30 years of experience in the banking and financial industries, including 20 years of risk management experience. He has a Bachelor and Masters degree from Oxford University, London.

Each of PRMIA's 64 chapters is led by a volunteer Regional Director who is responsible for hosting chapter meetings, regularly contacting their chapter members, and contributing to the global PRMIA organization.

"I am looking forward to my new role as Regional Director. I am committed to growing the membership of PRMIA Minneapolis, offering new opportunities for existing members, and working with other PRMIA chapters around the world," says Mr. Lindo. He adds, "The chapter is currently planning an event on credit risk in February 2008 as a part of the PRMIA Global Event Series. This will be followed by an Enterprise Risk Management event in April."

Risk management professionals interested in becoming a member of the PRMIA Minneapolis Chapter may do so by becoming a member of PRMIA today. Visit the PRMIA website at www.prmia.org for more information on membership. Current PRMIA members who wish to join the Minneapolis chapter may log into their PRMIA account and edit their profile at http://prmia.org/index.php?page=membership&option=membershipProfile.

Posted by PRMIA_Marketing at 10:49 AM | Comments (0)

October 10, 2007

PRMIA Aims to Enhance Risk Industry in Japan

PRMIA today announced the addition of PRMIA Tokyo as its first chapter in Japan. Koichi Dezuka, Senior Manager with Ernst & Young in the RAS (Risk Advisory Services for Financial Services) as well as the Fraud Investigation & Dispute Services globally, is the Regional Director of the new PRMIA Tokyo Chapter.

Mr. Dezuka shares the goals of the PRMIA Tokyo chapter, "Our goal is to enhance the risk management culture in Japan. Initially, we will hold Professional Risk Manager (PRM) Exam Study Groups and schedule risk management seminars." He adds, "During 2008 we plan to hold major risk management events and begin to collaborate with other PRMIA chapters around the globe."

Koichi Dezuka has over 15 years of experience in the risk management area, specializing in financial / operational / regulatory risk management. Prior to joining Ernst & Young, Mr. Dezuka worked at a top consulting firm for three years and major financial firms for 12 years as a risk manager. He is a well-known professional in operational risk and enterprise-wide risk services for bank, insurance, and securities firms. He holds a bachelor of arts in economics, Keio University, Japan as well as a CFE (Certified Fraud Examiner) in the United States.

Mr. David Millar, PRMIA Chief Operating Officer, says, "Our membership in Japan is growing at an impressive rate, and we will soon begin making a considerable impact on the risk management community through our chapter and educational activities." He adds, "Mr. Dezuka has a strong vision for the chapter and will be an effective and innovative leader."

Risk management professionals interested in becoming a member of the PRMIA Tokyo Chapter may do so by becoming a member of PRMIA today. Visit the PRMIA website at www.prmia.org for more information on membership. Current PRMIA members who wish to join the Tokyo chapter may log into their PRMIA account and edit their profile at http://prmia.org/index.php?page=membership&option=membershipProfile.

Posted by PRMIA_Marketing at 09:57 PM | Comments (0)

September 28, 2007

PRMIA and McGraw-Hill Professional Announce PRMIA Risk Management Book Series

PRMIA today announced that it has signed an agreement with McGraw-Hill Professional, a global publisher in the financial services, education, and business information markets, to publish the PRMIA Risk Management Series.

Under this agreement, McGraw-Hill Professional will re-issue and revise Volume I of the PRM Handbook, the official handbook for the PRM certification and a comprehensive guide to current theory and best practices in risk management. Replacing Volume I of the PRM Handbook are three new books in the series:

* The Professional Risk Managers' Guide to Finance Theory
* The Professional Risk Managers' Guide to Financial Instruments
* The Professional Risk Managers' Guide to Financial Markets

In addition, McGraw Hill Professional will re-issue PRMIA's Energy and Environmental Markets book as the Professional Risk Managers' Guide to Energy Markets.

These four books will release in December 2007. Tentative plans are to issue second editions of the PRM Handbook Volume II and Volume III by late 2008.

"The PRM Handbook is in use in over 120 countries, at all of the top financial service companies and is core reading material at several graduate programs in risk management," says David Koenig, President of the PRMIA Institute and Past Chair, PRMIA Board of Directors. "Our new series with McGraw-Hill Companies will extend the reach of our existing publications, and bring new texts, all written to a higher standard, to the risk marketplace."

"McGraw-Hill and PRMIA share the goal of providing financial professionals with must-have information from the world's leading risk practitioners," says Jeanne Glasser, editorial director of McGraw-Hill Professional.

Going forward, PRMIA and McGraw-Hill Companies are targeting four to six new publications every year. PRMIA's Academic Advisory Council will provide recommendations for new titles and authors.

Formed in January of 2002, PRMIA is a higher standard for risk professionals, with more than 60 chapters around the world and nearly 45,000 members from 180 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 2,000 active candidates in over 90 countries. More information can be found at www.PRMIA.org.

McGraw-Hill Professional is a leading global provider of print and electronic content and services for consumers and the business, scientific, technical, and medical communities. Its offerings include consumer, business, and technical reference books and online solutions on medical and health, engineering, and scientific topics. Headquartered in New York, the company has offices in Chicago, San Francisco, and Camden, Maine. McGraw-Hill Professional's many imprints and brands include: Schaum's, International Marine, and Osborne. For more information, visit http://www.mhprofessional.com

McGraw-Hill Professional is a unit of McGraw-Hill Education, a division of The McGraw-Hill Companies (NYSE:MHP), a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2006 were $6.3 billion. Additional information is available at http://www.mcgraw-hill.com.

Posted by PRMIA_Marketing at 01:07 PM | Comments (2)

September 25, 2007

PRMIA to Introduce Global Event Series in 35 Cities Around the World

PRMIA today announced that it will launch the PRMIA Global Event Series in February 2008. The PRMIA Global Event Series includes large one-day conferences held in major European, North American, and Asian Markets to anchor the series. In addition, events will be organized in more than 30 other global markets through PRMIA chapter meetings.

The series will unite PRMIA's membership and chapter network with a focused examination of risk issues around four themes throughout the year. "The PRMIA Global Event Series will provide an excellent opportunity for PRMIA members worldwide to be connected through the examination of a specific risk-related theme," says David Millar, PRMIA Chief Operating Officer. "Members will have the chance to hear from industry-leading experts and share with each other through discussions of current best practices in risk management."

Prior to each themed month, PRMIA will conduct a survey of its members on the event topic. A report highlighting the survey results will be written and published as part of the event series.

PRMIA chapters worldwide will host events, including full day conferences in the following cities.

February
Credit Risk
Beijing, London, New York

April
Enterprise Risk Management
Chicago, Mumbai, Paris

September
Operational Risk and Capital Allocation
Hong Kong, London, New York

November
Valuation in an Environment of High Complexity & Liquidity Risk
New York, Paris, Singapore

Check the PRMIA website at www.prmia.org in mid-October for updated information on each of the events, as well as detailed registration instructions.

Posted by dkoenig at 01:48 PM | Comments (3)

September 21, 2007

PRMIA Institute Partners With George Washington University to Offer Course in Professional Risk Management

The PRMIA Institute today announced that it will offer a complete course in Professional Risk Management in conjunction with the George Washington University School of Business. The course will be offered in eight individually bookable sessions on Thursday evenings, January 17 – June 19, from 6:00 – 9:00 p.m. at the George Washington University School of Business.

This intensive program, led by faculty of one of the world’s top business schools, provides delegates with a broad and solid foundation of knowledge that will prepare them to effectively practice risk management. “Risk education has taken a center stage recently, given the current credit-crunch problems in the financial markets. These problems in large part have resulted from the improper use of risk-related tools and instruments for risk taking instead of risk management,” says Robert Savickas, Ph.D., Associate Professor, George Washington University. “To help increase the awareness of the correct applications of risk-management techniques, PRMIA Institute and GWSB have partnered to exploit the expertise of our faculty and leading Washington, DC area risk professionals to provide such education.”

PRMIA is also pleased to announce that it is again partnering with Columbia Business School to offer the Professional Risk Management course that was first held during spring 2007. This course will be held on Wednesday evenings, January 9 - May 28, from 6:30 - 9:30 p.m. at the Midtown Executive Club in New York.

"The expansion of our Complete Course program to Washington, DC is an exciting development for PRMIA members in that area. Our partnerships with Columbia Business School and the Business School of The George Washington University reflect the commitment that the PRMIA Institute has to setting a higher standard in risk education, said David R. Koenig, President of the PRMIA Institute and past Chair, Board of Directors, PRMIA.

Posted by dkoenig at 10:39 AM | Comments (0)

September 06, 2007

Top PRM Candidates in Second Quarter Come From Germany, India, Hong Kong and the US

We extend our congratulations to the following candidates for the PRM certification program who have attained the top scores globally during the second quarter of 2007:

Exam I - Finance Theory, Financial Instruments and Markets

Pranav Dheeraj Gundlapalle, Chennai, India

Exam II - Mathematical Foundations of Risk Measurement

Shibashish Bhattacharjee, Nagpur, India
Harjeet Singh, Mumbai, India
Ashish Kumar Singh, Rourkela, Inda
Maxwell Brothers, Ewing, NJ, USA
Man Chun Yau, Hong Kong
Pranav Dheeraj Gundlapalle, Chennai, India

Exam III - Risk Management Best Practices

Man Chun Yau, Hong Kong

Exam IV - Case Studies, Governance, Conduct

Stefan Kuball, Munich, Germany

Candidates who attain the top score for the entire year on any of the four exams of the PRM certification program are recognized with the PRM Focus Award. Top candidates overall are recognized through the annual PRM Candidate of the Year program.

Posted by dkoenig at 01:00 PM | Comments (0)

Six Candidates Earn Perfect Scores on PRM Exams in Second Quarter of 2007

Congratulations to the following PRM candidates who earned perfect scores on one of the exams of the PRM certification program during the second quarter of 2007:

Exam II - Mathematical Foundations of Risk Measurement

Shibashish Bhattacharjee, Nagpur, India
Harjeet Singh, Mumbai, India
Ashish Kumar Singh, Securities Exchange Board of India (SEBI), Rourkela, India
Maxwell Brothers, Ewing, NJ, USA
Man Chun Yau, HSBC Insurance, Hong Kong
Pranav Dheeraj Gundlapalle, Irevna Research Services Limited, Chennai, India

PRM candidates come from over 95 countries around the world. Successful candidates pursuing the PRM demonstrate themselves as the higher standard holders among risk professionals.

Posted by dkoenig at 10:21 AM | Comments (2)

August 16, 2007

PRMIA CSuite to Address Current Issues in Market and Credit Risk

PRMIA New York is organizing at short notice a closed door meeting for members of our "C-Suite" to discuss current issues relating to Market & Credit Risk.

This meeting is restricted to PRMIA C-Suite members for a not-for-attribution discussion of current market conditions. PRMIA C-Suite membership is limited to practitioners who are C-Level officers or direct reports to C-level officers.

To apply for PRMIA C-Suite membership, please send your PRMIA username, CV and full contact information to csuite@prmia.org.

Posted by dkoenig at 01:30 PM | Comments (0)

August 03, 2007

Announcing the Journal of Risk Management in Financial Institutions

PRMIA today announced its working partnership with Henry Stewart Publications in the launch of Journal of Risk Management in Financial Institutions (JRMFI), an official journal of PRMIA.

With a release date scheduled for September 2007, the Journal of Risk Management in Financial Institutions is a quarterly professional and research journal for all those directly involved in or concerned with the management of strategic and business risk, financial risk, operational risk, regulatory risk and systemic risk in the finance sector. Each issue will include detailed and authoritative briefings, analysis, case studies, research, and reviews by leading practitioners in the field. PRMIA will supplement the journal contents with Webinars featuring journal authors and editorial board members, free to full Sustaining Members. All PRMIA full Sustaining Memberships will include an annual subscription to the online version of JRMFI.

David Koenig, PRMIA Executive Director, says "The Journal of Risk Management in Financial Institutions is another major step forward in PRMIA’s ongoing mission to advance the practice of risk management globally. Our focus on connecting research and practice is well-served by the content of the JRMFI and will be further enhanced as we add even more titles to our publication library in the near future."

"Henry Stewart Publications is delighted to be working in partnership with the Professional Risk Managers' International Association in the publication of Journal of Risk Management in Financial Institutions," says Daryn Moody, Managing Director, Henry Stewart Publications, London. "Guided by its distinguished Editorial Board, Journal of Risk Management in Financial Institutions provides a peer-reviewed forum for the publication of briefings and papers on new thinking and developments, and best practice in the management of risk. The Journal's overriding mission is to address the practical concerns of risk professionals, rigorously. As such, Journal of Risk Management in Financial Institutions will offer a major new resource to PRMIA members, helping to develop the risk management profession worldwide."

Posted by dkoenig at 01:51 PM | Comments (5)

June 28, 2007

PRMIA Aims to Impact Risk Management Industry in Hyderabad

Hyderabad recently became the newest PRMIA chapter in India, joining those already established in Bangalore and Mumbai.

Dr. Yerram Raju Behara, a distinguished banker-turned economist and management consultant, is the Hyderabad Chapter's Regional Director. Dr. Raju shares the goals of the chapter, "We will strive to be the voice of the risk management industry in India, a leader of industry opinion and a proponent for the risk management profession." He adds, "We have established a strong steering committee of professional bankers, insurance and industry representatives, and academics to lead our chapter and help us achieve our goals." The Chapter Steering Committee is chaired by Mr. Amitabha Guha, Managing Director of the State Bank of Hyderabad.

Dr. Raju is the Director (Projects & Research), Development & Research Services P Ltd and until recently, Director of Indian Institute of Economics and Editor, Asian Economic Review, a reputed publishing window of the Institute. His earlier occupations included Senior Management Executive with the State Bank of India for nearly three decades, Professor of Economics, LBS National Academy of Administration, Mussoorie and Dean of Studies, Administrative Staff College of India (ASCI) for a decade. He is also the visiting Professor of Finance and Economics to Acharya Nagarjuna University, Guntur (Andhra Pradesh). Dr. Raju is a prolific writer with more than 500 articles published in all the leading financial dailies and leading national and international journals.

Mr. David Millar, PRMIA Chief Operating Officer, says, "Our membership in India is growing at an impressive rate. We are making a considerable impact on the risk management community through our chapter and educational activities." He adds, "Dr. Raju has a strong vision for the chapter and will be an effective and innovative leader."

Risk management professionals interested in becoming a member of the PRMIA Hyderabad chapter may visit the PRMIA Hyderabad Web site at or via e-mail at Hyderabad@prmia.org.

Posted by dkoenig at 06:30 AM | Comments (5)

June 25, 2007

NUS Risk Management Institute to Offer PRM Training Course in Singapore

We're pleased to annouonce that the NUS Risk Management Institute at the National University of Singapore will implement Professional Risk Manager (PRM) Certification Training Program beginning in July 2007. The PRM certification program is the global standard for the world's top financial risk professionals. Endorsed by leading businesses and leading graduate university programs, it counts candidates from more countries than any other program for risk managers.

Dr. Ng Kah Hwa, Deputy Director NUS Risk Management Institute says, "The PRMIA Certification Training Program specifically prepares professionals in the finance industry for the rigorous examinations of the PRM certification. It will enhance the standard and professionalism of risk management in the finance industry."

"As the financial sector becomes increasingly sophisticated, risk management plays the dual role of maintaining the safety and soundness of banks, as well as the development of new innovative financial products, adds Mr. Ng Nam Sin, Executive Director (Financial Centre Development Department), Monetary Authority of Singapore. "The PRM Certification Training Program is a key initiative that will help advance risk management capabilities and promote sound risk management practices in Singapore."

"We are delighted to work with NUS on this certification program," says Paul Gwee, PRMIA Singapore Regional Director. "With the highly recognized academic standards of NUS and PRMIA's robust program, our candidates will be in the best position to achieve the PRM certification."

The training classes will be held on Saturday mornings over a period of four months, from 14 July 2007 until 17 Nov 2007. Classes are offered in three parts that correspond with the first three PRM exams. To learn more about the certification program, you may visit the RMI Web site. To learn more about the PRM exam, click here.

The NUS Risk Management Institute (RMI) was founded in August 2006 as a university-level research institute at NUS. The establishment of RMI is supported by the Monetary Authority of Singapore under its Programme on Risk Management and Financial Innovation.

Posted by dkoenig at 09:53 AM | Comments (0)

May 31, 2007

PRMIA New York Offers Risk Management Professionals a Look Into the Evolving Role of Technology Solutions

PRMIA New York will host the Frontiers in Technology Forum on Tuesday, June 12. This event is intended to educate risk professionals and stimulate discussion about the challenges and opportunities created by technology, current trends, and forward-thinking solutions.

The day's program includes key regulators, practitioners from small hedge funds to the world's largest financial institutions, and the developers of new technology solutions. The event is valuable for anyone in the risk management field who manages the risk of technology or who relies on technology to manage risk.

"The Frontiers in Technology Forum provides an excellent opportunity for the full spectrum of risk professionals to get a high-level briefing on how technology will affect their future," says James Tunkey, Regional Director, PRMIA New York. "Attendees will take away winning strategies for managing today's technology risks and insight into how technology will impact market, credit, and other risk management in the years ahead."

The Frontiers in Technology Forum will be held from 8:00 a.m. – 6:00 p.m. at the Harvard Club of New York City, located at 35 W. 44th Street. The cost is $475 for free members and non-members, with sustaining members paying $325. This event is proudly sponsored by Asset Control, IBM, SunGard, and Teradata. To register, click here, or call 917-421-9651. A full event brochure can be downloaded here.

Posted by dkoenig at 01:37 AM | Comments (0)

May 25, 2007

Vinayak Kamat Named 2007 PRM Candidate of the Year

Vinayak Kamat, of HSBC Software Development India, in Pune, has been named the 2007 PRM Candidate of the Year.

Mr. Kamat was chosen from those nominated for this award based on his excellent exam scores, top ranking among candidates who answered five essay questions and his performance during a telephone interview of five finalists.

"This is a highly prestigious award, identifying the best of the best among our PRM holders," said David R. Koenig, Executive Director of PRMIA. "We were highly impressed by Vinayak and congratulate him on this international recognition."

Past winners of the PRM Candidate of the Year Award include:

Francois Bourdon, Quantitative Strategist, Fiera Capital, Montreal, (2004 PRM Candidate of the Year)
Tan You Leong, Business Manager, Group Risk Management, OCBC Bank, Singapore, (2004 PRM Candidate of the Year)
Rene Sanda, Director, Banco do Brasil, Brasilia, (2005 PRM Candidate of the Year)
Elizabeth Castagna, Associate Director Investment Compliance, Fidelity International, Pembroke, (2006 PRM Candidate of the Year)

This year's nominees included:

Li-Ming Chen, Taipei Fubon Bank, Taipei, Taiwan
Kristian Greisen, Nykredit Bank, Copenhagen, Denmark
Sian Hwee Ong, Reuters Asia Pte Ltd, Singapore, Singapore
Konstantin Zukker, Algorithmics, Toronto, Canada
Sau Kei Li, HSBC Insurance (Asia-Pacific) Holdings Limited, Hong Kong, Hong Kong
Vinayak Kamat, HSBC Software Development India Private Limited, Pune, India
Tomasz Kubiak, Banking - Bank Pekao SA, Warsaw, Poland
Aviel Yukelson, Gutmark, Radtke & Company AG, Frankfurt, Germany
Graeme West, Financial Modelling Agency, Parktown North, South Africa
Roman Jarocki, KPMG, London, United Kingdom
Bjoern Huether, VersAM Versicherungs-Assetmanagement GmbH, Muenster, Germany

The finalists for this award included Vinayak and:

Konstantin Zukker, Algorithmics, Toronto, Canada
Sau Kei Li, HSBC Insurance (Asia-Pacific) Holdings Limited, Hong Kong, Hong Kong
Kristian Greisen, Nykredit Bank, Copenhagen, Denmark
Roman Jarocki, KPMG, London, United Kingdom

The review committee who selected the winners included:

Oscar McCarthy, Risk Manager, ABN Amro Bank NV, Amsterdam, (PRMIA Education and Standards Committee)
Francois Bourdon, Quantitative Strategist, Fiera Capital, Montreal, (2004 PRM Candidate of the Year)
Tan You Leong, Business Manager, Group Risk Management, OCBC Bank, Singapore, (2004 PRM Candidate of the Year)
Krzysztof Jajuga, Professor, Wroclaw University of Economics, Wroclaw, (PRMIA Education and Standards Committee)
Elizabeth Castagna, Associate Director Investment Compliance, Fidelity International, Pembroke, (2006 PRM Candidate of the Year)
Rene Sanda, Director, Banco do Brasil, Brasilia, (2005 PRM Candidate of the Year)
Sai Sireesh, Director & Global Head, Risk Mgmt. & Compliance Strategy & Solutions, Microsoft Corp, Financial Services Group, Seattle, (Former Regional Director, PRMIA Singapore)
Karina Carrero, RD PRMIA Venezuela, PRMIA, Caracas, (Regional Director, PRMIA Venezuela)
Nawal Roy, Vice President, Moody\'s Investor\'s Service, Jersey City, (PRMIA Education and Standards Committee)
Kostas Giannopolis, Professor, the British University in Dubai, Dubai, (Regional Director, PRMIA UAE)
Paul Gwee, Senior Vice President, United Overseas Bank Group, Singapore, (Regional Director, PRMIA Singapore)

A listing of all past award winners can be found by clicking here.

Posted by dkoenig at 08:06 AM | Comments (10)

May 18, 2007

Bahrain Institute of Banking and Finance Selects PRM Certification for Training Program - David Rowe Opens Seminar

The Bahrain Institute of Banking and Finance has chosen the PRM certification as the one around which to build its training program for risk managers. PRMIA Education and Standards Committee co-Chair, Dr. David Rowe, was on hand for the launch of this program.

"First of all many thanks to PRMIA and to David Koenig, David Rowe and David Miller for making this happen at the BIBF," said Dr. Subhadra Ganguli, Senior Lecturer, Banking Learning Center at BIBF. "We had a good response from the industry and we have many candidates registered for our preparatory course starting on May 19th."

Mr. Hussain Al Ajmi, Division Head, Learning Centers, at the BIBF said "The vast majority of banks and other financial institutions are realizing the importance of risk management in all aspects of their operations. Bahrain needs to develop a pool of professionals in this area. BIBF is working to fulfil the needs of the industry to that effect."

Dr Ganguli stressed the importance of risk management in protecting banks, and financial systems, against financial crisis which could lead to collapse. "Risk management is no longer an option. Identifying and efficiently managing risk is equally important for maximizing profits and returns to shareholders," she said.

The new BIBF programme, the PRM, is aimed at preparing a new breed of high caliber risk management professionals, who can capably steer their respective institutions to even higher levels of success

The PRM certification was selected after a rigorous review of alternatives for risk professionals. It was identified as the best program, continuing the adoption and recognition of the PRM as the true global standard for financial risk professionals.

"We're very pleased to see the PRM be recognized by BIBF and are particularly pleased that the choice of the PRM came about after a thorough review by leading risk management executives in Bahrain," said David R. Koenig, PRMIA's Executive Director.

The PRM certification is the higher standard for risk professionals. It is the only risk certification program to have received numerous public endorsements by leading university programs and business serving the risk profession. More than 2,000 candidates in over 90 countries are pursuing the PRM.

For more information on the BIBF program contact the BIBF Banking Learning Center team on Tel: 17815555, Fax: 17729928 or E-mail: infodesk@bibf.com

More news on this program can be found by clicking here.

Posted by dkoenig at 05:06 AM | Comments (0)

May 02, 2007

PRM Candidate of the Year Finalists and Award of Merit Winners Announced

The Professional Risk Managers’ International Association (PRMIA) today announced the winners of the 2007 PRM Award of Merit and the finalists for the 2007 PRM Candidate of the Year Award.

The finalists for the PRM Candidate of the Year Award were selected by a committee of academic and professional leaders from around the globe. The selections were based on the candidates' performance on the exams of the Professional Risk Manager (PRM) certification program and their responses to a set of essay questions regarding risk management culture and application. The finalists named today are:

Kristian Greisen, Nykredit Bank, Copenhagen, Denmark
Konstantin Zukker, Algorithmics, Toronto, Canada
Sau Kei Li, HSBC Insurance (Asia-Pacific) Holdings Limited, Hong Kong, Hong Kong
Vinayak Kamat, HSBC Software Development India Private Limited, Pune, India
Roman Jarocki, KPMG, London, United Kingdom

In addition to naming the finalist for the 2007 PRM Candidate of the Year Award, PRMIA announced that the following holders of the PRM designation have been awarded the 2007 PRM Award of Merit for their performance on the exams of the program:

Li-Ming Chen, Taipei Fubon Bank, Taipei, Taiwan
Sian Hwee Ong, Reuters Asia Pte Ltd, Singapore, Singapore
Tomasz Kubiak, Banking - Bank Pekao SA, Warsaw, Poland
Aviel Yukelson, Gutmark, Radtke & Company AG, Frankfurt, Germany
Graeme West, Financial Modelling Agency, Parktown North, South Africa
Bjoern Huether, VersAM Versicherungs-Assetmanagement GmbH, Muenster, Germany

The committee members who selected the finalists include:

The winner of the PRM Candidate of the Year Award will be announced during the week of May 21st, 2007.

Posted by dkoenig at 04:31 AM | Comments (0)

May 01, 2007

Top PRM Candidates in First Quarter of 2007 Come From Canada, France, Brazil, Germany, Switzerland and Singapore

We extend our congratulations to the following candidates for the PRM certification program who have attained the top scores globally during the first quarter of 2007:

Exam I - Finance Theory, Financial Instruments and Markets

Luc Gregoire, Quebec, Canada
Bernd Schuster, BayernLB, Munich, Germany
Philippe Vacher, Basler Versicherungs-Gesellschaft, Basel, Switzerland

Exam II - Mathematical Foundations of Risk Measurement

Maria El Khomsi, IXIS AM, Paris, France
Kianli Lim, Credit Suisse, Singapore, Singapore
Sebastien Forte', HEC Montreal, Montreal, Canada

Exam III - Risk Management Best Practices

Sebastien Forte', HEC Montreal, Montreal, Canada

Exam IV - Case Studies, Governance, Conduct

Christoph Janssen, Vinhedo, Brazil

Posted by dkoenig at 10:39 AM | Comments (0)

Four Candidates Earn Perfect Scores on PRM Exams in First Quarter of 2007

Congratulations to the following PRM candidates who earned perfect scores on one of the exams of the PRM certification program during the first quarter of 2007:

Exam II - Mathematical Foundations of Risk Measurement

Maria El Khomsi, Risk Manager, IXIS AM, Paris, France
Kianli Lim, Product Control, Credit Suisse, Singapore, Singapore
Sebastien Forte', M.Sc. Financial Engineering Student, HEC Montreal, Montreal, Canada

Exam IV - Governance, Case Studies, Ethics and Best Practices

Christoph Janssen, Rating Specialist, Vinhedo, Brazil

PRM candidates come from over 90 countries around the world. Successful candidates pursuing the PRM demonstrate themselves as the higher standard holders among risk professionals.

Posted by dkoenig at 10:20 AM | Comments (0)

April 24, 2007

Carol Alexander Selects Aleksander Petreski to Receive PRMIA Institute Grant

Professor Carol Alexander, Chair of Risk Management and Director of Research at the University of Reading, and recipient of the 2006 Professional Risk Managers' International Association (PRMIA) Higher Standard award, has named Aleksander Petreski as the recipient of the PRMIA Institute academic grant.

The PRMIA Higher Standard award is given to individuals who have significantly impacted the global practice of risk management, provided a substantial contribution to the mission of PRMIA and its members, and who show an ongoing commitment to the highest standards of the profession. As winner of this award, Ms. Alexander was given the opportunity to select a scholar or student in the field of risk management to receive a US$1,000 grant.

Aleksander Petreski is among the first intake on the new MSc graduate programme in Financial Risk Management at the ICMA Centre, University of Reading. Mr. Petreski is leading a research study which is sponsored by the British Foreign Office and administered by the British Council. He holds a BA in Economics from the State University in Skopje and is now Head of the Cash Management Unit in the Treasury Department of the Ministry of Finance, Republic of Macedonia.

Carol Alexander says: "Aleksander was chosen for this award because of his excellent performance on the Financial Risk Management MSc course, and because of his dedication to broadening the PRMIA network and furthering the profession in Macedonia."

Petreski says: "I regard the award as an immense personal satisfaction after the great effort put into the intensive but extraordinarily beneficial studies at the ICMA Centre. I would like to extend my personal and professional gratitude to Professor Carol Alexander for nominating me for this award, and I would also like to congratulate my co-award recipient, Ms. Doriana Ruffino."

Petreski intends to use the grant to obtain the The Professional Risk Manager (PRM™) Certification, the global standard for the world's top financial risk professionals. He explains, "The PRM Certificate proves that a risk manager has the critical knowledge to enter the financial industry. I believe that PRM, being endorsed by the leading financial companies, improves your employment prospects significantly."

To Mr. Petreski’s knowledge, he will be the first risk manager to obtain the PRM Certificate in the Republic of Macedonia. Through his influence and contacts with the financial industry he aims to establish this globally recognized standard in his country. He looks forward to becoming a part of the PRMIA network and to sharing and contributing knowledge for the development of this rapidly growing profession.

Posted by dkoenig at 04:16 AM | Comments (0)

April 11, 2007

PRMIA Institute Awards Best Paper: New Frontiers in Risk Management

At the 2007 Enterprise Risk Management Symposium, the PRMIA Institute announced the selection of Klaus Bocker and Claudia Kluppelberg to receive its 2007 New Frontiers in Risk Management Award for their research paper entitled "Multivariate Models for Operational Risk." Mr. Bocker is Senior Risk Controller at HypoVereinsbank AG in Munich. In this capacity, one of his primary responsibilities is overseeing the quantitative aspects of HVB's economic capital model. Professor Kluppelberg holds the chair of Mathematical Statistics at the Center for Mathematical Sciences at the Munich University of Technology.

Klaus Bocker and PRMIA Institute President, David R, Koenig

This latest paper is a follow-up to Mr. Bocker's and Professor Kluppelberg's research paper published in the December 2005 issue of RISK, in which they presented a simple approximation of operational Value-at-Risk ("OpVaR") for a single operational risk cell. Their earlier body of work, entitled "Operational VaR: A Closed-form Approximation," demonstrated the ability to derive closed formulas for the calculation of univariate OpVaR at high confidence levels - an enhancement over commonly-used "black-box" simulation approaches to this issue since a closed formula generally allows for better analysis of the end result.

Mr. Bocker and Professor Kluppelberg pursued their research in the context of Basel II's revised international framework for capital adequacy, which seeks to more closely align banks' regulatory capital requirements with current and future risks. This revised framework allows for the increased use of internal bank risk assessments and quantification methods that incorporate individual banks' market risk, credit risk and operational risk.

Consistent with the objectives of its revised framework, Basel II introduced the Advanced Measurement Approaches (AMA) for assessing operational risk. Banks choosing to use an AMA to calculate the regulatory capital charge for operational risk must receive prior approval for a comprehensive operational risk measurement system that incorporates methods, instruments, IT systems, and review, control and monitoring processes.

Basel II explicitly refers to the issue of correlation (or more generally, the dependence structure among different operational risk estimates), which might result in a diversification benefit and an eventual reduction in overall operational risk. In "Multivariate Models for Operational Risk," Mr. Bocker and Professor Kluppelberg tackled this problem and investigated how such a dependence structure could be modeled using the novel concept of a Levy copula. By using Levy copulas, the researchers were able to derive closed-form approximations for important examples of heavy-tailed loss severity distributions and dependence structures.

The Levy copula draws on the general theory of Levy stochastic processes, which can be applied to loss distribution concepts employed in the actuarial profession, as well as to operational risk. Use of the Levy copula in this context is an innovative, intuitive approach with significant benefits for enterprise risk management.

The awarded paper has been widely recognized for its contribution to analyzing the behavior of multivariate operational risk. It has been received very favorably in the regulatory and risk management communities, including Deutsche Bundesbank and delegates to the Risk Capital Conference in Paris in 2006. These and other practitioners are very interested in the fact that closed-formula results for OpVaR can often be applied to estimate OpVaR with a low approximation error.

The co-authors look forward to the prospect of applying their generalized model of multivariate behavior to actual internal bank data for statistical estimations and parameterizing a Levy copula in practice. They are particularly interested in seeing the Levy copula becoming more popular in the assessment of operational risk and enterprise risk management in general.

Dr. Dan Oprescu, head of the Risk Management Practice for Financial Architects N.V. (FinArch) and a recognized expert in the field of Enterprise Risk Management, was a member of the selection committee for the PRMIA Institute award. In Dr. Oprescu's words, the Bocker- Kluppelberg paper stood out among its peers for its theoretical contributions to the analysis of ERM by "proposing a new framework that could unify the modelling of different types of event risk - a very important challenge faced by enterprise-wide risk models today. The paper presents the framework in a mathematically consistent fashion and then investigates some of its likely applications, showing risk modellers and managers how the framework could be adapted to individual circumstances."

You can download the paper by clicking here.

Posted by dkoenig at 01:49 PM | Comments (0)

April 06, 2007

PRMIA Institute Awards Best Paper in Derivatives at 2007 Midwest Finance Association Annual Conference

Last week at the 2007 Midwest Finance Association's Annual Conference, the award for Best Paper in Derivatives was given to Beate Breuer, Goethe University, Frankfurt, Nicole Branger, Westfaelische Wilhelms-Universitaet, Muenster and Christian Schlag, Goethe University, Frankfurt for their paper "Discrete-Time Implementation of Continuous-Time Portfolio Strategies". This award is sponsored by the PRMIA Institute.

According to the paper's abstract, since trading cannot take place continuously, the optimal portfolio calculated in a continuous-time model cannot be held, but the investor has to implement the continuous-time strategy in discrete time. This leads to the question how severe the resulting discretization error is. The paper analyzes this question in a simulation study for a variety of models.

Download the paper by clicking here.

The PRMIA Institute will be sponsoring the same award at the 2008 Midwest Finance Association's Annual Conference in San Antonio. For more information on this program, please visit www.mfa-2008.com

Posted by dkoenig at 03:08 PM | Comments (0)

March 21, 2007

Chinese University Programs Endorse PRM Certification

The Professional Risk Managers' International Association (PRMIA) today announced that the Professional Risk Manager (PRM) certification program has received formal backing from the RiskChina Research Center, the School of Information Management and Engineering at Shanghai University of Finance and Economics, the Statistics and Finance Department at University of Science and Technology of China, the School of Management and Economics and Laboratory of Knowledge Discovery and Data Analysis at Beijing Institute of Technology, and the International School of Software Engineering at Wuhan University.

"Risk management in China, especially among banks and insurance companies, is evolving quickly. The adoption of an international standard like the PRM is recognition of the need for all financial institutions to conduct risk management practices at the highest international levels," said David R. Koenig, Executive Director of PRMIA.

"As the unique international leader in risk management certification, PRMIA is performing one of the most value-added certification programs for financial risk managers around the world, the PRM," said Prof. Dash Wu, Director of the RiskChina Research Center (RCRC). "It is really exciting and challenging to introduce these leading certification programs to emerging economy such as China. RCRC endorses the PRM designation and is wholeheartedly taking the initiatives."

The PRM certification is offered at over 125 testing centers across mainland China, making it the only international risk certification program available to all Chinese financial institutions.

"We are very interested in collaborating with PRMIA regarding these research and endorsement issues," Dean Zheng Qin, from School of Information Management and Engineering, Shanghai University of Finance & Economics noted, “we believe the collaboration is very positive and we are looking forward to the intangible contributions in this area."

"We are glad to join RiskChina Research Center and other university programs in China in the endorsement of the PRM certification as the global standard which leads to Chinese risk managers to behave more professionally", said Barry Zhou, Dean of the International School of Software Engineering Wuhan University.

"I am happy to join in the endorsement of the PRM certification. I believe this is very promising and look forward to our collaboration!" said Professor Zhu Donghua, the Associate Dean of School of Management and Economics and Director of Laboratory of Knowledge Discovery and Data Analysis at Beijing Institute of Technology.

The PRM certification is the highest standard for financial risk managers worldwide, counting candidates in more than 90 countries. It has been formally endorsed by the Hong Kong University of Science and Technology Business School, the National University of Singapore Centre for Financial Engineering, the University of Toronto Risk Lab, the University of Reading ICMA Centre, Technical University of Munich - HVB-Institute for Mathematical Finance, the Macquarie University Applied Finance Center, a consortium of faculty in Paris representing ESCP-EAP, HEC, Ecole Polytechnique, Sorbonne and Université Paris Dauphine and Dr. Linda Kreitzmann, the Director of the Masters in Financial Engineering Program, Haas School of Business, University of California at Berkeley.

In addition, several leading service providers to the financial services industry have publicly endorsed the program including SunGard Trading and Risk, Algorithmics, The Canadian Securities Institute, Lombard Risk and MB Risk Management.

Posted by dkoenig at 04:46 AM | Comments (0)

March 20, 2007

Professional Risk Managers From Ten Countries Nominated For 2007 PRM Candidate Of The Year Award

The Professional Risk Managers' International Association (PRMIA) today announced the nominees for the 2007 PRM Candidate of the Year Award. This year, thirteen risk professionals, all who earned the prestigious PRM certification in 2006, have been nominated for the award.

Nominees are selected based on their performance across multiple exams in the PRM certification program. Each nominee scored in the top quantile on at least three of the four exams required to attain the PRM.

The nominees include:

Li-Ming Chen, Taipei Fubon Bank, Taipei, Taiwan
Kristian Greisen, Nykredit Bank, Copenhagen, Denmark
Sian Hwee Ong, Reuters Asia Pte Ltd, Singapore, Singapore
Konstantin Tsukker, Algorithmics, Toronto, Canada
Sau Kei Li, HSBC Life (International) Limited, Hong Kong, Hong Kong
Vinayak Kamat, HSBC Software India Private Limited, Pune, India
Zoubair Kachri, LSE Space E&O AG, Greifenberg, Germany
Ashish Srivastava, Reliance Asset Mgmt (S'pore) Pte Ltd, Singapore, Singapore
Tomasz Kubiak, Banking - Bank Pekao SA, Warsaw, Poland
Aviel Yukelson, Gutmark, Radtke & Company AG, Frankfurt, Germany
Graeme West, Financial Modelling Agency, Parktown North, South Africa
Roman Jarocki, KPMG, London, United Kingdom
Bjoern Huether, VersAM Versicherungs-Assetmanagement GmbH, Muenster, Germany

"The PRM certification exam process distinguishes the best risk professionals globally and these nominees represent the best of the best," said David R. Koenig, Executive Director of PRMIA. "Once again, the list of nominees is diverse geographically, demonstrating the global influence of the risk management practice and the PRM certification's place as the global standard for risk managers."

The nominees are now required to submit answers to essay questions that will be reviewed by a distinguished panel of academic and industry professionals. From these essay reviews, finalists for the PRM Candidate of the Year Award will be chosen. The finalists then move onto the next stage of evaluation, which includes personal interviews.

Past winners of the PRM Candidate of the Year Award include:

* Elizabeth Castagna, Assoc. Director Investment Compliance, Fidelity Int'l, Bermuda
* Rene Sanda, Director of Risk Management, Banco do Brasil, Brazil
* Tan You Leong, Business Manager, Group Risk Management, Singapore
* Francois Bourdon, Quantitative Strategist, Fiera Capital, Canada

The PRM Candidate of the Year Award winner will be announced in May 2007.

About PRMIA and the PRM

PRMIA is the Professional Risk Managers' International Association. A non-profit, member-led organization, PRMIA is dedicated to advancing high global standards of risk management through dialog and collaboration. PRMIA has over 40,000 members in 60 chapters and more than 175 countries around the world. PRMIA offers the only globally-endorsed Professional Risk Manager (PRM) certification program. Over 1,900 candidates in more than 90 countries are currently pursuing the PRM designation, more countries than any other risk certification program. More information can be found at www.PRMIA.org.

Posted by dkoenig at 10:56 AM | Comments (0)

March 07, 2007

PRMIA Institute Launches Two New Courses

The PRMIA Institute is launching two new courses featuring faculty members from the Fields Institute at the University of Toronto.

Prof. Luis Seco is teaching a Hedge Fund Risk Management course during April in Chicago, and during May in New York.

Dr. Dan Rosen is teaching an Economic Credit Capital Allocation course during May in Charlotte, New York and Boston.

Plans are also underway for new courses in Asia and North America this fall. For a full list of upcoming classroom courses from the PRMIA Institute, please click here.

Posted by dkoenig at 06:27 PM | Comments (0)

February 28, 2007

2007 "Frontiers in Credit Forum" Report: Bubble Mania Redux?

by Janet Basilone, special to PRMIA

February 28, 2007 - New York, NY - Highlighted with keynote presentations from industry leaders like John Hull, Ed Altman and Don van Deventer, PRMIA New York's 2007 "Frontiers in Credit Forum" raised issues of high importance for the risk profession. The general consensus among participating experts was a mixture of enthusiasm about the point to which the industry has evolved tempered with concerns about trends that, if not properly managed, portend trouble on the horizon.

After a welcome from PRMIA New York Regional Director James Tunkey, the morning kicked off with a panel on Frontiers in Credit Research moderated by Peter Davis, Director of Credit Risk Services in Ernst & Young's Global Financial Services Advisory Practice. Co-panelists James Batterman, Senior Director in the Credit Policy Group at Fitch Ratings, and David Hamilton, Senior Vice President of Credit Policy Research at Moody's Investors Service, addressed a rapt audience on the topics of credit derivatives product news and near-term expectations for default experience, respectively.

Mr. Batterman reviewed highlights of Fitch's 2006 Global Credit Derivatives Survey, subtitled: "Indices Dominate Growth as Banks' Risk Position Shifts." The survey found that the notional amount of outstanding credit derivatives contracts sold rose from US$5.3 trillion at year-end 2004 to nearly US$12.0 trillion at year-end 2005 - an increase of 122%; by year-end 2006 this number had more than doubled to over $25 trillion. Indices and index-related products (CDX, iTraxx, ABX.HE) continue to drive the growth in the synthetic CDS market: the segment grew by an astounding 900% and, at US$3.7 trillion, now constitutes 31% of gross sold positions.

Of course, a key theme throughout the day was the strong appetite in the market for corporate leveraged loans, an asset class within one of the most innovative and fastest growing sectors of the U.S. capital markets in 20 years. Mr. Batterman noted how the growing secondary market for leveraged loans is driving the market in credit derivatives for these loans. Europe has taken the lead with LevX; dealers in the U.S. continue to work toward the introduction of the U.S. loan CDS index, LCDX.

Mr. Hamilton of Moody's pointed out that the prevalence of corporate leveraged loans prompted Moody’s to update its model for assessing the speculative grade default rate and introduce an LGD scale. The addition of corporate loan issuers to the bond universe, especially in the high-yield sector, will allow for a more representative indicator of corporate defaults.

Mr. Hamilton noted that the default rate on speculative grade instruments has been low - at or below 2% - for a "long" time. (He was referring to the period from mid-2005 to February 2007.) For 2007, he forecasts a default rate of 3.1%, still well below the historical average of 4.9%. Mr. Hamilton pointed out that the proportion of high-yield ratings categories (B2 to Caa) in Moody's portfolio has increased significantly. Like the morning's keynote speaker, Edward I. Altman, Mr. Hamilton projects a negative turn in the cycle by 2008 due to weak fundamentals.

Throughout the day, speakers discussed their views on the state of the market in high yield bonds, loans and distressed debt. Since 2003, there has been a steady climb in the issuance of speculative-grade bonds and loans. Corporate loans - in particular second lien loans - have become an important substitute asset class for highly leveraged issuers, and 2006 saw a pronounced rise in the number of loan-only issuers.

Compounding concerns is the expectation, based on historical data, that deterioration in the credit quality of loan-only issuers will coincide with deterioration in loan-only recovery rates. (Many panelists commented on the current abnormally low default/ high recovery rate state of the market versus the historical rate.) It was noted that the rise of loans as a substitute asset class, as well as the presence of new institutional investors with distinct strategic objectives and tactics, are wildcards for the direction of the expected default and recovery rates.

The dramatic increase in liquidity resulting from the presence of aggressive investors (e.g., hedge funds, private equity firms) in search of yield, however little, has given rise to an imbalance in supply and demand. And these aggressive investors, who lend directly to troubled issuers, can act as a lifeline or precipitate their default.

Matthieu Royer, Director in the Portfolio & Balance Sheet Management Group at CALYON (a division of Credit Agricole Group), moderated a panel on The Credit Model Spectrum. This group included Stephen Figlewski, Professor of Finance at New York University, who presented recent research and findings on the macro-economic aspects of default likelihood and migration forecasts; Bjorn Flesaker of Bloomberg who spoke about the use of CDS to replicate or price other default contingent claims; and Sivan Mahadevan of Morgan Stanley who provided a market perspective on default correlation.

In the afternoon Practitioners Forum, Martin Fridson, CEO of FridsonVision, LLC, spoke abut the benefits, and costs, of liquidity. He referred to a "credit spiral" that lets companies borrow their way out of trouble. Indeed, fewer troubled companies are filing for Chapter 11 because hedge funds are eager to step in with financing in the current market environment. Mr. Fridson spoke of the power of liquidity to keep the default rate low (at least temporarily). And he raised concern about the quality of new issuances that he speculated could lead to a peak in the default rate in 2009. This idea was broached by an earlier presenter who indicated that the rating distribution of first-time issuers since 2004 leads many to think the default rate is primed for a rise: 30% of issuers are rated "Caa" out of the gate.

Curt Deane, principal of the Deane Group, pointed out that there is no apparent reward for the level of risk in this market, and questions how the liquidity can justify the homes it is seeking. Mr. Deane worries that you don't know who the ultimate counterparty is. He wonders why nobody kicks tires anymore and asks: are we too complacent about the concept of credit protection?

Chris Whalen, Managing Director of Institutional Risk Analysis, reiterated many of Mr. Deane's concerns. He asserts that we need a more critical view and must look at deeper default experience. He'd like answers to questions such as "When do you normalize a data series?" and "How does a company compare to its peers?" He, too, notes that there is no compensation for risk today, and that a hedge fund manager has zero incentive to enter into a restructuring driven by a bank workout department; the incentive is to liquidate.

The size of the distressed debt market and performance are what continue to drive investment in this asset class. Assets under management at distressed debt hedge funds range from $5 billion to $20 billion. In 2006, BB-rated bonds yielded 10%; CCCs yielded 20%; distressed CCCs yielded 40%; and the average return on defaulted bonds was 40% to 60%. Although more and more players see assets in bankruptcy as an exciting asset class, the big unknown is whether these investors will be capable of withstanding defaults and write-offs during a downturn.

Indeed Edward Altman, Max L. Heine Professor of Finance at New York University's Stern School of Business, sounded a note of caution for risk professionals. At 2.5% in 2007 and 3.7% in 2008, his default rate forecast for corporate high-yield non-investment grade bonds is higher than the current rate of 0.76%, but well below the historical average of 4.2%. While Professor Altman is not necessarily forecasting a drying up of liquidity, he does caution that corporate fundamentals and poor new bond and loan quality point toward significantly higher default rates in the future.

The issue for Professor Altman is: are historical default/recovery models still relevant or is there a new paradigm? He questions the conventional wisdom that recession paves the way for defaults. As he points out, this was not the case in the last two recessions. In his view, new models are needed.

Today's average loan in default sells at $0.93 on the dollar, an amount very close to that of the average on new defaults. Ed Altman wonders if these companies are really worth that much in asset value? And he poses this important question: will excess liquidity continue to dominate the market or will we observe a regression to the long-term mean and where defaults and recoveries are once again based on firm-fundamental and more traditional supply/demand risk patterns?

Sound familiar?

If PRMIA's 2007 Frontiers in Credit Forum is used to gauge quality for future programs, members will want to make a point of reserving a slot for upcoming events. Matthieu Royer summed it up by saying that he had never seen such a high caliber of panelists in a one-day event. This forum is just one example of PRMIA's level of commitment to delivering high-value programs to its membership.

Posted by dkoenig at 04:07 AM | Comments (0)

Robert C. Merton Selects Graduate Student To Receive PRMIA Institute Grant

Professor Robert C. Merton, the John and Natty McArthur University Professor at the Harvard Business School, and recipient of the 2006 PRMIA Higher Standard Award, has named Doriana Ruffino, a PhD student at Boston University, as the recipient of the PRMIA Institute academic grant associated with his Higher Standard Award.

"Doriana is absolutely first-rate in quality of mind, dedication to the subject, and delivering on performance," said Dr. Merton. "She exemplifies well the quality expected of someone receiving a grant as a consequence of the PRMIA Higher Standard Award."

Ms. Ruffino's research employs continuous-time finance theory in the study of optimal risk management, both at the level of financial firms and at the level of households finance. In the context of the risk management techniques utilized by financial firms, she has authored an article that responds to recent commentaries suggesting that dynamic hedging is an inadequate description of real-world practices.

Her most current research is on optimal household decisions over the life-cycle. The model that she has been developing over the past few months will be part of her dissertation proposal and it is entitled "Career Risk Management: The Optimal Exercise of Life-Cycle Options (with Jonathan Treussard)."

"I am truly honored to have received this award and to have the opportunity to conduct academic research in line with PRMIA's primary objectives," said Ms. Ruffino. "Needless to say, this does and will motivate me even further to pursue higher standards in my research."

The PRMIA Higher Standard award is granted to individuals who have significantly impacted the global practice of risk management, provided a substantial contribution to the Mission of PRMIA and its members, and who show an ongoing commitment to the highest standards of the profession.

Posted by dkoenig at 02:57 AM | Comments (0)

February 16, 2007

Frontiers in Credit Forum: Professor Edward I. Altman Issues Caution on Credit

February 16, 2007 – New York, NY – Edward I. Altman, Max L. Heine Professor of Finance at New York University’s Stern School of Business, today presented at PRMIA’s Frontiers in Credit Forum his latest forecasts on default rates for corporate high-yield non-investment grade bonds.

Using his model based on mortality rates, Professor Altman forecasts a default rate of 2.5% in 2007 and 3.7% in 2008. While higher than the current rate of 0.76%, these default forecasts are well below the historical average of 4.2%. Leveraged loans are also currently exhibiting similarly low historic rates of default.

Professor Altman points out that this is the lowest default rate in 25 years on corporate high-yield non-investment grade bonds, and the highest recovery rate ever. He attributes this to the unusually high volume of liquidity chasing few defaults.

Today’s average loan in default sells at $0.93 on the dollar, an amount very close to that of the average on new defaults. Driving these trends are an estimated 170 managers of distressed debt in the U.S. alone.

While Professor Altman is not necessarily forecasting a drying up of liquidity, he does caution that corporate fundamentals and poor new bond and loan quality point toward significantly higher default rates in the future.

The PRMIA Frontiers in Credit Forum is the first of four events in this year’s PRMIA New York Conference Series.

Posted by dkoenig at 02:42 PM | Comments (0)

February 13, 2007

The PRMIA Institute Announces the Formation of the PRMIA Institute - China

The PRMIA Institute has formed a partnership with the RiskChina Research Center and several university programs in China to launch the PRMIA Institute – China.

The focus of this partnership will be the provision of training programs in China that feature leading international faculty as well as the top faculty from Chinese universities, the support of academic work at these institutions and the enhanced availability of publications and research serving Chinese risk management professionals.

The RiskChina Research Center is an institution affiliated with RiskLab from University of Toronto and jointly sponsored by Shanghai University of Finance and Economics. In addition to the RiskChina Research Center, the PRMIA Institute – China will work with the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, the International School of Software Engineering Wuhan University and Shanghai University of Finance and Economics.

“We are thrilled to see the growth of the PRMIA Institute partnerships to mainland China and are especially pleased that Prof. Dash Wu will bring his leadership and academic expertise to the PRMIA Institute – China,” said David R. Koenig, President of the PRMIA Institute. “There is a vast demand for professional development programs for risk managers and the PRMIA Institute – China looks forward to serving the local needs.”

“There is no security on this earth, only opportunity,” said Prof. Dash Wu, Director of RiskChina Research Center and Adjunct Professor of Shanghai University of Finance and Economics “Joining the PRMIA Institute partnership, we are winning these opportunities.”

The PRMIA Institute is an international cooperative effort between the Professional Risk Managers’ International Association and leading university programs around the world. Current partners include the Columbia Business School, the Hong Kong University of Science and Technology Business School, the National University of Singapore Centre for Financial Engineering, the University of Toronto Risk Lab, the University of Reading ICMA Centre, Technical University of Munich - HVB-Institute for Mathematical Finance, the Macquarie University Applied Finance Center, Groupe HEC Business School, George Washington University’s MS in Finance program, the University of Michigan College of Engineering, the University of Cyprus Center for Banking and Financial Research. In addition, of the Masters in Financial Engineering Program, Haas School of Business, University of California at Berkeley is represented by Dr. Linda Kreitzmann, its Director.

About PRMIA and the PRMIA Institute

PRMIA is the Professional Risk Managers’ International Association. Formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and over 35,000 members from more than 170 countries. A Section 501(c)(6) 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 1,900 active candidates from more than 90 countries.

The PRMIA Institute is setting a higher standard in risk education. It is a non-profit Section 501(c)(3) 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 studies in risk management and financial mathematics / engineering, provides 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 among lower-income individuals.

You can learn more about both at www.prmia.org.

About the RiskChina Research Center

The RiskChina Research Center(RCRC, Chinese Domain: www.riskchina.org) at University of Toronto is an institution affiliated with RiskLab Toronto (part of the international network of RiskLabs sponsored by Algorithmics) which was founded in 1996 to conduct activities in financial risk management, often times in collaboration with industrial partners. RCRC aims to promote collaboration toward understanding greater China based on in-depth research and experience. The Center draws much if its expertise from the universities around the world, working collaboratively across institutions and jointly with the public and private sectors. The universities currently represented are University of Toronto, University of Chicago, University of Nebraska Lincoln (USA), Ryerson University (Toronto), Munich Institute of Technology (Germany), Universidad Autonoma de Madrid (Spain), the International Management Center in Nicosia (Cyprus), the Universidad del Pacifico in Lima (Peru) and many others in South America.

The researchers of the Center study various aspects of Chinese financial and enterprise risks and the economic and business environment. Our goal via the Center is to make our knowledge and expertise available to a wide variety of constituents beyond our academic community, as well as to enhance our academic work via cross-disciplinary and institutional collaboration.

To date the Center has sponsored and co-sponsored many events. We have organized major business and academic conferences such as ICMI, edit special issues for various journals such as IJTM, IJVCM, IJENM, IJECRM, and participate in on-going workshops, panels and presentations aimed at disseminating insights and information about developments in contemporary China. The Center publishes an online bulletin with research articles, current events and information about study, business training programs. We also publish a calendar of China related events, and supply information via resource links on the Center’s website.

The Center also sponsors the referred journal:

International Journal of Services Sciences (IJSSci)
International Journal of Chinese Culture and Management (IJCCM)

Posted by dkoenig at 05:20 PM | Comments (1)

February 12, 2007

The PRMIA Institute and the PRMIA Institute - China issue a Call for Papers

The PRMIA Institute and the PRMIA Institute - China, supporters of the 2007 International Conference on Management Innovation (ICMI 2007) in Shanghai, China, are issuing a call for papers for technical sessions/Focus Symposia related to the themes of the conference which include:

Quantitative Financial Management Theory and Applications
Credit Risk
Integrated Risk Management
Interest Rate Term Structure
Portfolio Optimisation
Business Data Mining Theory and Applications
Business Data Mining Risk Management in Supply Chain
Financial market analysis
Supply Chain and Financial Options
E-commerce and Web Services
Online filtering
Benchmarking and Evaluations
Business Outsourcing

Proposals can be submitted to dash@risklabchina.ca with a copy to ijssci@inderscience.com. Please use the standard form which can be found online at http://www.icmi2007.org/pages/cfp.html.

You can learn more about this conference at http://www.icmi2007.org/index.html.

Proposals must be submitted not later than March 15th, 2007.

Posted by dkoenig at 10:24 PM | Comments (0)

January 30, 2007

PRMIA and the PRMIA Institute Provide Over US$100,000 In Scholarships And Academic Grants In 2006

In 2006, the Professional Risk Managers' International Association (PRMIA) and the PRMIA Institute combined to give over US$100,000 worldwide in scholarships and academic grants to students, members in emerging markets and low-income individuals to support their study of risk management. These grants were provided to allow access to professional development resources that would not otherwise have been affordable.

"PRMIA and the PRMIA Institute have had a global commitment to serving members in both advanced and emerging markets," said David R. Koenig, Executive Director of PRMIA and President of the PRMIA Institute. "Our PRM certification is pursued by candidates in over 90 countries. Our professional development programs and publications are being used in more than 120 countries. The scholarship program is one of the reasons that there has been such a wide adoption of these programs"

In order to qualify for PRMIA and PRMIA Institute scholarships, members must have annual incomes of less than US$25,000 and cannot have their professional development expenses reimbursed by a third party. Scholarships have been granted to members in 73 countries.

David Millar, PRMIA's Chief Operating Officer said "PRMIA is committed to improving risk management across the globe and we believe in making our knowledge and exams available to all, including developing countries. I would like to thank our contributing membership, our corporate client and our sponsors for providing the funding which makes these benefits possible."

PRMIA provides scholarships to individuals pursuing the PRM certification program, including assistance with exam fees and preparation materials. The PRMIA Institute provides scholarships to assist with the purchases of books and online training programs.

About PRMIA and the PRMIA Institute

PRMIA is the Professional Risk Managers' International Association. Formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and over 35,000 members from more than 170 countries. A Section 501(c)(6) 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 1,800 active candidates from more than 90 countries.

You can learn more about both at www.prmia.org.

Posted by dkoenig at 01:20 PM | Comments (2)

January 23, 2007

Top PRM Candidates in Fourth Quarter of 2006 Come from UK, USA, Poland, Canada and Denmark

We extend our congratulations to the following candidates for the PRM certification program who have attained the top scores globally during the fourth quarter of 2006:

Exam I - Finance Theory, Financial Instruments and Markets

Tomasz Kurnatowski, Citibank Handlowy, Warsaw, Poland

Exam II - Mathematical Foundations of Risk Measurement

Konstantin Tsukker, Algorithmics, Toronto, Canada
Ing Chian Ching, CCA Strategies LLC, Atlanta, GA, USA
Kristian Greisen, Nykredit Bank, Copenhagen, Denmark
Grzegorz Gawron, Lehman Brothers, London, England

Exam III - Risk Management Best Practices

Xuan Kong, NEUROMetrix Inc, Waltham, MA, USA

Exam IV - Case Studies, Governance, Conduct

Saleem Husain, Citigroup Investment Bank, New York, NY, USA

Posted by dkoenig at 05:35 AM | Comments (3)

Five Candidates Earn Perfect Scores on PRM Exams During Fourth Quarter of 2006

Our congratulations to the following candidates who attained perfect scores on one of the exams of the PRM certification program during the fourth quarter of 2005:

Exam II - Mathematical Foundations of Risk Measurement

Exam IV - Case Studies, Governance, Conduct

Saleem Husain, Citigroup Investment Bank, New York, NY, USA

For more information about the PRM certification program, please click here.

Posted by dkoenig at 04:52 AM | Comments (1)

PRM Candidates Now in 91 Countries

The risk profession's only globally endorsed certification program, the PRM, now counts candidates in 91 countries.

Afghanistan
Andorra
Argentina
Australia
Austria
Bahrain
Barbados
Belgium
Bermuda
Bhutan
Bolivia
Bosnia/Herzegowina
Brazil
Cambodia
Canada
Chile
China
Colombia
Costa Rica
Cote De voire
Croatia/Hrvatska
Cyprus
Czech Republic
Denmark
Egypt
Finland
France
Germany
Ghana
Greece
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea (South)
Kuwait
Lebanon
Lithuania
Luxembourg
Macau
Malaysia
Malta
Mauritius
Mexico
Morocco
Namibia
Netherlands
Netherlands Antilles
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Philippines
Poland
Portugal
Puerto Rico
Qatar
Romania
Russia
Saudi Arabia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sweden
Switzerland
Taiwan
Thailand
Trinidad/Tobago
Tunisia
Turkey
United Arab Emirates
United Kingdom
United States of America
Venezuela
Vietnam
Yugoslavia
Zambia

Congratulations to all who have taken up the challenge of the PRM and to those who have donated their time and professional skills to the development of this global standard.

Posted by dkoenig at 04:01 AM | Comments (0)

January 11, 2007

PRMIA Institute and Columbia Business School Launch Successful Risk Management Course

The PRMIA Institute and the Columbia Business School successfully launched their joint Complete Course in Professional Risk Management in New York yesterday.

Delegates from companies like Morgan Stanley, Bear Stearns, Bank of Tokyo-Mitsubishi, Citigroup, Grupo Santander, NRG, Moody's, Moore Capital, Ernst & Young and many others are participating in the 20-week program.

Prof. Costis Maglaras, Associate Professor of Business led the first session, building the mathematical foundations of risk measurement necessary for effective risk management programs.

More than one dozen Columbia Business School faculty are participating in the program. Their teaching is combined with the perspectives of leading practitioners like Dan Rodriguez, Executive Director in Market Risk Modeling at Morgan Stanley and Philippa Girling, Global Co-Head of Operational Risk at Nomura.

The program concludes with a certificate exam at the end of May.

Those interested in attending future offerings of the program, or parts of the current program can contact Jodi Lundell, PRMIA Institute Director of Events, at jodi.lundell@prmia.org or +1-917-421-9651.

Posted by dkoenig at 03:07 PM | Comments (4)

December 28, 2006

PRMIA Appoints David Millar to Chief Operating Officer Position

FOR IMMEDIATE RELEASE
Contact PRMIA Communications Department
communications@prmia.org

The Professional Risk Managers’ International Association (PRMIA) has announced that David Millar of London, England has been appointed to the role of Chief Operating Officer of the association.

Mr. Millar has been working with PRMIA as the administrative co-Chair of the Regional Director Support and Standards Committee. In his new role, he will expand his administrative direction to include management of other global volunteer committees, including the Education and Standards Committee, PRMIA administrative, legal and financial matters, PRMIA partner relationships and general day-to-day management of operations. Mr. Millar will report to David R. Koenig, PRMIA’s Executive Director, who has also been named President and Executive Director of the PRMIA Institute. The addition of the Chief Operating Officer role to PRMIA’s professional team allows the association to further expand the services offered to its members, certification candidates and partners.

“We’re very pleased that David is expanding his professional role with PRMIA,” said Mr. Koenig. “He has shown very capable leadership of our Regional Director Support and Standards Committee and our administrative staff and volunteers have greatly appreciated his contributions.”

Mr. Millar has over 30 years of industry experience and is a process, IT and risk management professional focused on financial markets. His experience covers strategy, training, consulting, research, outsourcing and change management. He has strong business development and marketing skills. Mr. Millar has an impressive track record in retail and investment banking and ran the banking division at Capgemini, a consulting, implementation and outsourcing division. In recent years he has specialized in enterprise and operational risk management consulting, training and writing including Basel II, Sarbanes-Oxley, MiFID and other EU Directives and their control and supervisory requirements.

“I am delighted to be taking on this new challenge. It brings together a career interest in risk management with the opportunity to contribute to a successful and growing professional association”, said Mr. Millar. “It also allows me to continue working with a great team of motivated and energetic PRMIA volunteers, staff and members”.

In less than five years, PRMIA’s membership has grown from its 25 founding members to nearly 40,000 members in 172 countries. Its flagship PRM certification program is recognized as the highest standard in risk certification programs and counts candidates in over 90 countries.

About PRMIA and the PRM

PRMIA is the Professional Risk Managers’ International Association. Formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and nearly 40,000 members from more than 172 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 1,800 active candidates from more than 90 countries. You can learn more at www.prmia.org.

Posted by dkoenig at 02:23 PM | Comments (1)

December 05, 2006

2005 PRM Candidate of the Year Named Risk Management Director for Banco do Brasil

Rene Sanda, winner of the 2005 PRM Candidate of the Year Award, has been named by the Board of Banco do Brasil as the new Risk Management Director.

"My appointment as the new Risk Management Director of Banco do Brasil (the biggest bank in Latin American) was due to good luck, hard work and PRMIA," said Mr. Sanda, "There is no organization in the world that supports the risk professionals like PRMIA."

Prior to this appointment, Mr. Sanda had been supervising the treasury division of Banco do Brasil’s New York branch, where he was responsible for planning, directing and controlling the branch’s treasury and risk management activities. Sanda served as an asset liability manager for Banco do Brasil from December 1999 to April 2002. Prior to that time he was head of the international finance division from January 1995 to December 1999. Sanda holds a masters degree in statistics from Instituto de Mateme from the Universidade de Sao Paulo and an executive MBA in finance from Instituto Brasileiro de Mercado de
Captais in Brazil.

We congratulate Rene on his accomplishments and are very pleased to see the success of those who have attained the higher standard in risk certification, the PRM.

The press release, in Portuguese, can be found by clicking here.

Posted by dkoenig at 11:32 PM | Comments (0)

November 20, 2006

PRMIA Institute Awards Best Paper in Risk Management at 2006 FMA Annual Meeting

November 20, 2006 - The PRMIA Institute recently awarded a prize for the top paper in risk management at the 2006 Financial Management Association's Annual Conference in Salt Lake City to faculty from George Washington University and the Carlson School of Management at the University of Minnesota.

The winning paper was entitled Risk Management with Stress Testing: Implications for Portfolio Selection and Asset Pricing.

Our congratulations go to the authors and award recipients: Professor Gordon J. Alexander, the John Spooner Chair in Investment Management and Professor of Finance, Carlson School of Management, University of Minnesota and Alexandre M. Baptista, Assistant Professor of Finance in the School of Business at The George Washington University

Stress Testing is often used by banks and securities firms to set risk exposure limits. In their paper, the authors examine a model with an agent who faces binding stress testing constraints and another who does not. Their results, among other findings, provide further motivation to the literature in which security prices are not solely driven by systematic risk.

“The PRMIA Institute has been showing support for advanced academic research since its founding,” commented David R. Koenig, the Executive Director of the PRMIA Institute. “This year’s prize is the third such award presented for the scholarly work of the membership of the Financial Management Association.”

The winning paper can be downloaded from the FMA website by clicking here.

About PRMIA and the PRMIA Institute

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 studies in risk management and financial mathematics / engineering, provides 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 among lower-income individuals.

PRMIA is the Professional Risk Managers’ International Association. Formed in January of 2002, PRMIA is a higher standard for risk professionals with more than 60 chapters around the world and over 35,000 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 1,800 active candidates from more than 85 countries. You can learn more about both at www.prmia.org.

About the Authors

GORDON J. ALEXANDER is a Professor of Finance and holds the John Spooner Chair in Investment Management in the Carlson School of Management at the University of Minnesota. He received his B.S. in Business Administration from the State University of New York at Buffalo, and his M.B.A., M.A. in Mathematics, and Ph.D. in Finance from The University of Michigan.

His research specialties are investments and portfolio management. Current research areas involve market microstructure, risk management, and mutual funds. He has published articles in numerous journals, including the Financial Management, Journal of Banking and Finance, Journal of Business, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Financial Intermediation, Journal of Financial Markets, Journal of Monetary Economics, Journal of Portfolio Management, and Review of Financial Studies. He is the co-author of three books on investments and portfolio analysis; one of his co-authors is Nobel Laureate William F. Sharpe of Stanford University.

He is currently First Vice President of the Midwest Finance Association, and has been a Director of the Financial Management Association and a Senior Research Economist at the U. S. Securities and Exchange Commission.

ALEXANDRE M. BAPTISTA is an Assistant Professor of Finance in the School of Business at The George Washington University. He received his Licenciatura in Business Administration from ISCTE in Portugal, and his Ph.D. in Finance from the University of Minnesota.

His research specialties are portfolio management, risk management, asset pricing theory, and derivatives. He has published articles in several journals, including the Economic Theory, Journal of Banking and Finance, Journal of Economic Dynamics and Control, Journal of Economic Theory, Journal of Monetary Economics, Journal of Portfolio Management, Management Science, and Mathematical Finance.

Posted by dkoenig at 05:19 PM | Comments (0)

November 15, 2006

Geoff Kates, Bob Mark and Alexander Shipilov Elected to PRMIA Board Executive Committee

The Regional Directors of PRMIA today re-elected the members of the PRMIA Board Executive Committee to one year terms.

Geoff Kates, of London, was re-elected Chair of the Board of Directors. Robert Mark, of Lafayette, California, was re-elected as Vice Chair of the Board of Directors and Alexander Shipilov was re-elected as Secretary/Treasurer of the Board.

The Executive Committee has responsibility for the overall management of the association. The Board of Directors as a whole sets the stragegic direction for PRMIA.

Posted by dkoenig at 05:16 PM | Comments (0)

November 08, 2006

Elite Graduate Seminar Built Around PRM Certification and PRM Handbook

November 8, 2006 – The Technical University of Munich has launched an elite graduate seminar in professional risk management built on the Professional Risk Manager (PRM) certification syllabus and the PRM Handbook, the Professional Risk Managers’ International Association (PRMIA) announced today.

The seminar is part of the Elite Graduate Program“Finance & Information Management”. In the first part of the seminar the students will learn and present topics like market risk, credit risk and operational risk based on Section III of the PRM-Handbook. In the second part different case studies including National Australia Bank, BARINGS, Riggs Bank, US Savings & Loan Crisis, LTCM, Orange County, Metallgesellschaft and Continental Illinois will be discussed. This part of the seminar is based on the case studies to be prepared for the exam PRM IV. The final target of the seminar is to give the students a deeper insight into professional risk management and to prepare them for the exams in PRM III and IV.

“We are pleased to work with a selected group of students and PRMIA in setting global standards for graduate level education in risk management and financial engineering," said Prof. Rudi Zagst, Director of the HVB Institute for Mathematical Finance. "It is a wonderful chance for our students to base their education on one of the most challenging certification programs for financial risk managers around the world, the PRM.”

Within the framework of the Elite Network of Bavaria the Elite Graduate Program “Finance & Information Management” started with the academic year 2004/05 as a joint program of the University of Augsburg and the Technical University of Munich. Through the combination of an excellent professional education in the fields of Finance & Information Management with soft skills, multi- and interdisciplinary studies and international scientific and corporatepartnerships, the aim of the Elite Graduate Program is to provide very gifted and ambitious students with an exceptional academic education. Admission to this specific educational program with intensive and individual support will provide for a concentrated, international, efficient and, at the same time, cross-linked, practical study. The program is designed in order to enable its students to fill leadership-positions in business, science and politics.

The Professional Risk Managers’ International Association (PRMIA), who certify the holders of the PRM credential, have built strong links with a group of well known universities and business schools, including the HVB-Institute for Mathematical Finance, through the PRMIA Institute, where best practice curricula for graduate programs in risk management are being developed. Rudi Zagst, the director of the HVB-Institute for Mathematical Finance is also member of the Academic Advisory Council (AAC) of the PRMIA Institute. The AAC consists of internationally renowned academics that are dedicated to global outreach and the highest educational standards. In addition to the HVB-Institute for Mathematical Finance, members of the AAC come from the University of California at Berkeley Haas School of Business, Hong Kong University of Science and Technology Business School, Groupe HEC Business School in Paris, ICMA Centre University of Reading,National University of Singapore Centre for Finan

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PRMIA NEWS

September 05, 2008

PRMIA Announces a New Chapter in Bahrain

August 04, 2008

Join the New PRMIA Chapter in Bucharest

July 11, 2008

PRMIA Announces a New Chapter in Bucharest

July 08, 2008

PRMIA Appoints New Regional Director to the Toronto Chapter

May 23, 2008

Call for Speakers

April 02, 2008

PRMIA Congratulates MFA Best Paper Award Winners

March 13, 2008

New Regional Chapter in Kuala Lumpur

January 30, 2008

New Co-Regional Director of Montreal

December 29, 2007

PRMIA Appoints New Co-Regional Director to the Philippines Chapter

December 10, 2007

New PRMIA Chapter Vienna holds Kick-off Event

Welcome Sai Sireesh and Ed Dumas as New Regional Directors

November 26, 2007

Congratulations and Welcome New Regional Directors of Sweden and Vienna

October 31, 2007

Elections Results

October 18, 2007

PRMIA Minneapolis Announces Stephen Lindo as New Regional Director

October 10, 2007

PRMIA Aims to Enhance Risk Industry in Japan

September 28, 2007

PRMIA and McGraw-Hill Professional Announce PRMIA Risk Management Book Series

September 25, 2007

PRMIA to Introduce Global Event Series in 35 Cities Around the World

September 21, 2007

PRMIA Institute Partners With George Washington University to Offer Course in Professional Risk Management

September 06, 2007

Top PRM Candidates in Second Quarter Come From Germany, India, Hong Kong and the US

Six Candidates Earn Perfect Scores on PRM Exams in Second Quarter of 2007

August 16, 2007

PRMIA CSuite to Address Current Issues in Market and Credit Risk

August 03, 2007

Announcing the Journal of Risk Management in Financial Institutions

June 28, 2007

PRMIA Aims to Impact Risk Management Industry in Hyderabad

June 25, 2007

NUS Risk Management Institute to Offer PRM Training Course in Singapore

May 31, 2007

PRMIA New York Offers Risk Management Professionals a Look Into the Evolving Role of Technology Solutions

May 25, 2007

Vinayak Kamat Named 2007 PRM Candidate of the Year

May 18, 2007

Bahrain Institute of Banking and Finance Selects PRM Certification for Training Program - David Rowe Opens Seminar

May 02, 2007

PRM Candidate of the Year Finalists and Award of Merit Winners Announced

May 01, 2007

Top PRM Candidates in First Quarter of 2007 Come From Canada, France, Brazil, Germany, Switzerland and Singapore

Four Candidates Earn Perfect Scores on PRM Exams in First Quarter of 2007

April 24, 2007

Carol Alexander Selects Aleksander Petreski to Receive PRMIA Institute Grant

April 11, 2007

PRMIA Institute Awards Best Paper: New Frontiers in Risk Management

April 06, 2007

PRMIA Institute Awards Best Paper in Derivatives at 2007 Midwest Finance Association Annual Conference

March 21, 2007

Chinese University Programs Endorse PRM Certification

March 20, 2007

Professional Risk Managers From Ten Countries Nominated For 2007 PRM Candidate Of The Year Award

March 07, 2007

PRMIA Institute Launches Two New Courses

February 28, 2007

2007 "Frontiers in Credit Forum" Report: Bubble Mania Redux?

Robert C. Merton Selects Graduate Student To Receive PRMIA Institute Grant

February 16, 2007

Frontiers in Credit Forum: Professor Edward I. Altman Issues Caution on Credit

February 13, 2007