RISK MANAGEMENT BEYOND VaR

A Two-Day Course Led by David Rowe

December 4th - 5th, 2012

9:00 a.m. - 5:00 p.m.

NEW YORK

Financial risk management emerged as a distinct professional field starting in the mid-1980s. Since that time, a wide range of statistical tools has been developed to assess, quantify and aggregate risk. These tools are all based on classical statistical methods for estimating the nature of underlying random distributions. Value-at-Risk or VaR has become the most common way to express the results of such analysis. As necessary and valuable as these statistical methods have become for measuring day-to-day earning fluctuations, the Global Financial Crisis showed them to be insufficient to fulfill risk management's mission. The central problem is that they ignore deeper fundamental uncertainty. A broader view of political, environmental, legal, technological and structural considerations must become central to the day-to-day practice of risk management if our profession is to meet the growing expectations placed upon us. This two-day workshop is an introduction to the issues and thought processes that will allow us to take risk management beyond VaR.

Key Objectives:

• Understand the limitations of traditional statistical methods in measuring risk
• Appreciate the important distinctions between finance and physics
• Recognize the important characteristics that make systems prone to major crises
• Learn to distinguish among models that are structural, behavioral or just descriptive
• Learn to guard against overconfidence in the tools you know best
• Recognize the need to balance methodological, technological and commercial constraints
• Appreciate organizational and behavioral obstacles to focusing beyond VaR

Download Brochure

 

Fees: Register by November 12th, 2012 and receive a $200 early registration discount. PRMIA Sustaining Members receive an additional $100 discount. Fee includes program materials, morning and afternoon coffee break and lunch.

Early Registration Fee

Sustaining Members:  $1,895
Free/Non-Members:    $1,995

After November 12th, 2012

Sustaining Members:  $2,095
Free/Non-Members:    $2,195

Registration: You may register for this course by clicking on the Register Online in the left-hand margin or Download Enrollment Form For questions regarding registration please contact Allyn Sellers at (612)-216-4739 or by email at allyn.sellers@prmia.org

Venue:
The Midtown Executive Club
40 West 45th Street
New York City, NY  10036
(212) 626-9308

Cancellation: A refund (less a $250 administration fee) will be made if formal notice of cancellation is received at least two weeks prior to the date of the event. We regret that no refunds will be made after that date. Substitutions may be made at no extra charge.

Important Notice: All courses are subject to demand. PRMIA reserves the right to cancel or postpone courses at short notice at no loss or liability where, in its absolute discretion, it deems this necessary. PRMIA reserves the right to changes or cancel the program. PRMIA will issue 100% of registration refund should cancellation be necessary. Travel and hotel expenses are in the responsibility of the registering individual.