Black Diamond Risk Enterprises Resources

Black Diamond Risk Enterprises has compiled an extensive list of specialized Risk Management resources and links for your information which are updated on a regular basis. Our Risk Management Books have been published in English and several other different languages such as: Modern Chinese, Traditional Chinese, Japanese, Korean, Portuguese, Serbian and Taiwanese. They are used as a basis for Risk Management curriculum at some of the top Risk Management training programs and Universities in the United States and are referenced all over the world.

The Quants: It Pays to Know Your Wall Street Math – In 1962, Ed Thorp became every gambler’s favorite mathematician when he published the first mathematically proven method for beating the dealer at blackjack. Thorp’s work revolutionized the game. But he went further: In 1967, Thorp devised a system that uses math and computers to predict the future of the stock market. His hedge funds and his personal portfolio have been profitable ever since.

Risk Management: A Review by Sébastien Lleo, CFA of the Imperial College London-The concept of risk has been central to the theory and practice of finance sinceMarkowitz’s influential work nearly 60 years ago. Yet, risk management has only emerged as a field of independent study in the past 15 years. Advances in the science of risk measurement have been a main contributor to this remarkable development as new risk measures have been proposed and their properties studied. These measures, which in the past have only applied to market risk, are now being applied to credit, operational, and liquidity risk as well as to portfolio optimization. A growing emphasis on risk budgetinghas also sparked a quest for an integrated risk measurement framework.

The Research Foundation of CFA Institute Literature Review Risk Management: A Review by Sébastien Lleo, CFA Imperial College London The concept of risk has been central to thetheory and practice of finance since Markowitz’s influential work nearly 60 years ago. Yet,risk management has only emerged as a field of independent study in the past 15 years. Advances in the science of risk measurement have been a main contributor to this remarkable development as new risk measures have been proposed and their properties studied.

Seduced by a model – Economic and financial models have come in for a lot of criticism in the context of the global financial crisis, much of it deserved. Among the primary targets are models that financial institutions widely used to (mis)estimate risk, like “value at risk” (VAR) models for measuring risk exposures (which we’ve discussed elsewhere) or the“Gaussian copula function” for quantifying the risk of a pool of assets.

After the storm: a new era for risk management in financial services is an Economist Intelligence unit report that explores the way in which risk management is changing at the world’s financial institutions in response to the global financial and economic crisis.

Risk Information Management–By: Dilip Krishna, Director, Enterprise Risk Management and Capital Markets, Teradata Corporation and Dr. Robert Mark, Chief Executive Officer, Black Diamond Risk Enterprises. A comprehensive database of information is required for any organization that holds complex securities such as structured debt.

UMN Financial Mathematics Seminar, A Needle in a Haystack, a parable by Gary Nan Tie. Suppose we have a haystack consisting of 100 Red Straws and 1,000 Green straws.

Benford’s Law. A phenomenological law also called the first digit law, first digit phenomenon, or leading digit phenomenon. Benford’s law states that in listings, tables of statistics, etc., the digit 1 tends to occur with probability ∼30%, much greater than the expected 11.1% (i.e., one digit out of 9).

World Banks: Cinderella’s Moment, The Economist- Risk managers to the fore. IN A speech delivered to a banking-industry conference in Geneva in December 2006, Madelyn Antoncic issued a warning and then offered some reassurance. With volatility low, corporate credit spreads growing ever tighter and markets all but ignoring bad news, there was, she said, “a seemingly overwhelming sense of complacency“. Nevertheless, she insisted that the firm she served as chief risk officer, Lehman Brothers, was well placed to ride out any turbulence, thanks to a keen awareness of emerging threats and a rock-solid analytical framework. Behind the scenes, all was not well.

Institutional Investor The Financial Industry Needs Its Plumbing Fixed to Detect Systemic Risk, by Allan D. Grody and Dr. Robert Mark- The U.S. Senate recentlypassed to the floor for a full vote Senator Chris Dodd’s (D-Conn) America’s Financial Industry Rehabilitation Act of 2010. It contains a provision for the creation of a Financial Research Data Center. What this little understood provision represents is a back-door way of admitting garbage in/garbage out, the oldest rubric of the Information Age that is still alive and well and clogging the global financial system.

The Brain Gain Cementing the argument Black Diamond’s Mark, who had to navigate a way through these changes in roles on both the risk management and revenue-generating side of a number of institutions, says the past 20 years have been a period of rapid innovation and evolution. “Risk’s gone mainstream,” he says.  

NEW YORK—PricewaterhouseCoopers, the world’s largest professional services firm, has entered into a consulting relationship with Black Diamond Enterprises, Ltd., the consulting and advisory firm of Dr. Robert Mark, to develop and provide sophisticated financial risk management services to global clients. The relationship combines the financial industry expertise of PricewaterhouseCoopers with the financial business advisory and consulting expertise of Dr. Robert Mark.

Risk Information Management–By: Dilip Krishna, Director, Enterprise Risk Management and Capital Markets, Teradata Corporation and Dr. Robert Mark, Chief Executive Officer, Black Diamond Risk Enterprises. A comprehensive database of information is required for any organization that holds complex securities such as structured debt.


TERADATA PODCAST/Transcript – Looking back on how enterprise risk management has changed over time  DR. ROBERT MARK: It’s an interesting question. The way I think about, it there are multiple dimensions to that question. First, today the ability to measure risk is a lot more sophisticated than it was a decade ago. Second, the ability to leverage systems and technology implement these new methodologies that are being used tomeasure risk are far more powerful than a decade ago. You couldn’t do things quicker. You could do things a lot more efficiently. Third, there’s tremendous pressure being placed on financial institutions to improve disclosure on the amount of risk. The policies today call for the disclosure of risk by business, by product, by customer, and so on. You literally want to look at the hit parade of risks in an organization so that you can slice and dice the risk at any different level and be able to answer a variety of questions.

Basel III

International Regulatory Framework For Banks


“Basel III” is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector. These measures aim to:

•   Improve the banking sector’s ability to absorb shocks arising from financial and economic stress, whatever the source

•   Improve risk management and governance

•    Strengthen banks’ transparency and disclosures.

The reforms target:

•   Bank-level, or micro-prudential regulation, which will help raise the resilience of individual banking institutions to periods of stress.

•   Macro-prudential, system wide risks that can build up across the banking sector as well as the procyclical amplification of these risks over time.

These two approaches to supervision are complementary as greater resilience at the individual bank level reduces the risk of system wide shocks

Basel III phase-in arrangements:


Basel III overview table:


Regulatory Capital—Basel III the Standardized and Advanced Approach

“Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Minimum Regulatory Capital Ratios, Capital Adequacy, and Transition Provisions” (Basel III), agencies are proposing to revise their risk-based and leverage capital requirements consistent with agreements reached by the Basel Committee on Banking Supervision (Basel III). Basel III applies to all national banks and federal savings associations, collectively, banks. The Basel III proposes a new common equity tier 1 minimum capital requirement, a higher minimum tier 1 capital requirement, and, for banks subject to the advanced approaches capital rules, a supplementary leverage ratio that incorporates off-balance-sheet exposures. Additionally, consistent with Basel III, the agencies propose to apply limits on a bank’s capital distributions and certain discretionary bonus payments if the bank does not hold a specified “buffer” of common equity tier 1 capital in addition to the minimum risk-based capital requirements. The revisions set forth are consistent with section 171 of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd–Frank), which requires the agencies to establish minimum risk-based and leverage capital requirements.

“Regulatory Capital Rules: Standardized Approach for Risk-Weighted Assets; Market Discipline and Disclosure Requirements” (Standardized Approach), agencies propose to revise and harmonize rules for calculating risk-weighted assets to enhance risk sensitivity and address weaknesses identified over recent years. Revisions include incorporating aspects of the Basel II standardized framework and alternatives to credit ratings, consistent with section 939A of Dodd–Frank.  The revisions also include methods for determining risk-weighted assets for residential mortgages, securitization exposures, and counterparty credit risk. The Standardized Approach introduces disclosure requirements that would apply to U.S. bank holding companies with $50 billion or more in total assets.

“Regulatory Capital Rules: Advanced Approaches Risk-Based Capital Rule; Market Risk Capital Rule” (Advanced Approaches and Market Risk), proposes to revise the advanced approaches risk-based capital rules consistent with Basel III and other changes to the Basel Committee’s capital standards. The agencies also propose revising the advanced approaches risk-based capital rules to be consistent with section 939A and section171 of Dodd–Frank. Additionally in this NPR, the OCC, the FDIC, and the Board propose to expand the scope of the market risk rule to apply it to federal and state savings associations and savings and loan holding companies with significant trading activity. Generally, the advanced approaches rules would continue to apply to national banks and FSAs with $250 billion or more in consolidated assets or $10 billion or more in foreign exposure.

The Basel III and Standardized Approach include addenda that provide a summary of the proposed rules that are more relevant for community banks. The agencies intend for these addendums to act as a guide for community bankers, helping them to navigate the proposed rules and identify the changes most relevant for their institution. The addenda do not, however, by themselves provide a complete understanding of the proposed rules and the agencies expect and encourage all banks to review the proposed rules in their entirety.


For your information we are including a list of books that you might find of interest.

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers by Lawrence G. McDonald and Patrick Robinson 

Autobiography of a Yogi by Paramahansa Yogananda 

Be Fit ! Or Be Damned! By Percy Cerutty

Competing on Analytics: The New Science of Winning by Thomas H. Davenport and Jeanne G. Harris

Einstein: His Life and Universe by Walter Isaacson

Fool’s Gold: How the Bold Dream of a Small Tribe at J.P. Morgan Was Corrupted by Wall Street Greed and Unleashed a Catastrophe by Gillian Tett

Fortune’s Formula: The Untold Story of the Scientific Betting System That Beat the Casinos and Wall Street by  William Poundstone  

In Fed We Trust: Ben Bernanke’s War on the Great Panic by David Wessel

Manias, Panics, and Crashes: A History of Financial Crises (Wiley Investment Classics) by Charles P. Kindleberger, Robert Aliber, and Robert Solow

The Mental Athlete by Kay Porter

Too Big to Fail:The inside story of how Wall Street and Washington fought to save the financial system-and themselves by Andrew Ross Sorkin

GARP Global Association of Risk Professionals – On February 26, 2007, GARP’s Board of Trustees unanimously adopted a Code of Conduct for all GARP FRM-holders and candidates, other GARP certification and diploma holders and candidates, members of GARP’s Board of Trustees, GARP Regional Directors, GARP Committee members.

New York University in furtherance of maintaining and promoting New York University’s reputation for excellence and integrity, the Board of Trustees has promulgated this Code of Ethical Conduct, which sets forth the general principles.

Security and Investment Institute Integrity and Ethics Professional Code Professionals within the securities and investment industry owe important duties to their clients, to the market, the industry and to society at large. Where these duties are set out inlaw or in regulation, the professional must always comply with the requirements in an open and transparent.

The Institute of Risk Management Code of Conduct – The Institute of Risk Management(IRM) aims to sponsor and support the highest ethical and professional standards inRisk Management worrldwide. At IRM we are committed to providing excellent service.

URMIA – University of Risk Management and Insurance Association Code of Conduct– URMIA is pledged to the betterment of member institutions and to the professional growth and development of its institutional representatives. URMIA is governed by a Board of Directors and consists of Institutional Members, Affiliate Members, Individual Members, Emeritus Members, and Professional Staff.

Corporate Eye – gives you the tools for a successful online communication.

Corporate Governance and Equity Prices Abstract – Shareholder rights vary across firms. Using the incidence of 24 unique governance rules, we construct a “Governance Index” to proxy for the level of shareholder rights at about 1500 large firms during the 1990s.

Corporate Governance and Firm Performance Abstract – We create a broad measure of corporate governance, Gov-Score, based on a new dataset provided by Institutional Shareholder Services. Gov-Score is a composite measure of 51 factors.

GMI Governance Ratings – While GMI Rating Reports and Updates remain at the core of our service, based on client feedback, in 2007 we introduced new portfolio screening tools to help our clients focus their research efforts.  How Good are Commercial Corporate Governance Ratings?–New Research From the Rock Center for Corporate Governance at Stanford University, a Joint Effort of Stanford Law School and the Stanford Graduate School of Business.

Rating the Corporate Governance Raters – Corporate governance attracts much public attention since it purportedly involves the economic-financial health of corporations and society in general.

The Governance Fund LLC –  The Governance Fund, LLC, is a private investment management firm that seeks to capture hidden value by differentiating well-governed companies from those which are poorly governed. The firm utilizes guiding metrics centered on effective corporate governance in seeking to realize undiscovered returns and extract greater gains from publicly traded companies.

The Promise and Peril of Corporate Governance Indices – Financial economists and commercial providers of governance services have in recent years created measures of the quality of firms’ corporate governance which collapse into a single number (a governance index or rating) the multiple dimensions of a company’s governance. The aim of this paper is twofold, to analyze the performance of corporate governance indices in predicting corporate performance.


Audit Integrity Accounting and Governance Rating (AGR) – The Audit Integrity Accounting and Governance Risk (AGR®) rating is a forensic measure of the transparency and statistical reliability of a corporation’s financial reporting and governance practices.

Institutional Voting Information Service (IVIS) – The ABI represents the insurance industry and its interests in the UK, Europe and around the world.

Millstein Center for Corporate Governance and Performance – The Millstein Center forCorporate Governance and Performance (MCCGP) at the Yale School of Management provides active support for research in corporate governance.

RiskMetrics Corporate Governance Quotient (CGQ) – RiskMetrics Group employs a“bottoms up” approach to collect and analyze the data used to determine a CGQ® score.

Rock Center for Corporate Governance – The Arthur and Toni Rembe Rock Center forCorporate Governance at Stanford University is an important new chapter in the law school’s pioneering efforts.

The Corporate Library’s TCL Governance Rating  – Governance Risk Rating SystemTested Against Investment Returns-The Corporate Library’s governance risk ratings are based on a proprietary set of governance risk factors that have been tested against actual investment returns and measure investment risk.

PRMIA Professional Risk Management – This intensive program, led by the 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 financial risk management. Beginning with the essential elements of finance, risk measurement, markets and financial instruments, students are then introduced to the best practices of market, credit and operational risk management.

Stanford Enterprise Risk Managment (ERM) – This course is intended to help you better protect and enhance shareholder value through value-focused enterprise risk management (ERM). You will learn to identify excessive risk exposure, develop ways tomanage enterprise risk, and delineate clear roles for the board, senior executives, chief risk officers, line executives, and risk management staff.

UCLA Masters of Financial Engineering (MFE) – The MFE program serves students seeking comprehensive financial engineering knowledge that is academically rigorous and balances the focus between theory and application. As an MFE student, you will learn to think like a financial economist, receive hands-on training in all aspects of quantitative financial mathematics.

MetricStream – Delivering Business Performance through Integrated GRC and Quality Management MetricStream provides comprehensive solutions for Governance, Risk, Compliance (GRC) and Quality Management. 

Qumas – For more than a decade QUMAS has helped life sciences companies successfully defend against regulatory challenges, delivering a proven solution with built-in best practices and expertise. READ MORE


BWise – The current financial crisis is making it clear to all stakeholders that enterprise risk management is crucial for the future of the company. Credit rating agencies are starting to put more emphasis on a solid Risk Management system and this will help lower the cost of capital for companies.

CuraSoftware – For over six years, Cura has developed enterprise solutions that have assisted over 200 organizations meet their Risk and Compliance needs.  Cura is considered a leading GRC vendor …  In today’s fast paced global economy, with emerging threats, coupled with ever more regulations, organizations find themselves in a position that necessitates the active management of Governance, Risk, Opportunity, and Compliance.

Open Pages – The New Era of Risk Management Recent events have led organizations tointegrate risk management silos across the enterprise and to take a risk-based approachto managing their business. A risk-based approach enables top-down prioritization allowing companies to focus on what’s important and to avoid unexpected outcomes.

Paisley Professional Services – Software for Governance, Risk and Compliance, Paisley, a Thomson Reuters company, is a complete GRC solution provider, combining leading technology with best practice methodology and professional services. Paisley professional services offers a portfolio of solutions.

Strategic Thought – Strategic Thought is the owner, developer and distributor of Active Risk Manager (ARM)  the market-leading risk management software solution. Many of our customers are amongst the globe’s largest organizations. We also have a highly experienced services team that is renowned in the U.K. for its expertise in the integration services.

Education Times-Fiscal Freight – Dr Bob Mark, Executive Director, UCLA School of Financial Engineering, tries to decode the lesser known field of financial engineering for Indian students while informing them about the scope as well as the monetary benefits that this field offers, in a brief tête-à-tête with Ruchi Chopda (Q) What exactly is financial engineering? (A) Financial engineering deals with the quantitative aspect of finance.Financial engineers essentially provide the quantitative engine for a number of financial areas such as banks, asset management and trading.

Spotlight on Risk Management – Dr. Robert Mark, CEO of Black Diamond Risk Enterprises, discusses risk management.

Shelley Sessoms (SS): This is Dr. Robert Mark, CEO of Black Diamond Risk Enterprises, and we’re discussing enterprise risk management. Dr. Mark, tell me why the spotlight is on risk management today. Dr. Robert Mark (RM): The answer to your question has multiple risk-governance dimensions. First, there has been intense regulatory pressure to improve the quality of a firm’s corporate governance and risk management. This regulatory pressure arises in part due to high-profile global corporate failures such as Enron, as well as the contagion effects that have evolved from the failure to properly manage the risks associated with complex financial products on both the wholesale and retail sides of an organization. Second, large expenditures on risk management have attracted a significant number of software and service providers to the lucrative part of the risk management.

ANDERSON, UCLA MFE ACADEMIC PERSPECTIVE, Benchmarking the Quality of a Risk Management Program,  Interview with Dr. Robert Mark, Executive Director, UCLA Anderson Master of Financial Engineering Program The Fink Center: A key challenge for stakeholders has been to benchmark the quality of a risk management program in terms of both a risk governance point of view as well as the value added that a risk management program provides to revenue generating business units. Where are we in terms of benchmarking the quality of a risk management program?

Dr. Bob Mark: Many a risk management program has looked great on paper until it failed to prevent dramatic losses in abnormal markets. The failure of stakeholders to benchmark the quality of a risk management program as well as to make the risk transparent in both normal and abnormal markets has wreaked havoc on both Wall Street and Main Street.

CNN NEWS – Lewie Ranieri wants to fix the mortgage mess. The legendary financier behind mortgage-backed securities is trying to repair the damage – and make a bundle in the process. (Fortune Magazine) — Lounging in his giant conference room in an otherwise bland office suite near Long Island’s Nassau Coliseum, Lewis Ranieri cultivates the image of a worldly philosopher. READ MORE

Retro Appraisals – Please, take a look at this site. This is one of the first Borrower’s advocacy efforts of substance we have been able to find. It is an interesting start. Between 2005 and 2007, approximately 70% of appraisals made for mortgage financing, whether for an original financing or a refinancing were overstated and inflated. Mortgage brokers, real estate agents and lenders had close contact with appraisers and most appraisal order forms had a line item that asked for the borrower or their agent to write down the value that was needed.

Fannie Mae Home Affordable Modification Program (HAMP) – On February 18, 2009, President Obama announced the Homeowner Affordability and Stability Plan to help up to 7 to 9 million families restructure or refinance their mortgage loans to avoid foreclosure. As part of this plan, the Treasury Department (Treasury) announced a national modification program aimed at helping 3 to 4 million at-risk homeowners – both those who are in default and those who are at imminent risk of default – by reducing monthly payments to sustainable levels. Treasury issued uniform guidance for loan modifications across the mortgage industry.

Freddie Mac HAMP – On March 4, 2009, the U.S. Department of the Treasury announced details of the Home Affordable Modification program as part of the Making Home Affordable program. The Home Affordable Modification program is a loan modification program designed to reduce at-risk borrowers’ monthly mortgage payments. Freddie Mac is pleased to play a leadership role by implementing this program. READ MORE

U.S. Treasury Dept. HAMP – Making Home Affordable will offer assistance to as many as 7 to 9 million homeowners, making their mortgages more affordable and helping to prevent the destructive impact of foreclosures on families, communities and the national economy.The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%.

As foreclosures continue to rise, there is renewed interest in a homeownership vesting plan that met with only a tepid reception when first introduced in March.

Rep. Joe Sestak (D-Pennsylvaia) says his bill (HR 1356) addresses many of the concerns raised by the Congressional Oversight Panel (COP) in its recent report on the administration’s efforts to stem foreclosures. According to the COP, the current housing relief efforts lack scope, scale, and permanence because they leave out many homeowners, cannot keep up with the wave of foreclosures, and have yet to prove that loan modifications can be made permanent. The Homeownership Vesting Plan addresses these concerns.

FDIC Loan Modification – Federal banking regulators issued guidelines Friday to encourage “prudent commercial real estate (CRE) loan workouts.” This policy statement stresses that performing loans, including those that have been renewed or restructured on reasonable modified terms, made to creditworthy borrowers will not be subject to adverse classification solely because the value of the underlying collateral declined.

SAS PODCASTs SAS® for Enterprise Risk Management

Benchmarking the Quality of Risk Management
(Duration: 8:17 minutes; Filesize: 5.76MB)

Key Causes of Model Risk
(Duration: 8:17 minutes; Filesize: 7.96MB)

The Role of the Chief Risk Officer
(Duration: 4:30 minutes; Filesize: 14.5MB)

The Role of Rating Agencies
(Duration: 4:50 minutes; Filesize: 4.42MB)

How Standard & Poor’s Approach To Enterprise Risk Management In Nonfinancial Companies Is Evolving(13:14 min)
Following a first round of enterprise risk management (ERM) reviews with 300 companies,Standard & Poor’s Managing Director Steve Dreyer summarizes our observations, how our thinking on ERM has developed, and the latest forecast for recognizing risk management performance in credit ratings for nonfinancial companies.

Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner’s Report-Jenner & Block is providing links to the Report of the Examiner in the Chapter 11 proceedings of Lehman Brothers Holdings Inc. The Examiner’s report is divided into nine volumes, which are reproduced here.

The Society of Actuaries (SOA) has sponsored the Enterprise Risk Management Symposium in Chicago. The Society of Actuaries (SOA) is the largest actuarial professional organization in the world. It is dedicated to serving 20,000 members, 30,000 candidates and the public. The SOA’s vision is for actuaries to be the leading professionals in the measurement and management of risk.

PRMIA Stress Testing for Corporate and Retail Exposures 2008 – Stress testing has become an imperative component of risk management due to the fluctuation in financial markets and increase in regulatory requirements. During this course, participants will learn how to introduce integrated stress testing into the overall risk management framework. Analyzing case studies through group discussions offers participants a hands-on approach to stress testing.

The Associate PRM Certificate – The Associate Professional Risk Manager (Associate PRM) is a PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices.

The program covers the core concepts of risk management, allowing non-specialists to interpret risk management information and reports, make critical assessments, and evaluate the implications and the limitations of such results.

The Associate PRM Certificate

The Associate Professional Risk Manager (Associate PRM) is a PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices.

The program covers the core concepts of risk management, allowing non-specialists to interpret risk management information and reports, make critical assessments, and evaluate the implications and the limitations of such results.


The knowledge demonstrated by passing the Associate PRM provides a practical, non-ivory tower approach that is necessary to effectively implement a superior risk management program. Successful candidates will be able to: Understand corporate governance, compliance and risk management

  • Be able to implement integrated risk management
  • Know how to measure, manage and hedge market, credit (retail and corporate) and operational risk
  • Define the roles of board members and senior management in managing risk 

Passing the Associate PRM will demonstrate the essential knowledge necessary to understand and manage risks in any corporate or economic environment. 

What is the Associate PRM Certificate | Professional Risk Managers’ International Association – PRMIA

What is the Associate PRM Certificate? 中文 Overview In today’s volatile financial market, the need for risk management knowledge and understanding at all levels of management is critical.

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Key Learning Objectives

  • Gain a familiarity with the concept of risk management and its place in the business, organization or system 
  • Gain an overall understanding of the concepts of risk management techniques in a non-quantitative framework 
  • Understand how governance fits into the concept of risk management 
  • Understand the concepts of risk and return
  • Gain a familiarity with the structure and workings of various financial markets
  • Gain a familiarity with the financial instruments used in risk management
  • Understand the concepts of interest rate risk and hedging
  • Understand the concepts of asset-liability management
  • Understand the concepts of market risk management
  • Understand the concepts of retail and commercial credit risk management
  • Understand the concepts of operational risk management
  • Understand how performance can be measured
  • Understand the concept of enterprise risk management
  • Understand industry standards and best practices of financial risk management
  • Understand the positive role that risk management can play

On the pricing of Natural Gas Pipline Capacity -The valuation of the real option to store natural gas is a practically important problem that entails dynamic optimization of inventory trading decisions with capacity constraints in the face of uncertain natural gas.