2 The Professional Risk Manager (PRM) Certification Nawal RoyFounding director of PRMIA, Member of the PRM Education Committee and New York Steering Committee
3 PRMIA – The Global Organisation The Professional Risk Managers’ International Association (PRMIA) represents over 52,000 risk management professionalsMembers representOver 4,000 organizationsOver 180 countriesMore than 60 local chapters offer 200 open meetings annuallyPRMIA is a member-led, grass-roots organizationCode of Ethics for Risk ProfessionalsGovernance – owned by members
4 PRMIA London – The Risk Association for the City Over 11,500 members in the London chapterAll segments of FS industry – Commercial & Investment Banking, Insurance, Fund Management, etc.Practitioners, consultants, academics and regulators.Run by industry professionals on pro bono basisHeads of credit, market and operational risk from leading firms.Representatives from vendors and consultanciesRegular seminar program – 15 events in 2007Speakers included CROs, top regulators and academicsFrequent industry conference speakers without the big fees!Training program launched to complement existing seminar series.
5 The PRM Qualification Aim To provide a common educational baseline for all Professional Risk Managers in the Financial Services Industry.WhatStatement of best practice“Everything you wanted to know about Risk but were afraid to ask”Foundations of Finance Theory and Financial MarketsBasic mathematical toolsPractical elements of credit, market and operational riskCase studiesThe essential concepts needed to communicate across the organization with other practitionersWhyObjective proof of capabilities
6 For whom is the PRM intended? People who want to learnPeople who want to advance their careersProvides the essential knowledge to progress from Risk Analyst to Risk ManagerTransferable across risk disciplinesCross-Over CreditsExam I: (Finance Theory, Financial Instruments and Markets)Canadian Securities Institute Financial Risk Management GraduatesChartered Alternative Investment Analyst Financial Risk Management GraduatesExam II: (Mathematical Foundations of Risk Management)Actuarial AssociatesExams I & II:Certified Financial Analysts (CFA) Charter HoldersChartered International Investment AnalystsCertificate for Financial Advisors (CeFA) Charter HoldersCertificate in Quantitative Finance (CQF) HoldersActuarial Fellows
7 How Much Work is Involved? Four parts to the qualification (taken in any order)Finance 1½ hr examMathematics 2 hr examRisk Management 1½ hr examCase Studies 1 hr exam120 total questions (20 questions an hour)Handbook has 46 chaptersOne chapter per weekCan be completed in a year with commitmentUp to two years allowed to pass all partsGap of 4 months if an exam is failed
8 The Professional Risk Managers’ Handbook Over 40 Leading AuthorsIn Use in over 105 CountriesAt 23 of 25 World’s Largest BanksAnd all 10 of World’s Largest Financial Service CompaniesThe best reference source for financial risk managersAvailable online and in hardcopy
9 How do I take the exams?All exams are taken via Computer-Based TestingNearly 4,000 Pearson test centers in over 140 countriesAny working day of the yearMinimal delayUser-friendly registration system – customer focusedTotal flexibility
10 Prof. Luis Seco, Director of the Risk Lab at the University of Toronto PRM Academic Partners"A leading group of academics in renowned universities across the world have joined forces with PRMIA to organize and deliver essential training for those wishing to achieve professional qualifications. We have played an active role in the development of the PRM examination syllabus and we fully support this qualification.“ Prof. Carol Alexander, Chair of the Risk Management Department and Head of Research, ICMA Centre, University of Reading"When a professional industry organization gets the leading universities from 6 countries to join in an educational partnership, you are witnessing an event of galactic proportions. PRMIA has, in this fashion, defined the new paradigm for professional education and risk management practices for the 21st century.”Prof. Luis Seco, Director of the Risk Lab at the University of TorontoColumbia University Business School, Hong Kong University of Science and Technology Masters of Science in Investment Management, Macquarie University Applied Finance Center, National University of Singapore Centre for Financial Engineering, Technical University of Munich – HVB Institute for Mathematical Finance, University of Michigan College of Engineering, and a consortium of faculty in Paris representing ESCP-EAP, HEC, Ecole Polytechnique, Sorbonne and Université Paris Dauphine
11 PRM Professional Endorsements “Professional development and certification within our industry is an imperative. Endorsing the PRMIA certification ensures we continue to set industry leading standards for our staff, which directly benefit our clients.”Dr. Ron Dembo, Founder of Algorithmics“The PRM qualification is one of the best things that PRMIA has done for the risk profession.”David French, Bank of America, London"PRMIA is the international leader in risk management certification and CSI wholeheartedly endorses its PRM designation."Roberta Wilton, Ph.D, President & CEO, Canadian Securities Institute, Toronto, CanadaErnst & YoungInteDeltaIRISLombard RiskMB Risk ManagementMisysMoody’s KMVSunGardSYSTEMICVivisimo
12 10 Reasons to Choose PRM Global - Offered in over 140 countries Flexible - PRM exams can be taken any business day of the year and in any order you wishComprehensive - Because the PRM is broken into four exams you cannot use strength in one area to cover weaknesses in other areasAffordable - Not all economies are alike, so those who earn less than US$25,000 per annum are eligible to apply for the PRM scholarship.The PRM Handbook - The PRM Handbook is available anywhere in the world that has access to the Internet
13 10 Reasons to Choose PRM continued..... Endorsements - Many companies have put their brand names on the line by publicly endorsing the PRM examRecognition of Other Achievements - We provide partial credit to those that have demonstrated their skills through attaining designations like the CFA, FSA, ASA and othersNo Maintenance Fees - Just because you are successful doesn't mean that PRMIA should earn an annuity. You won't need to pay us anything to keep your designation activeQuality - Because the PRM is delivered via computer, in controlled testing facilities, we are able to monitor questions so that they truly reflect our syllabus and desired degree of difficultyRespect - The PRM is the most challenging certification program for financial risk managers
33 Enrolling by Distance Learning? Live distance learning offers:Lecture participation via web and teleconferenceLive interaction with instructor and full access to recorded sessionsE-copy of PRM handbookExactly the same worked examples and diagnostics tests and other support materials as New York based course hosted on PRM Portal.ILE distance learning offers:Flexibility to study according to your own needs and at your own paceFour elements of learning: Lectures, demonstrations, worked examples and diagnostics tests
34 Distance Learning Interactive Learning Environment (ILE) Studio recorded lectures on DVDPRM Portal hosting:Captivate demonstrationsWorked examplesDiagnostics tests
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