Professional Qualification in Risk Management - House of Training

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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 the House of Training 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.

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1. PROFESSIONAL QUALIFICATION IN RISK MANAGEMENT 2017 2018 BANQUES

2. 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 the House of Training 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 RISK MANAGEMENT 2 HOUSE OF TRAINING Formally established in 2015, the House of Training brings together, under a single roof, the training institutes of both the Chamber of Commerce and the Luxembourg Bankers’ Association (ABBL), who are renowned for their expertise and their vast offerings in the field of continued vocational training in Luxembourg. www.houseoftraining.lu ALRIM ALRiM, the Luxembourg Association for Risk Management, 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

15. RISK MANAGEMENT (SPECIFIC) - FUND DIRECTORS AND CONDUCTING OFFICERS (8 HOURS) Target audience People working in the fund industry who want to acquire a good understanding of fund governance, the roles and responsibilities of fund directors and conducting officers Contents By the end of this one-day course, participants will have a good understanding of: • Basic principles of fund governance for risk management • Roles and responsibilities of fund directors and conducting officers regarding risk management • I mpact of regulatory differences between UCITS funds and alternative funds for fund directors • Risk reporting requirements for UCITS funds and alternative funds • Case studies • Future trends impacting fund governance Examination None 15

7. 7 RISK MANAGEMENT (INTERMEDIARY) - CREDIT/COUNTERPARTY RISK (16 HOURS) Prerequisites: Risk Management - Fundamentals 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. Target audience This training course has been designed for anyone who already has good knowledge of risk management and who wishes to acquire a solid understanding of credit and counterparty risk. Contents By the end of this two-day course, participants will be able to: • Understand the fundamental concepts of credit/counterparty risk • Describe the international regulatory environment for credit/counterparty risk, particularly the Basel Accord • Understand the basic components of credit/counterparty risk: - Probability of Default - Exposure at Default - Loss Given Default • Evaluate and understand internal and external ratings • Understand value at risk (VaR) and its use in measuring credit/counterparty risk • Explain the counterparty risk for derivatives, particularly over-the-counter derivatives (e.g., credit default swaps) • Describe different portfolio models for credit/counterparty risk Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam a candidate must achieve a score of at least 50% of the total points on the exam.

8. 8 RISK MANAGEMENT (INTERMEDIARY) - OPERATIONAL RISK (16 HOURS) Prerequisites: Risk Management - Fundamentals 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. Target audience This training course has been designed for anyone who already has good knowledge of risk management and who wishes to acquire a solid understanding of operational risk. Contents By the end of this two-day course, participants will be able to: • Define operational risk in accordance with market standards • U nderstand the regulatory environment for managing operational risk • Identify and categorise the different causes of operational risk in financial services • Assess the potential impact of diverse operational risk • Understand different quantitative and qualitative approaches to managing operational risk • Appreciate the importance and use of an operational risk incident database • Identify different means of mitigating operational risk • Understand different ways of organising an operational risk management function Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam.

9. RISK MANAGEMENT (INTERMEDIARY) - LIQUIDITY RISK (16 HOURS) Prerequisites: Risk Management - Fundamentals Since the Financial Crisis of 2008, which is often described as a liquidity crisis, liquidity risk has become a major area of focus in risk management. Many of the changes in Basel III target liquidity risk and how banks can protect themselves against it. The purpose of this two-day course is to provide participants with a good understanding of liquidity risk and how to manage it. Target audience This training course has been designed for anyone who already has good knowledge of risk management fundamentals and who wishes to acquire a practical understanding of liquidity risk. Contents By the end of this two-day course, participants will be able to: • Understand the various forms of liquidity risk and their sources • Analyse funding and asset liquidity risk • Judge the impact of governance and organisational structure on liquidity risk • Apply the most common methods for measuring liquidity risk • Develop a contingency funding plan • Evaluate the regulatory environment for liquidity risk in banks and investment funds • Understand the changes in Basel III regarding liquidity risk Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. 9

12. RISK MANAGEMENT (ADVANCED) - REGULATION FOR BANKS (16 HOURS) Prerequisites: Fundamentals of Risk Management; Credit/Counterparty Risk; Market Risk; Operational Risk; Liquidity Risk Although closely related, risk management and regulation are quite different. Risk management takes place within an individual organisation and aims to identify, measure and mitigate risks before they become losses. Regulations are normally created, implemented and enforced by public authorities for the benefit of an entire country or region. This course explores the interaction of regulation and risk management with a particular focus on the work of the Basel Committee on Banking Supervision, which serves as an important foundation for regulating risk and risk management in banks. Target audience This training course has been designed for anyone who already has good knowledge of risk management fundamentals and who wishes to acquire a solid understanding of the interaction between risk management and regulation. Contents By the end of this two-day course, participants will have a good understanding of: • R isk and regulation • The Basel Committee on Banking Supervision • The international regulatory environment for risk management • Risk management, the Basel Accord and how to manage: - Credit risk - Market risk - Operational risk - Liquidity risk • Regulating risk in financial services • Future trends in risk and regulation Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. 12

14. RISK MANAGEMENT (ADVANCED) - ALTERNATIVE FUNDS (16 HOURS) Prerequisites: Risk Management; Credit/Counterparty Risk; Market Risk; Operational Risk; Liquidity Risk The publication of the Alternative Investment Fund Managers Directive (AIFMD) was a significant turning point for alternative funds in Europe. Since the publication of the AIFMD, interest in alternative funds has increased considerably. Despite this trend, the characteristics of risk management for alternative funds are not widely known. This course analyses risk management for alternative funds to give participants a good understanding of how risk in alternative funds is identified, measured and managed. Target audience This training course has been designed for anyone who already has good knowledge of risk management fundamentals and who wishes to acquire a solid understanding of how risk in alternative funds is managed. Contents By the end of this two-day course, participants will be able to: • Describe alternative funds and the risks that are most threatening for them • Understand the fundamental concepts that increase risk in alternative funds (e.g., leverage, short selling, hedging, arbitrage, absolute performance, illiquid assets) • Describe the main risks that hedge funds face, including: - Market risk and hedge fund investment strategies - Risks deriving from short selling, high leverage, derivatives, arbitrage and others - Operational risks related to NAV calculation for hedge funds, performance fees, equalisation, side pockets, gating • Understand risk management for alternative funds with illiquid assets, i.e., real estate funds and private equity funds, including - Investment strategies - Managing and valuing assets - Safekeeping assets - Quantitative/qualitative risk assessment - Operations for alternative funds with illiquid assets - Risk reporting for alternative funds» to the higher bullet level. • Evaluate the trends that will shape the future of risk Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. 14

6. 6 RISK MANAGEMENT (INTERMEDIARY) - MARKET RISK (16 HOURS) Prerequisites: Risk Management - Fundamentals 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. Target audience This training course has been designed for anyone who already has good knowledge of risk management and who wishes to acquire a solid understanding of market risk. Contents By the end of this two-day course, participants will be able to: • Define market risk and explain its evolution • Describe and understand the basic components of market risk: - Interest Rate Risk - Foreign Exchange Risk - Equity Risk - Commodities Risk • Understand the interaction between market risk and other risks • Evaluate the market risk of derivatives and portfolios • Understand and apply risk factors, valuation models and normal distribution calculations • Explain the use of value at risk (VaR) in measuring and managing market risk • Understand other methods and tools for managing market risk Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam a candidate must achieve a score of at least 50% of the total points on the exam. 02 Intermediary Level

11. RISK MANAGEMENT (ADVANCED)- ASSET AND LIABILITY MANAGEMENT (16 HOURS) Prerequisites: Risk Management; Credit/Counterparty Risk; Market Risk; Operational Risk; Liquidity Risk 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. Target audience This training course has been designed for anyone who already has good knowledge of risk management and who wishes to acquire a solid understanding of ALM. Contents By the end of this one-day course, participants will be able to: • Understand the components of ALM • Appreciate the importance of the assets and liabilities committee (ALCO) and other organisational aspects of ALM • Distinguish between strategic ALM and operational ALM • Evaluate interest rate risk in the context of ALM • Conduct different types of analyses, such as a gap analysis, a duration and basis point value (BPV) analysis, liquidity gap analysis • Analyse the impact of foreign exchange risk • Understand non-maturing liabilities • Describe how to implement an ALM system • Apply value at risk (VaR) calculations in the context of ALM • Understand fund transfer pricing systems Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. 03 Advanced Level SPECIALISATION IN BANKING : 11

13. RISK MANAGEMENT (ADVANCED) - UCITS FUNDS (16 HOURS) Prerequisites: Risk Management; Credit/Counterparty Risk; Market Risk; Operational Risk; Liquidity Risk Risk management as a dedicated discipline covering a wide range of problems is relatively new in the fund industry. Since UCITS III, risk management for UCITS funds has extended its focus and become increasingly sophisticated. This course provides participants with an in-depth understanding of the different types of risks that are most threatening for UCITS funds and how they can be identified, measured and managed. Target audience This training course has been designed for anyone who already has good knowledge of risk management fundamentals and who wishes to acquire a solid understanding of how risk in UCITS funds is managed. Contents By the end of this two-day course, participants will be able to: • Describe risk in the markets for UCITS funds • Analyse the different aspects of market risk and their impact on UCITS funds, including: - Portfolio risk - Systematic vs. unsystematic risk - Global exposure • Use different methods for evaluating market risk in funds, e.g., Sharpe Ratio, value at risk, alpha/beta • Measure and manage credit risk in UCITS funds • Measure and manage liquidity risk in UCITS funds • Evaluate operational risk in the operation of UCITS funds • Understand the risk reporting requirements for UCITS funds • Judge the current trends that will shape the future of UCITS funds Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. 04 Advanced Level SPECIALISATION IN INVESTMENT FUNDS : 13

5. RISK MANAGEMENT (FUNDAMENTALS) (8 HOURS) Prerequisites: None 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. Target audience This training course has been designed for a broad audience, i.e. for anyone wishing to acquire fundamental knowledge in risk management. Contents By the end of this one-day course, participants will be able to: • Define risk and the responsibilities of risk managers in financial services • Describe the main types of financial risks • Understand the international regulatory environment for risk management • Explain the basic characteristics of: - Market risk - Credit risk - Operational risk - Liquidity risk • Understand how risk is measured • Describe the organisational aspects of risk management Examination The knowledge acquired from this course can be validated by means of a written examination. The examination consists of true/false and multiple-choice questions. To pass the exam, a candidate must achieve a score of at least 50% of the total points on the exam. Foundation Level 5 01 Courses in detail

3. Programme overview 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 13 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. 3 Foundation Level (required) Risk Management (fundamentals) 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). 01. Intermediary Level (required) Market Risk 02. Credit/ Counterparty Risk Liquidity Risk Operational/ Risk Management Advanced Level (required) Asset and Liability Management 03. SPECIALISATION IN BANKING : Regulation for Banks UCITS Funds Alternative Funds SPECIALISATION IN INVESTMENT FUNDS : Risk Management for Fund Directors and Conducting Officers 04. Specific Course/ Seminar

16. More information More information about the course content and objectives, the target audience, the exact schedule, etc. can be found on our website www.houseoftraining.lu Registrations Registrations for the training modules and/or exams are to be made online via our website. They have to be made at least 5 days before the beginning of the training course/exam. Exams Exam sessions take place every Tuesday and every last Thursday of each month, except on school holidays. Training location Unless otherwise indicated in the registration confirmation, all courses take place at the: Training Centre in the Chamber of Commerce 7, rue Alcide de Gasperi L-1615 Luxembourg Contact House of Training - Customer Service customer@houseoftraining.lu BP 490 L- 2014 Luxembourg Tel.: +352 46 50 16 – 1 www.houseoftraining.lu Terms and conditions as stated on our website www.houseoftraining.lu are applicable. COURSE DURATION PRICE + 3% VAT Risk Management (fundamentals) 8 hours 195 € Risk Management (intermediary) - Market Risk 16 hours 535 € Risk Management (intermediary) - Credit/Counterparty Risk 16 hours 535 € Risk Management (intermediary) - Operational Risk 16 hours 535 € Risk Management (intermediary) - Liquidity Risk 16 hours 535 € Risk Management (advanced) - Asset and Liability Management 16 hours 635 € Risk Management (advanced) - Regulation for Banks 16 hours 635 € Risk Management for UCITS Funds - Mastering it 16 hours 635 € Risk Management (advanced) - Alternative Funds 16 hours 635 € Risk Management (specific) - Fund Directors and Conducting Officers 8 hours 475 € Practical information

4. 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. TARGET AUDIENCE 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. CONTENTS This module consists of a 2-days course by the end of which, participants will be able to: › Define market risk and explain its evolution › Describe and understand the basic components of market risk: • Interest Rate Risk • Foreign Exchange Risk • Equity Risk • Commodities Risk › Understand the interaction between market risk and other risks › Evaluate the market risk of derivatives and portfolios › Understand and apply risk factors, valuation models and normal distribution calculations › Explain the use of value at risk (VaR) in measuring and managing market risk › Understand other methods and tools for managing market risk EXAMINATION 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. This examination consists of several essay questions. Market Risk - Measuring and Managing it Prerequisites: Risk Management › 02. INTERMEDIARY LEVEL (required) Although in the past risk management focused primarily on banking, it has recently become a crucial component of the investment fund industry .

10. 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. TARGET AUDIENCE 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. CONTENTS This module consists of a 2-days course by the end of which, participants will be able to: › Understand the components of ALM › Appreciate the importance of the assets and liabilities committee (ALCO) and other organisational aspects of ALM › Distinguish between strategic ALM and operational ALM › Evaluate interest rate risk in the context of ALM › Conduct different types of analyses, such as a gap analysis, a duration and basis point value (BPV) analysis, liquidity gap analysis › Analyse the impact of foreign exchange risk › Understand non-maturing liabilities › Describe how to implement an ALM system › Apply value at risk (VaR) calculations in the context of ALM › Understand fund transfer pricing systems EXAMINATION 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. This examination consists of several essay questions. Asset & Liability Management Mastering it Prerequisites: Risk Management; Credit/Counterparty Risk; Market Risk; Operational Risk Liquidity Risk › ADVANCED LEVEL (required) SPECIALISATION IN BANKING › 6 Every company must manage the delicate balance between its assets and its liabilities .

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