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Professional Qualification in Risk Management

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14. › 14 Effective risk management today is a necessity not only for banks, but also for various players across the fund industry. ›

11. Although in the past risk management focused primarily on banking, it has recently become a crucial component of the investment fund industry . › › 11

8. Every company must manage the delicate balance between its assets and its liabilities . › 8 ›

2. partners IFBL IFBL-L’Institut (www.ifbl.lu) was created in 1990 as the training institute of the Luxembourg Bankers’ Association (ABBL) with the distinctive mission to «prepare, create, develop and promote any training means, programmes or actions, in the interest of the financial centre of Luxembourg». The Institute thus provides wide-ranging programmes from industry basics to state-of-the-art highly specialised courses. Today, the Institute is proud to welcome each year well over twelve thousand participants and to provide them with the training, support and guidance they need in the development of their professional careers. Since 2010, the Institute has been offering not only training courses but also a wide range of options in the field of career and personal development. As of 2015, IFBL-L’Institut will act as the “financial pillar” of the newly created House of Training. www.ifbl.lu ALRIM ALRiM, the Luxembourg Association of Risk Management Professionals, has been dedicated to developing risk management in Luxembourg and internationally since its foundation on July 1, 1997 under the name of “PRiM”. ALRiM is a non-profit organisation (association sans but lucratif), the members of which are professionals with an interest in risk management. With the support of its members and its board of directors, ALRiM meets its objective of developing risk management through a variety of activities. www.alrim.lu This training is endorsed by the Luxembourg Bankers’ Association (ABBL) › 2

1. Professional Qualification in Risk Management Effective risk management today is a necessity not only for banks, but also for various players across the fund industry. ALRiM, the Luxembourg Association of Risk Management Professionals, and IFBL have therefore developed a training programme in risk management which provides a professional qualification for both these business activities as well as for professionals and managers from other areas of financial services who want to acquire a solid understanding of risk management. professional qualification in collaboration with

16. Our general conditions as indicated on the registration form are applicable trainin G location Centre de Formation IFBL/ Chambre de Commerce 7, rue Alcide de Gasperi | L-1615 Luxembourg An underground parking (paying) is available in the building. Several buses stop nearby. Details are to be found on www.mobiliteit.lu contact IFBL - c ustomer s ervice customer@ifbl.lu Tel.: +352 46 50 16 – 1 | Fax: +352 46 50 19 www.ifbl.lu www.houseoftraining.lu

12. › 12 Although in the past risk management focused primarily on banking, it has recently become a crucial component of the investment fund industry. Following changes in the UCITS Directive, the Alternative Investment Fund Managers Directive and numerous CSSF circulars, players in the investment fund industry are now required to manage risk professionally on the same level as banks. This course provides a detailed analysis of the many aspects of risk management in the investment fund industry. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals as well as of the different types of of Risk Management and who wishes to acquire an indepth understanding of Risk Management in the fund industry. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › u nderstand the context and regulatory environment of risk management in investment funds › a nalyse the impact of market risk on investment funds and understand how market risk in funds is managed › u nderstand credit/counterparty risk in the fund world and how it is managed › a ppreciate how liquidity risk impacts investment funds and the measures applied by funds to manage liquidity risk › e valuate the operational risks faced by investment funds and the possibilities for mitigating those risks › u nderstand the regulatory environment for risk management in investment funds (e.g., ucits i V, the circular 11/512, ai F md ) e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M3 examination consists of several essay questions. M3 r isk Management in i nvestment f unds m astering r isk m anagement in i nvestment Funds Prerequisites: M1 Risk Management; M2 Credit/Counterparty Risk; M2 Market Risk; M2 Operational Risk 03. › s pecialisation courses: r isk m anagement in the i n V estment Fund i ndustry

7. Operational risk is the “risk of loss resulting from inadequate or failed internal processes, people and systems or from external events” (Basel Accord). Because operational risk impacts practically every area of financial services, it has become an important area of focus among financial service professionals. This course provides participants with a good understanding of operational risk and how to manage it. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals of Risk Management and who wishes to acquire a solid practical understanding of Operational Risk. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › d efine operational risk in accordance with market standards › u nderstand the regulatory environment for managing operational risk › i dentify and categorise the different causes of operational risk in financial services › a ssess the potential impact of diverse operational risks › u nderstand different quantitative and qualitative approaches to managing operational risk › a ppreciate the importance and use of an operational risk incident database › i dentify different means of mitigating operational risk › u nderstand different ways of organising an operational risk management function e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M2 examination consists of several essay questions. M2 o perational r isk Management m easuring and m anaging o perational r isk Prerequisites: M1 Risk Management › 7 02.

10. › 10 Many market observers described the sub-prime crisis and its consequences as a liquidity crisis. In the wake of the financial crisis, liquidity risk has become a major area of focus. For some experts, it is even considered a primary financial risk. This course provides a detailed look at liquidity risk in the banking world. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals as well as of the different types of of Risk Management and who wishes to acquire an indepth understanding of Liquidity Risk Management in banking. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › u nderstand how liquidity risk impacts banks and its importance for alm › e valuate the lessons learned from recent liquidity crises › u nderstand how banks measure, control and stress-test the liquidity of their assets › u nderstand how banks manage asset liquidity risk and funding liquidity risk › e valuate liquidity from a qualitative and a quantitative perspective › u nderstand and develop a contingency funding plan › e valuate the b asel iii regulatory framework for dealing with liquidity risk › a ppreciate “best practices” in the market for managing liquidity risk e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M3 examination consists of several essay questions. M3 l iquidity r isk for Banks m astering l iquidity r isk m anagement for b anks Prerequisites: M1 Fundamentals of Risk Management; M2 Credit/Counterparty Risk; M2 Market Risk; M2 Operational Risk 03.

9. Every company must manage the delicate balance between its assets and its liabilities. For banks, asset and liability management is crucial for managing risk and ensuring an optimal level of liquidity. This course provides participants with a good understanding of how banks use asset and liability management (ALM) to reduce and manage a variety of risks. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals as well as of the different types of of Risk Management and who wishes to acquire an indepth understanding of ALM. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › u nderstand the components of alm › a ppreciate the importance of the assets and liabilities committee ( alco ) and other organisational aspects of alm › d istinguish between strategic alm and operational alm › e valuate interest rate risk in the context of alm › c onduct different types of analyses, such as a gap analysis, a duration and basis point value ( b PV) analysis, liquidity gap analysis › a nalyse the impact of foreign exchange risk › u nderstand non-maturing liabilities › d escribe how to implement an alm system › a pply value at risk (Va r ) calculations in the context of alm › u nderstand fund transfer pricing systems e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M3 examination consists of several essay questions. M3 a sset & l iability Management m astering a sset & l iability m anagement Prerequisites: M1 Risk Management; M2 Credit/Counterparty Risk; M2 Market Risk; M2 Operational Risk › 9 03. › s pecialisation courses: r isk m anagement in b anking

3. Training overview › 3 The qualification programme covers 3 levels of understanding, each one composed of separate training units. The knowledge and professional competences are tested and validated by means of written examinations. To obtain the Risk Management Specialist certificate, candidates must complete a total of 11 days of risk management training and pass the exam for each course taken. Candidates will have a choice of specialising in banking or the investment fund industry. orientation B an K in G: › › orientation fund industry: Anyone who does not wish to take all the courses of the complete certification programme is welcome to attend any course as a single unit (with or without the exam). M1 r isk Management f oundation course (required) c ore courses (required) s pecialisation courses (choose one orientation) M2 Market r isk M2 c redit/ c ounterparty r isk M3 r isk Management in i nvestment f unds M3 l iquidity r isk for f unds M3 l iquidity r isk for Banks M3 a sset and l iability Management M2 o perational r isk 01. 02. 03.

13. › 13 Many market observers described the sub-prime crisis and its consequences as a liquidity crisis. In the wake of the financial crisis, liquidity risk has become a major area of focus. For some experts, it is even considered a primary financial risk. This course provides a detailed look at liquidity risk in the investment fund industry. By the end of the course, participants will be able to: t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals as well as of the different types of of Risk Management and who wishes to acquire an indepth understanding of Liquidity Risk Management in the fund industry. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › u nderstand how liquidity risk impacts investment funds › e valuate the lessons learned from recent liquidity crises › u nderstand the difference between asset liquidity risk and funding liquidity risk for investment funds › d efine a liquidity risk management framework and understand the principles of integrating it into the global risk management framework › e valuate the regulatory environment for funds to deal with liquidity risk › u nderstand the impact of liquidity risk on fund performance › a nalyse the impact of portfolio composition on liquidity risk in funds › e valuate liquidity from a qualitative and a quantitative perspective (including examples of different approaches) › u nderstand how funds manage the liquidity of their assets through funding and other methods › a ppreciate the use of stress testing in the fund market for managing liquidity risk e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M3 examination consists of several essay questions. M3 l iquidity r isk for f unds m astering l iquidity r isk m anagement for i nvestment Funds Prerequisites: M1 Risk Management; M2 Credit/Counterparty Risk; M2 Market Risk; M2 Operational Risk 03.

4. Courses in detail In the wake of multiple financial crises, risk management has become essential. Today practically every provider of financial services is concerned about the multitude of risks that it must manage. Understanding the wide range of risks in financial services is no easy task. The main objective of this course is to provide participants with a theoretical and practical foundation in risk management for financial services. t arget a udience This training course has been designed for a broad audience, i.e. for anyone wishing to acquire fundamental knowledge in Risk Management. c ontents The fundamental module consists of a one day course by the end of which, participants will be able to: › d efine risk and the responsibilities of risk managers in financial services › d escribe the main types of financial risks › u nderstand the international regulatory environment for risk management › e xplain the basic characteristics of: • Market risk • Credit risk • Operational risk • Liquidity risk › u nderstand how risk is measured › d escribe the organisational aspects of risk management e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M1 examination consists of multiple choice questions. M1 r isk Management Fundamentals of r isk m anagement M1 r isques financiers Principes fondamentaux des risques financiers Prerequisites: None › 4 › 01. f oundation course

6. Credit risk is the oldest form of risk in financial markets. Although credit risk has existed since antiquity, we still have not perfected the way in which we manage it, as witnessed by the high-profile losses that are often reported in the press. This course provides participants with a good understanding of credit/ counterparty risk and the methods for managing it effectively. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals of Risk Management and who wishes to acquire a solid practical understanding of Credit and Counterparty Risk. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › u nderstand the fundamental concepts of credit/counterparty risk › i dentify the different areas belonging to credit/counterparty risk › d escribe the international regulatory environment for credit/ counterparty risk, particularly the b asel a ccord › u nderstand the basic components of credit/counterparty risk: • Probability of Default • Exposure at Default • Loss Given Default › e valuate and understand internal and external ratings › u nderstand value at risk (Va r ) and its use in measuring credit/counterparty risk › e xplain the counterparty risk for derivatives, particularly over- the-counter derivatives (e.g., credit default swaps) › d escribe different portfolio models for credit/counterparty risk e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M2 examination consists of several essay questions. M2 c redit/ c ounterparty r isk Management m easuring and m anaging c redit/ c ounterparty r isk Prerequisites: M1 Risk Management › 6 02.

5. Market risk is a vast area that focuses on the chance that an investment’s value will change as a result of forces in the marketplace. Managing those forces and the interaction between them is the core of market risk management. The objective of this course is to provide participants with a good understanding of market risk and how to manage it. t arget a udience This training course has been designed for anyone who has already a good knowledge of the fundamentals of Risk Management and who wishes to acquire a solid practical understanding of Market Risk. c ontents This module consists of a 2-days course by the end of which, participants will be able to: › d efine market risk and explain its evolution › d escribe and understand the basic components of market risk: • Interest Rate Risk • Foreign Exchange Risk • Equity Risk • Commodities Risk › u nderstand the interaction between market risk and other risks › e valuate the market risk of derivatives and portfolios › u nderstand and apply risk factors, valuation models and normal distribution calculations › e xplain the use of value at risk (Va r ) in measuring and managing market risk › u nderstand other methods and tools for managing market risk e xamination The knowledge acquired in this module is validated by means of a written examination. To be successful, the candidates must score at least 50% of the total points. The M2 examination consists of several essay questions. M2 Market r isk m easuring and m anaging m arket r isk Prerequisites: M1 Risk Management › 5 › 02. core courses

15. duration and prices › Dates for the examinations are at the discretion of the candidate (every Tuesday and the last Thursday of each month) Practical information c ourse Du RATI on P RICE + 3% VAT M1 r isk m anagement 8 hours € 195,- M1 r isques financiers 8 hours € 195,- M2 m arket r isk 16 hours € 505,- M2 c redit/ c ounterparty r isk 16 hours € 505,- M2 o perational r isk 16 hours € 505,- M3 a sset and l iability m anagement 16 hours € 635,- M3 l iquidity r isk for b anks 16 hours € 635,- M3 r isk in i nvestment Funds 16 hours € 635,- M3 l iquidity r isk for Funds 16 hours € 635,- exa M ination Du RATI on P RICE + 3% VAT M1 courses 1 hour € 40,- M2/M3 courses 1,5 hours € 45,- dates Please see our website: www.ifbl.lu/training-offer/profession - al-qualification-risk-management schedules d ay courses (morning sessions): 8:30 am to 12:30 pm d ay courses (afternoon sessions): 1:30 to 5:30 pm w ritten examinations: from 8:45 onwards lan G ua G es All the courses are taught in English. For the module M1 a French session is offered as well. re G istrations For M1 and M2 courses registrations have to be submitted on the IFBL application form at the latest 5 working days prior to the beginning of the course. For registrations on a professional basis our registration form is to be downloaded from www.ifbl.lu (“outils-téléchargements” in the main menu). Please note that registrations on a private basis are only acceptable through the IFBL Web site (online registration and payment). › 15

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