| |
The Risk Management Committee is a forum created for the purpose of discussing the prudential treatment of ISDA member firms and advances in risk management techniques. The Committee itself does not meet. Its members are invited to join Working Groups, the size of which enables interaction and facilitates the production of research documents, surveys, or recommendations to regulators. The Risk Management Committee receives quarterly updates on the activities of the working groups, together with ad-hoc information bulletins on topical issues.
ISDA’s risk management activities encompass:
RISK MANAGEMENT WORKING GROUPS
| REGIONS |
RISK
MANAGEMENT WORKING GROUPS |
STATUS/DISCRIPTION |
PORTAL
ACCESS |
CHAIR |
STAFF
CONTACT |
| Global | Risk Management Committee | DISTRIBUTION LIST | Free, via ISDA PORTAL | N/A | Ed Duncan eduncan@isda.org |
| Global | Counterparty Risk Working Group | ACTIVE WORKING GROUP The CRWG interacts with regulators on the implementation of the trading book review, in particular Strands 1 (counterparty credit risk) and 3 (default risk modelling in the trading book) |
invitation only Contact: mmarusic@isda.org |
Tom Wilde (Credit Suisse) | Ed Duncan eduncan@isda.org |
| Global | Incremental Default Risk Technical Working Group | ACTIVE WORKING GROUP Reviews the principles for modelling default risk in the trading book being prepared by the Basel Committee |
invitation only Contact: mmarusic@isda.org |
Eduardo Epperlein (Citigroup) | Ed Duncan eduncan@isda.org |
| Global | Credit Risk Mitigation Working Group | ACTIVE WORKING GROUP The CRMWG interacts with regulators on the implementation of the credit risk mitigation sections of the Basel II framework. The group focuses on the treatment of credit default swaps and other credit derivatives, including synthetic securitisation. |
invitation only Contact: mmarusic@isda.org |
Ed Duncan (ISDA) | Ed Duncan eduncan@isda.org |
| Global | Internal Ratings Working Group | ACTIVE WORKING GROUP Interacts with regulators on issues pertaining to the IRB approach and the treatment of large exposures |
invitation only Contact: mmarusic@isda.org |
N/A | Ed Duncan eduncan@isda.org |
| Global | Operational Risk Working Group | DORMANT WORKING GROUP The ORWG deals with Basel II recreational risk implementation issues |
invitation only | N/A | Richard Metcalfe rmetcalfe@isda.org |
| Global | Convergence of Economic Capital Models Working Group | DORMANT This WG commissioned a study of portfolio credit risk models jointly with the International Association of Portolio Managers |
N/A | Mich Araten (JP Morgan Chase) | David Mengle dmengle@isda.org |
| EU | Commodity Firms Regulatory Capital WG | ACTIVE WORKING GROUP The CFRC WG prepares a recommendation for the Commission and the Committee of European Banking Supervisors on the capital treatment of commodity firms dealing in commodity derivatives |
Restricted to commodity firms invitation only Contact: mmarusic@isda.org |
Ed Duncan (ISDA) | Ed Duncan eduncan@isda.org |
| EU | EU Risk Management Seminars | DISTRIBUTION LIST All members of the global and EU active working groups receive invitations to attend the EU Risk Management Seminars |
invitation only Contact: mmarusic@isda.org |
N/A | Ed Duncan eduncan@isda.org |
| US | NPR Working Group | ACTIVE WORKING GROUP Prepares a response to Market Risk NPR, as well as CRM and CCR aspects of the Basel II NPR |
invitation only Contact: jpachos@isda.org |
Evan Picoult (Citigroup) | David Mengle dmengle@isda.org |
| US | US Risk Management seminars | DISTRIBUTION LIST All North American based members of the Risk Management Committee are invited. Register yourselves directly on the Risk Management Committee |
N/A | David Mengle dmengle@isda.org |
|
| Japan | Japan Risk Management Committee | ACTIVE WORKING GROUP Discusses the issues and interacts with regulators relating to Basel II Interpretation in Japan |
invitation only Contact: tmorita@isda.org |
Hideyuki Sago (Mitsubishi UFJ Securities) | Tomoko Morita tmorita@isda.org |
| Asia | Asia Risk Management Committee | DISTRIBUTION LIST Used for inviting members to Singapore and Hong Kong Risk Management seminars |
invitation only Contact: ctien@isda.org |
TBD | Way Yee Bay wybay@isda.org |
| Asia | Asia Counterparty Risk Working Group | ACTIVE WORKING GROUP Formed in late January 2007 |
invitation only Contact: ctien@isda.org |
TBD | Way Yee Bay wybay@isda.org |
Risk Management Issues (please click on the item of interest)
BASEL ACCORD REFORM AND IMPLEMENTATION
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Joint Association industry response to CEBS Consultation Paper (CP16) Large Exposure rules | Joint Association industry, ISDA, LIBA, BBA response to CEBS Consultation Paper (CP16) – Second consultation paper on CEBS’ technical advice to the European Commission on the review of the Large Exposures rules | ISDA, LIBA, BBA response to CEBS CP16 (February 25, 2008) |
| Joint industry association response to CEBS consultation paper, CP14 on the first part of its advice to the European Commission on Large Exposures | Joint industry association ISDA, LIBA (The
London Investment Banking Association), BBA (British Bankers Association)
and ESF (European Securitisation Forum) response to CEBS consultation paper,
CP14 on the first part of its advice to the European Commission on Large
Exposures |
ISDA-LIBA-BBA-ESF response to CEBS CP14 (August 15, 2007) |
| Joint industry association response to CEBS consultation paper, CP01rev outlining proposals to revise and develop its consultation processes and procedures | Joint industry association ISDA, LIBA (The
London Investment Banking Association), FASD (Finnish Association of Securities
Dealers) and SSDA (Swedish Securities Dealers Association) response to CEBS
consultation paper, CP01rev outlining proposals to revise and develop its
consultation processes and procedures |
ISDA-LIBA-FASD-SSDA response to CEBS CP01rev (June 19, 2007) |
| Joint industry association response to CEBS consultation paper, CP13 covering CEBS’ proposed mediation mechanism. | Joint industry association ISDA, LIBA (The London Investment Banking Association), FASD (Finnish Association of Securities Dealers) and SSDA (Swedish Securities Dealers Association) response to CEBS consultation paper, CP13 covering CEBS’ proposed mediation mechanism | ISDA-LIBA-FASD-SSDA response to CEBS CP13 (June 19, 2007) |
| Joint industry comment on the US Basel II
NPR |
The Comment letter was sent to the Federal
Reserve, OCC, FDIC, and OTS from the Institute of International Finance,
the International Swaps and Derivatives Association, and the London Investment
Banking Association. |
Basel II NPR Industry Response (March 26, 2007) |
| Joint industry comment on the US Market Risk NPR | The Comment letter was sent to the Federal
Reserve, OCC, FDIC, and OTS from the Institute of International Finance,
the International Swaps and Derivatives Association, the London Investment
Banking Association, and the Risk Management Association, developed by a
joint committee of market practitioners, headed by Evan Picoult of Citigroup. |
Market Risk NPR Industry Response (January 23, 2007) |
| Joint Trade Associations' response on CEBS CP12 on stress testing | ISDA-LIBA-BBA response on CEBS CP12 on Stress Testing under the Supervisory Review Process | Joint Trade Associations' response on CEBS CP12 (October 2, 2006) |
| Joint associations' Industry report on Managing Concentration Risk | ISDA-LIBA-BBA Industry report on "Managing
Concentration Risk – A Review of Industry Practice (A survey of leading
financial institutions, August 2006)”. The review is based on 11 detailed
responses to CEBS questionnaire on Large Exposures from large internationally
active firms and submitted to the associations in confidence. |
ISDA-LIBA-BBA Industry report on Managing Concentration Risk (August 21, 2006) |
| Joint trade associations' response to FSA CP06/9 | Joint trade associations' response to FSA Consultation Paper 06/9 - Organisational systems and controls: Common platform for firms | Joint trade associations' response to FSA CP06/9 (August 18, 2006) |
| Joint Associations' response on CESR CRA Questionnaire | ISDA-BBA-LIBA response to the CESR questionnaire on the day-to-day application of the IOSCO Code by the Credit Rating Agencies | Joint trade association response on CESR CRA Questionnaire (August 15, 2006) |
| Joint Associations' response to FSA on CP06/3 - Strengthening Capital Standards | ISDA-BBA-LIBA response regarding FSA's CP06/3 - Strengthening Capital Standards implementing the Capital Requirements Directive in the UK | Joint Associations' response to FSA on CP06/3 - Strengthening Capital Standards (May 5, 2006) |
| Joint trade association response to BCBS Consultation Document on Home-Host information sharing | ISDA/BBA/LIBA response to Basel Committee
on Banking Supervision's Consultation Document on Home-Host information
sharing for effective Basel II implementation, which is based on the experience
and ongoing work of the Accord Implementation Group (AIG). |
Joint trade association response to BCBS Consultation Document on Home-Host information sharing, (February 24, 2006) |
| Joint trade association response on CEBS Consultation Paper (CP) CP10R | ISDA-LIBA-BBA-ESF letter re CEBS Consultation Paper (CP) CP10R: Second Round of Consultation on the Validation and Assessment of Credit and Operational Risk Approaches under the Basel 2 regulatory Capital Requirements Directive | Joint trade association response on CEBS CP10R, (February 16, 2006) |
| Joint trade association response on CEBS Supplementary Note to Consultation Paper (CP) 07 | ISDA-LIBA-BBA letter re CEBS Supplementary Note to Consultation Paper (CP) 07 on ECAIs' recognition | Joint trade association response on CEBS Supplementary Note to Consultation Paper (CP) 07, (November 30, 2005) |
| Joint trade association response on CEBS Consultation Paper (CP) CP09 | ISDA-LIBA-BBA letter re CEBS Consultation Paper (CP) CP09: Co-operation between Consolidating Supervisors and Host Supervisors | Joint trade association response on CEBS CP09, (November 8, 2005) |
| Joint trade association response on CEBS Consultation
Paper (CP) CP10 |
ISDA-LIBA-BBA letter re CEBS Consultation
Paper (CP) CP10: Guidelines on the implementation, validation and assessment
of Advanced Measurement (AMA) and Internal Ratings Based (IRB) Approaches |
Joint trade association response on CEBS CP10, (October 31, 2005) |
| Joint trade association response on CEBS Consultation Paper (CP) CP08 | ISDA-LIBA letter re CEBS Consultation Paper (CP) CP08 on its role and tasks | Joint trade association response on CEBS CP08, October 28, 2005 |
| Joint trade association response on CEBS' CP03 Revised Supervisory Review Process | ISDA/BBA/LIBA response to the Committee of European Banking Supervisors (CEBS) on CEBS’ CP03R: Application of the Supervisory Review Process Under Pillar 2 Revised | Joint trade association response on CEBS' CP03R Supervisory Review Process (October 21, 2005) |
| Joint trade association response on CEBS'
CP07 on the recognition of External Credit Assessment Institutions under
Basel II (Standardised) |
ISDA/BBA/LIBA response to the Committee of
European Banking Supervisors (CEBS) on CEBS’ CP07: Consultation on
the recognition of External Credit Assessment Institutions. |
Joint trade association response on CEBS' CP07 on the recognition of External Credit Assessment Institutions (September 30, 2005) |
| Joint Associations Statement on the need for Comitology in the Capital Requirements Directive (CRD | ISDA/FBE/LIBA/FOA/EMF/IIF Statement addressed to the European Parliament and the EU Commission, on the need for Comitology in the Capital Requirements Directive | Joint Associations Statement on the need for Comitology in the Capital Requirements Directive (July 11, 2005) |
| CEBS Consultation on financial reporting (CP06) | ISDA-BBA-LIBA letter to Committee of European
Banking Supervisors (CEBS) commenting on the proposed consolidated financial
reporting framework outlined in CP06. |
CEBS Consultation on financial reporting (CP06) (July 8, 2005) |
| CEBS Consultation on the framework for Supervisory
Disclosure (CP05) |
ISDA-BBA-LIBA letter to Committee of European
Banking Supervisors (CEBS) commenting on the proposed supervisory disclosure
framework outlined in CP05. |
CEBS Consultation on the framework for Supervisory Disclosure (CP05) (June 29, 2005) |
| Amendments to Directive on Capital Requirements | ISDA/LIBA Letter to European Parliament on Amendments to Directive on Capital Requirements | ISDA/LIBA Letter re Directive on Capital Requirements (March 24, 2005) ISDA/LIBA Amendments re Directive on Capital Requirements (March 24, 2005) |
| Amendments to the proposed EU Capital Requirements Directive (CRD) | ISDA-LIBA-BBA CRD Amendments for HMT | ISDA-LIBA-BBA CRD Amendments, Summer 2004 |
| Consultation on the Treatment of CIUs in the Trading Book and Banking Book | ISDA-LIBA Response to European Commission | ISDA-LIBA Response to EC on CIUs, (March 4, 2004) |
| Supervised Investment Bank Holding Companies and Consolidated Supervised Entities | ISDA Comment Letter to U.S. Securities and Exchange Commission | ISDA comment letter dated (February 4, 2004); Appendices to SEC comment letter |
| U.K. Implementation of New Accord (CP 189) | ISDA/BBA/LIBA response to CP 189: Report and first consultation on the implementation of the new Basel and EU Capital Adequacy Standards. | ISDA/BBA/LIBA response to CP 189 (December 12, 2003) |
| U.S. Implementation of New Accord (ANPR) | Joint ISDA/TBMA response to U.S. Bank Regulatory Agencies' Advance Notice of Proposed Rulemaking on the New Basel Accord | ISDA-TBMA ANPR Comment (November 3, 2003), Appendices to ISDA-TBMA Comment |
| Transposition of New Accord into EU law (RBCD) | Joint ISDA/LIBA comment letter to the EU Commission on the Risk Based Capital Directive. | LIBA/ISDA's response to the EU Commission on RBCD (Annex 2, Annex 3) (October 22, 2003) |
| Basel Accord Reform Third Consultative Paper (CP3) |
Joint ISDA-TBMA comment letter to Basel Committee on Banking Supervision | ISDA-TBMA's Response to the Basel Committee on Banking Supervision's Third Consultative Paper (CP3) on the New Capital Accord (July 31, 2003) |
| Response to Commission Services' Working Document on Capital Requirements for Credit Institutions and Investment Firms | ISDA and LIBA commented on the proposed implementation in the EU of the New Basel Accord (CAD3), with a specific focus on the capital treatment of traded instruments and investment firms. | Cover
letter David Wright (February 2003) ISDA LIBA response (February 2003) |
| Letter to Darryll Hendricks on the QIS3 Technical Guidance | A detailed commentary highlighting remaining industry concerns regarding the new Basel Accord draft. | Letter to Darryll Hendricks (December 20, 2002) |
| ISDA letter to the BIS Accord Implementation Group | Presents ISDA's Basel implementation concerns and work program. | Letter
to Nicholas Le Pan (May 24, 2002) |
| Basel Accord Reform Second Consultative Paper (CP2) |
ISDA's Response to CP2 |
Joint Trade Association Summary of the Basel Proposals (January 2001) |
| Transposition of New Accord in the EU | ISDA's response to EU Commission First Consultative Paper | * EU proposals (November 1999) |
| Basel Accord Reform First Consultative Paper (CP1) |
ISDA's Response to CP1 | *ISDA’s response (February
2000) *Basel consultation paper on the new capital adequacy framework (June 99) |
| Credit Risk & Regulatory Capital | ISDA’s study group on credit risk proposes to amend and improve the current regulatory capital regime. First initiative that proposes a concrete reform of current international regulation based on quantitative data and information on models. ISDA has discussed the paper with the European Commission, the Bundesbank, the BAKred, the FSA, the New York Fed, the Commission Bancaire and other local regulators. ISDA hosted Data Summits in London and New York to bring together data providers and risk managers. ISDA issued a comprehensive update on credit risk data availability. | ISDA paper (March
1998) * "Update on Credit Risk Data Availability" (October 1998) |
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Joint ISDA-LIBA letter to FSA on Computation level of Effective Expected Positive Exposure | Addressed to Gerry Cross, FSA | Joint ISDA-LIBA letter to FSA on Effective Expected Positive Exposure (March 20, 2007) |
| Trading Book Compendium 2005 | Compendium of comment papers produced by ISDA, IIF, LIBA and TBMA on the Trading Book Review between mid 04 and mid 05 | Available for sale from the Home Page |
| Joint ISDA-BBA-LIBA response to FSA pre-consultation on the implementation of the Internal Model Method (IMM) | Detailed commentary, covering issues such as partial use, peak versus expected exposure, own estimates of alpha and the treatment of margining. | Joint
Associations' Comment Paper, Sep-05 |
| ISDA-FBE-LIBA Response to Commission Services Consultation Paper on Trading Activities Related Issues and the Treatment of Double Default Effects | Joint Associations' response to the European
Commission's consultation on Trading Activities Related Issues and the Treatment
of Double Default Effects, launched on April 8, 2005 |
ISDA-FBE-LIBA Response to Commission Services Consultation Paper, May 27, 2005 |
| Joint ISDA-LIBA-FOA-TBMA-IIF-IBFed Letter to Basel Committee regarding the Trading Book Review | This is a joint Associations letter to the Basel Committee regarding the Application of Basel II to Trading Activities in the Trading Book Review | Press
Release; Joint
Associations letter on Application of Basel II to Trading Activities (May
27, 2005) |
| Joint ISDA-FBE-IIF-LIBA-TBMA Letter to Jaime
Caruana, Basel Committee on the Trading Book Review |
This is a joint Associations letter to the
Basel Committee regarding the timescales given for different issues covered
in the Trading Book Review |
Joint ISDA-FBE-IIF-LIBA-TBMA Letter to Basel Committee re Trading Book Review (December 9, 2004) |
| Joint ISDA-LIBA-TBMA Letter to Norah Barger, Basel Committee on the capital treatment of unsettled transactions | This is a joint Associations letter to the
Basel Committee in response to their letter of 25th February in regard to
concerns in the potential treatment of unsettled transactions. |
ISDA-LIBA-TBMA Letter to Basel Committee re Unsettled Transactions (June 07, 2004) |
| Joint ISDA-LIBA-TBMA Basel Accord Trading Book Compendium | This document collects in one place useful research pieces and surveys produced by ISDA and the Federal Reserve Board on issues of relevance to the newly formed Basel / IOSCO trading book working group. This document is jointly produced and endorsed by ISDA, LIBA and TBMA. | Basel Accord Trading Book Compendium 2004, ISDA-LIBA-TBMA (March 05, 2004) |
| Joint ISDA/LIBA/TBMA recommendations on the
counterparty risk treatment of OTC derivatives and securities financing
transactions |
An in-depth study of measures of future exposure performed by the ISDA Counterparty Risk Working Group, and endorsed by LIBA and TBMA. The Associations recommend a change in the regulators' approach to measuring future exposure for OTC derivative and securities financing transactions, and advocate using a small multiple of expected positive exposure for this purpose. | Counterparty
Risk Recommendations (June 25, 2003) Counterparty Risk Annex (June 25, 2003) |
| Letter to the Credit Risk Mitigation Sub-group on repo VaR multipliers. | Analysis of the repo VaR multipliers proposed
by the Basel Committee in the QIS3 Technical Guidance. |
Letter to Norah on multipliers (March 19, 2003) |
| Letter to Norah Barger, Chairperson of the CRM Sub-group | A letter outlining industry views on whether and how portfolio VaR backtests can be applied to repo portfolios. | Letter to Norah on sampling (November 08, 2002) |
| Letter to Norah Barger, Credit Risk Mitigation Subgroup of the Basel Capital Group, regarding treatment of collateralised transactions | Joint ISDA-LIBA-TBMA response to Credit Risk Mitigation Subgroup's April 2002 letter proposing a revised treatment of collateralised transactions. | |
| Joint ISDA-LIBA-BMA letter to Oliver Page, Chairman of the Capital Group on regulatory haircuts for securities financing transactions. | Response to the Basel Committee on the counterparty risk treatment of portfolio of securities financing transactions. | Oliver Page Letter (October 5, 2001) |
| Letter to Richard Gresser Chairman of the Models Task Force Sub Group on Counterparty Risk | Response to Models Task Force letter on the treatment of wrong way risk and weak independence in an EPE based framework | Richard Gresser Letter (September 7, 2001) |
| Letter to Daniele Nouy Chairman of the BIS Models Task Force on Counterparty Risk | Argumentation on the appropriateness of using Expected Positive Exposure to measure future exposure on OTC derivatives contracts | Daniele Nouy Letter (August 1, 2001) |
INCREMENTAL DEFAULT RISK TECHNICAL WORKING GROUP
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Joint association industry response to the Basel Committee on Banking Supervision’s Consultative Document entitled “Guidelines for Computing Capital for Incremental Default Risk- in the Trading Book” | The response has been sent in to the Basel Committee today (and the two Co Chairs of the AIGTB, Norah Barger from the Board of Governors of the Federal Reserve and Tomas McGowan from the SEC), and also to the EU Commission and Committee of European Banking Supervisors. | ISDA leads industry response to the Basel Guidelines for Computing Capital for Incremental Default Risk- in the Trading Book, (February 15, 2008) |
| Basel Committee Guidelines on Incremental
Default Risk |
See ISDA response (February 15, 2008) | Guidelines for Computing Capital for Incremental Default Risk in the Trading Book – consultative document (October 2007) |
| ISDA Study on the impact of Incremental Default
Risk (IDR) on banks' regulatory capital |
The key conclusion is that, if IDR is implemented as currently proposed by regulators, market risk regulatory capital can be expected to almost treble relative to current VaR-based regime. | Press Release, IDR Impact Study (July 13, 2007) |
| Joint Industry Technical Paper on Incremental Default Risk Modeling | ISDA-IIF-LIBA Technical Paper on Incremental Default Risk Modeling sent to the AIG Trading Book Working Group | Joint Industry Technical Paper on Incremental Default Risk Modeling, (January 26, 2007) |
| IIF-ISDA-LIBA Note to the Accord Implementation
Group regarding Strand Three of the Trading-Book Review |
In this note, the Associations suggest that methodological issues inherent in the development of default models in the trading book warrant further study, and will take time to resolve. As a result, the objectives and time table of the AIG Working Group on the Trading Book should be revised. | IIF-ISDA-LIBA
Note to AIG (October 23, 2006) |
| Proposed Principles for Modeling Incremental Default Risk in the Trading Book | Letter from the Joint IIF-ISDA-LIBA Working Group on the modeling of default risk in the trading book to the AIG Sub-group on Strand 3 | Incremental
Default Risk Principles, January 5, 2006 |
| Comparative table of default models in the trading book | Table assembled by ISDA, enabling the comparison
of default risk models being developed by some member firms |
Comparative
table, regularly updated |
| AIG Working Group response to IIF/ISDA/LIBA letter | Clarification brought by the regulators on
the definition of the soundness standard to be met by default risk models
in the trading book |
AIG Working Group response, October 2005 |
| IIF-ISDA-LIBA letter to the AIG Working Group | Joint Associations' letter requesting clarification
from the regulators on paragraph 307 of the Trading Book Review |
Joint Associations' letter, October 2005 |
| The Application of Basel II to Trading Activities and the Treatment of Double Default Effects (commonly known as the Trading Book Review) | This document amends the Basel II framework
in three key areas: -Counterparty Credit Risk -Double Default Risk -Market Risk |
Basel/IOSCO publication, July 2005 |
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Commission Bancaire's response to ISDA's February 17th letter on the recognition of purchased CDS protection documented under a Master netting agreement. | This response confirms that, with immediate effect, in order for a firm to claim capital relief, the Commission Bancaire no longer requires protection bought against banking book exposures to be booked under a separate Master Agreement from that covering other derivatives. The letter notes that, among other things, this is consistent with the thrust of the Collateral Directive (2002/47). This is an issue on which ISDA has maintained a long-term dialogue with the Commission Bancaire, and appreciates the support of members generally and of counsel in Paris at Gide Loyrette Nouel in particular. | Commission Bancaire response to ISDA's February 17th letter (September 21, 2006) |
| ISDA letter to Commission Bancaire on the recognition of purchased CDS protection documented under a Master netting agreement. | ISDA letter sent to Secretariat General of Commission Bancaire. | ISDA letter to Commission Bancaire (February 17, 2006) |
| ISDA questions the withdrawal from the New Accord of the notion of "control over restructuring" | ISDA's response to the Basel Committee's letter of 25 February 2004 | Letter to Norah Barger, Chair of Credit Risk Mitigation Sub-group of the Basel Committee (March 12, 2004) |
| Comments on Basel Committee technical paper regarding the capital treatment of securitisation exposures | A detailed review of the pros and cons of simplifying the supervisory formula approach to unrated securitisation tranches | Joint ISDA-BBA-LIBA letter to the Financial Services Authority on securitisation, (February 16, 2004) |
| Comments on Federal Reserve Board White Paper on Double Default and Double Recovery Effects | Joint Trade Associations comments on Federal Reserve Board White Paper | Joint Trade Associations' comment letter on the FRB White Paper on Double Default and Double Recovery Effects (November 03, 2003) |
| The New Basel Capital Accord: Global Securitisation Comment Letter | Comments from a group of Trade Associations on the capital treatment of securitisation transactions proposed in the Third Basel Committee Consultation Paper on the New Capital Accord. | Global Securitisation Industry Comment (July 31, 2003) |
| Joint ESF-ASF-ISDA-IACPM letter on the Second Working Paper (WP2) on the capital treatment of securitisation. | An in-depth analysis of WP2, including counter-proposals on RBA weights, the SFA and synthetic securitisation. | Securitisation Final Comment Letter (January 13, 2003) |
| Letter to Norah Barger, Chairperson of the CRM sub group, on restructuring | A presentation by industry of the case for removing restructuring events from the list of events to be hedged by credit default swaps in order to receive capital relief. | Letter to Norah Barger (October 2, 2002) |
| Joint ISDA-TBMA-LIBA letter to FSA on the Large Exposures Regulation of securities financing transactions. | Recommends a change in the FSA's implementation of the Banking Consolidation Directive. | Letter
to Clive Briault (May 29, 2002) |
| Letter to the BIS Securitisation Working Group on the capital treatment of synthetics | A letter produced jointly by ISDA and the European Securitisation Forum containing our joint recommendations for the capital treatment of synthetic securitisation | Final ISDA- ESF Synthetic Comment Letter (December 12, 2001) |
| ISDA letter to Oliver Page, Chairman of the Capital Group on the regulatory capital treatment of hedged exposures and joint default risk. | ISDA proposal for the regulatory treatment
of joint default risk arising from guarantees and credit default swaps.
|
Oliver Page Letter (October 3, 2001) |
| Capital treatment of credit derivatives in UK | The UK Financial Services Authority is bringing into one single document the credit derivatives policies previously issued by the Bank of England and the Securities and Futures Authority. ISDA, jointly with the BBA (British Bankers Association) and LIBA (London Investment Banking Association), is seizing this opportunity to request an upgrading of the rules, in particular with respect to the capital treatment of step-up/calls. | Letter to FSA (August 2000) |
| Linked to discussions Ireland | The Central Bank of Ireland released draft
rules for comment in December 1999. ISDA responded February 2000 The CBI issued final rules in August 2000 |
* CBI’s draft rules (December 1999) * ISDA’s response (February 2000) * CBI’s final policy (August 2000) |
| Capital treatment of credit derivatives in Singapore | The Monetary Authority of Singapore has issued
draft credit derivatives guidance in November 99. ISDA responded in December
99. The MAS issued final policy in September 2000. |
MAS credit derivatives policy (September 2000) |
| Capital treatment of credit derivatives in Hong Kong | The Hong Kong Monetary Authority has released amended draft rules for comment (October 2000). | * ISDA’s response (October 2000) |
| Capital treatment of credit derivatives in Australia | The Australian Prudential Regulatory Authority
(APRA) issued a consultative document in April 1999. ISDA drafted a response which was sent to APRA in July 1999. |
* APRA consultative document on the Capital
Treatment of Credit Derivatives (April 1999) * ISDA’s response (15 July 1999) |
| Capital treatment of credit derivatives in Germany | BAKred published rules in June 1999 | *BAKred Draft Circular on the Treatment of
Credit Derivatives (15-A233-2/98); *ISDA Draft Comments (circulated among members for feedback on August 9, 1998); *ISDA Response to the BAKred (September 1998); *BAKred Credit Derivatives rules (June 1999) |
| Capital treatment of credit derivatives in Belgium | The Belgian CBF has released draft rules for comments in October 2000 | - |
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| ISDA/IIF Meeting with AIG/CTF LGD Working Group, Paris (22 June, 2005) | ISDA and IIF members met with the AIG/CTF working group on "downturn" LGDs | Meeting Summary, June 22, 2005 |
| ISDA/IIF Meeting with AIG/CTF LGD Working Group, London (18 April, 2005) | ISDA and IIF members met with the AIG/CTF working group on "downturn" LGDs | Meeting Summary, April 18, 2005 |
| ISDA/IIF Meeting with AIG/CTF LGD Working Group, Washington (8 February, 2005) | ISDA and IIF members met with the AIG/CTF working group on "downturn" LGDs | Meeting Summary, February 8, 2005 |
| Joint ISDA LIBA BBA Working Group Discussion Paper on Low Default Portfolios - January 2005 | To inform discussions between regulators and firms (on January 27th in New York) circulated to members of ISDA and the AIG Sub-Group on Validation. | Joint ISDA LIBA BBA Working Group Discussion Paper on Low Default Portfolios, January 2005 |
| Joint ISDA-LIBA-BBA Response to CEBS' (Committee
of European Banking Supervisors) Paper on Basel Pillar 2 |
Joint Industry Response on CEBS' Paper The Application Of The Supervisory Review Process Under Pillar 2, sent to Louis Roldan, CEBS | Final Response ISDA-LIBA-BBA on CEBS Paper, August 31, 2004 |
| Joint ISDA-LIBA-BBA working group paper on Low Default Portfolios | IRB Approach for Low Default Portfolios -
Recommendations of the Joint ISDA, LIBA, BBA Industry Working Group sent
to Nick Le Pan, Accord Implementation Group |
Introduction Paper to Nick Le Pan, AIG, August 9, 2004; Paper to Nick Le Pan, AIG, August 9, 2004 |
| ISDA/EBF letter to Jaime Caruana, Basel Committee, on LGD requirements in the New Accord. | ISDA/EBF letter sent simultaneously with IIF, regarding Treatment of Loss Given Default. | ISDA/EBF letter to Jaime Caruana, Basel Committee, on LGD requirements, May 11, 2004 |
| Basel Accord: Minimum Requirements for the IRB approach. | ISDA Comments on Section 2.III.H of CP3 | ISDA Letter to Nick Le Pan, Accord Implementation Group (July 30, 2003) |
| Advanced IRB Forum, New York (19 June) and London (23 June) | ISDA, RMA and BBA discussed results of their survey on the validation of banks' internal credit ratings, a key element underlying the Internal Ratings-Based (IRB) approach in the New Basel Capital Accord. | -
Slides by David Wright June 19, 2003 - Slides by Michel Crouhy June 19, 2003 - Slides by Scott Dillman June 19, 2003 - Slides by Lawrence Mielnicki June 19, 2003 -Slides by Kevin Ryan June 23, 2003 - Slides by Warren Mockett June 23, 2003 - Slides by Idzard van Eeghen June 23, 2003 - Slides by Monika Mars June 23, 2003 - Slides by Laurie Mayers June 23, 2003 - Slides by Sebastian Fritz June 23, 2003 |
| Meeting with AIG members on Validation | ISDA was invited to attend the June meeting of the Accord Implementation Group (AIG) to present the results of the Internal Ratings Validation Study. The meeting was chaired by Nick Le Pan and comprised 35 regulators from the G10 countries. Three Associations invited both retail and corporate specialists who participated in the Study from Europe and North America. The Study was published in the second week of June, and all regulators and firms present were sent advanced copies of the report. An audience with the AIG would represent the first truly international discussion on validation between regulators and the industry. | Notes from the AIG meeting on Validation (June 18, 2003) |
| Meeting with AIG Members on Data Issues | Outlined in the paper is a summary of the responses from the ISDA Internal Ratings Working Group (IRWG) on “data” issues arising from the AIG questionnaire on the New Basel Accord and notes from the meeting with members of the AIG and representatives from ISDA that took place in Washington DC on April 16th. | Notes to AIG Data Issues (April 16, 2003) |
| Letter to Nick le Pan on the Minimum Requirements for the IRB approach set out in the Technical Guidance for QIS 3 | A commentary submitted to the AIG by ISDA highlighting issues which would, in our opinion, benefit from further guidance, clarification, or amendment in CP3. | IRWG letter to Nicholas Le Pan (December 20, 2002) |
| Letter to Stephen Bland (Models Task Force) on the revised IRB definition of default. | A letter focusing on the need for regulators to [clarify (i) the meaning of "credit related economic loss" and (ii) the relationship between the IRB definition of default and the operational requirements imposed on credit default swaps and guarantees.] | IRB Default Letter- (February 22, 2002) |
| ISDA letter to Darryll Hendricks on the IRB treatment of expected losses and future margin income. | Response to the Basel Committee consultation paper on the IRB treatment of expected losses and future margin income. | Darryll Hendrick's Letter- (October 25, 2001) |
| Letter to Stephen Bland Chairman of the Models Task Force Sub Group on Equity Holdings | Response to the Basel Committee consultation paper on the capital treatment of equity holdings in the banking book | Stephen Bland Letter (September 17, 2001) |
| Letter to Daniele Nouy chairman of the BIS Models Task Force on the Granularity adjustment to the IRB function | Amendments to the proposed granularity function, as well as to the representation of loss given default volatility | Daniele Nouy Letter (July 30, 2001) |
| EBF-ISDA retail risk management study | ISDA surveyed retail risk management practices jointly with the European Banking Federation | EBF-ISDA retail portfolio study |
| Basel Accord/re-estimation of index matrix | ISDA re-estimated its credit risk index matrix at the 99.5th percentile | Re-estimation of index matrix (July 2000) |
| Basel Accord/Models Task Force Surveys | ISDA assisted the BIS Models Task Force by
collating information on the following issues: - Definition of default used by banks - Loss Given Default/Exposure at Default estimates - Economic capital allocations for credit risk |
Definition of Default survey (July 2000) |
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Basel Accord / EU Capital Adequacy Directive Reform | ISDA's Operational Risk Working
Group is made up of member firms directly affected by capital rules. It continues to stress the importance of flexibility in the rules on operational risk, in order to accommodate the reality of current and evolving practice in the management of this risk. The ORWG works closely with the Risk Management Group of the Basel Committee, on both quantitative and qualitative issues.ISDA has conducted impact studies to determine the appropriate level for: 1) the ‘alpha’ factor that should apply in the ‘Basic Indicator Approach’; and 2) the ‘beta’ factors proposed for The Standardized Approach. |
ISDA responses to Basel/EU consultation contain chapters on operational risk. (See section above on ‘Capital Accord Reform’ for details). Other papers include: A letter
to the Accord Implementation and Risk Management Groups on the January
2004 Basel Committee paper on Home-host allocation of AMA capital. ISDA
maintains that, at a minimum, clarifications are necessary to the 'hybrid'
supervisory approach, in order not to prejudice the workability of the
more advanced methods of calculating operational risk capital. |
| Survey on operational risk management practices | Unique, groundbreaking survey, published in January 2000. Covers the full range of issues including: definition, management structure, tools, insurance, reporting, capital, and future trends. | ‘Operational Risk – The Next Frontier’, published jointly with BBA and RMA. Available from ISDA |
| Regulatory Papers | Various papers, primarily available from BIS web-site (http://www.bis.org) | To access presentations and papers distributed
at the Conference organised by the Basel Committee's Risk Management Group
on "Leading Edge Issues in Operational Risk Measurement" conference
hosted by the Federal Reserve Bank of New York In May 2003, please click
on the following URL. http://www.newyorkfed.org/newsevents/ events/banking/2003/con052903.html “Principles for the home-host recognition of AMA operational risk”, January 2004, Basel Committee Technical Paper. (Principles developed by Accord Implementation Group, jointly with Risk Management Group. Includes as annex proposed Basel Accord text.) Available at http://www.bis.org/publ/bcbs106.htm |
CONVERGENCE OF ECONOMIC CAPITAL MODELS PROJECT
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Convergence of Economic Capital Models |
Joint ISDA-IACPM study completed February 2006 | ISDA-IACPM Convergence of Credit Capital Models Project: Summary of Results |
| 2002 Survey of Credit Portfolio Management Practices | Survey conducted by Rutter Associates and sponsored jointly by ISDA, IACPM, and RMA. | 2002 CPM Survey results |
| Portfolio modeling of credit risk | ISDA and the Institute of International Finance tested portfolio models against standard portfolios | Modeling credit risk Joint IIF/ISDA Testing Programme (February 2000) Available from ISDA (‘Documentation’ section of the website) |
| Credit Risk Modeling | The Basel Committee issued a consultative document in May 1999, to which ISDA responded in October. ISDA met with the Models Task Force to discuss the paper and got positive feedback | *Basel paper on credit risk modeling (May 1999) |
COMMODITY FIRMS REGULATORY CAPITAL TREATMENT
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| ISDA-EFET-FOA response to second part of CEBS Technical Advice to the European Commission on the Review of Commodities Business under Article 48 of Directive 2006/49/EC | The Commodity Firms Regulatory Capital Working
Group (CFRC WG) response to second part of CEBS Technical Advice to the
European Commission on the Review of Commodities Business under Article
48 of Directive 2006/49/EC |
CFRC WG response to CEBS (August 1, 2007) |
| ISDA-FOA-EFET paper on an Alternative Approach to the Application of the full Capital Requirements Directive to Commodity Firms active in the EU | The Commodity Firms Regulatory Capital Working
Group (CFRC WG) proposes an alternative approach to the application of the
full Capital Requirements Directive (CRD) to specialist commodity firms
in the EU |
Alternative Approach paper, May 8, 2007 |
| CFRC WG meeting, March 28, 2007 | Agenda included Update on various regulatory meetings (including minor revisions to the AA paper), Discussion on the draft response to questions 7 and 10 to 15 of the Call for Evidence, Position of the Associations on the Call for Evidence and Liaison with the press | CFRC Minutes (March 28, 2007) |
| ISDA-EFET-FOA Workshop for the European Commission regarding commodity markets and trading, September 28-29, 2006, Brussels | ISDA, EFET and FOA ran a 2-day workshop for the European Commission regarding different commodity markets and their financial and physical regulation | Peter
Styles - EU Commodity Markets and Trading: An Introductory Workshop
|
| The eighth CFRC WG Meeting, September 22, 2006 | Agenda included Update on CEBS/CESR reviews; Commission Workshop 27-28 September, Alternative Approach, Recalibrated Pillar I, Update on KPMG report, Liaison with Press. | CFRC
WG Notes of the eighth meeting (September 22, 2006) (Password Protected - CFRC WG Only) |
| CFRC WG’s proposal for a revised industry questionnaire | Sent to CEBS July 19, 2006 | CEBS questionnaire revised (July 18, 2006) |
| The seventh CFRC WG Meeting, July 14, 2006 | Agenda included Interaction between MiFID and CRD reviews, CEBS Update, Recalibrated Pillar 1 Update, Alternative Approach Update and KPMG report | |
| The sixth CFRC WG Meeting, May 11, 2006 | Agenda included a Stock take on the expert groups' progress and the KPMG survey | CFRC
WG Notes of the sixth meeting (May 11, 2006) (Password Protected - CFRC WG Only) Capital Review Update presentation (May 11, 2006) (Password Protected - CFRC WG Only) KPMG Survey - Impact of the CRD on Commodity Market Participants (May 11, 2006) (Password Protected - CFRC WG Only) |
| The fifth CFRC WG Meeting, March 10, 2006 | Agenda included an Update on the meeting with
the European Commission of 30 January; Nomination of a commodity firm representative
on the CEBS Consultative Panel; Position of investment banks re CFRC WG
work agenda; Progress report on credit/market risk; Pillar 2 Expert group;
BaFin and FSA consultations on the implementation of articles 45a and 45d
of the CAD |
CFRC WG Notes of the fifth meeting (March 10, 2006) |
| Market Risk presentation by Tobias Strothmann, Conenergy and Martin Spanier, Syneco, March 8, 2006 | Market Risk Expert sub-group presentation showing current status | Market
Risk presentation (March 8, 2006) (Password Protected - CFRC WG Only) |
| European Regulatory Committee working group
on commodity derivatives and other derivatives under C10 of Annex I to MiFID
- Terms of reference and participant list |
A new working group set up by Gianluigi Gugliotta, ISDA to discuss MiFID exemptions | ERC Commodity Derivatives working group - Terms of Reference, March 2006 Commodity
Derivatives Working group - participant list, March 2006 |
| CFRC Working Group's letter to Peter Smith, European Commission | Letter addresses issues surrounding the European Commission's Review of regulatory capital treatment of commodity firms | CFRC WG Letter to European Commission, January 27, 2006 |
| The fourth CFRC WG Meeting, January 18, 2006 | Agenda included discussion of the CFRC WG letter to European Commission; Establishment of a new sub-group on a qualitative risk management approach; Presentation of the expert groups’ work; and a report on a meeting of the FSA’s COMSG sub-group on consolidation | CFRC
WG Notes of the fourth meeting (January 18, 2006) (Password Protected - CFRC WG Only)
Presentation
by Tobias Strothmann, ConEnergy
Presentation
by Martin Spanier, Syneco |
| Presentation on Commodities and the Capital Requirements Directive, prepared by ISDA | Presented at a Workshop organized by RWE on the Internal Market for Wholesale Trading in Electricity and Gas, Dec 2005 | RWE Workshop Presentation, Dec 2005 |
| The third CFRC WG Meeting, November 23, 2005 | Agenda included the discussion of a slide presentation prepared by ISDA. | CFRC WG Notes of the third meeting (November 23, 2005) (Password Protected – CFRC WG Only) Applicability
and calibration of the CRD for commodity firms, presentation by ISDA |
| Monte Carlo simulation for assessing the market risk of a portfolio of commodity derivatives | An example simulation prepared by ISDA | Monte Carlo simulation |
| Commodity firms’ survey on counterparty credit risk measurement | A questionnaire prepared for members of the CFRC WG by ISDA, to be completed by 30 November 2005 | Questionnaire on credit risk and exposure measurement, November 2005 |
| The second CFRC WG Meeting, October 19, 2005 | Agenda included discussion of CRD Article
45d and a presentation from Hunton & Williams re Regulation of “Specialist
Commodity Dealers” in the United States; discussion on scope of capital
treatment led by Clifford Chance; update on co-operation with KPMG; Hypothetical
Portfolio testing. |
CFRC
WG Notes of second meeting (October 19, 2005); Article 45d; Regulation of “Specialist Commodity Dealers” in the United States, Hunton & Williams presentation (October 19, 2005); Scope of capital treatment, Clifford Chance (October 19, 2005) |
| The first CFRC WG Meeting, September 15, 2005 | Agenda included a presentation from UK FSA
regarding their Commodity Standing Group; a presentation from Clifford Chance
on MiFID and CRD; Associations' activities in regulatory capital advocacy;
discussion of CFRC WG Terms of Reference |
CFRC WG Notes of first meeting (September 15, 2005) Commodity
Standing Group, UK FSA presentation |
| Investment Firms’ Statutory Requirements in France, presentation by Arnaud Cruiziat (Gaselys) | Abstract of Banque de France Regulatory Requirements | Investment Firms’ Statutory Requirements in France, September 2005 |
| Compendium on the Capital
Treatment of Commodity Firms active in the EU |
Prepared by the Joint Industry Associations’
Working Group on Commodity Firms’ Regulatory Capital Treatment (CFRC WG)
(EFET – FOA - ISDA – LIBA – Energy Commodities Traders Group) |
CFRC WG Compendium, September 2005 |
| Terms of reference of the Joint Associations’ Working Group on Commodity Firms’ Regulatory Capital Treatment (CFRC Working Group) | Prepared by EFET; FOA; ISDA; Energy Commodities Traders Group; [LIBA] | CFRC Working Group - Terms of Reference (September 16, 2005) |
| SUBJECT |
STATUS
|
AVAILABLE
DOCUMENTS |
| Joint industry comment on the US Basel II Notice of Proposed Rulemaking (Basel II NPR) |
The Comment letter was sent to the Federal
Reserve, OCC, FDIC, and OTS from the Institute of International Finance,
the International Swaps and Derivatives Association, and the London Investment
Banking Association. |
Basel II NPR Industry Response (March 26, 2007) |
| Joint industry comment on the US Market Risk Notice of Proposed Rulemaking (Market Risk NPR) |
The Comment letter was sent to
the Federal Reserve, OCC, FDIC, and OTS from the Institute of International
Finance, the International Swaps and Derivatives Association, the London
Investment Banking Association, and the Risk Management Association, developed
by a joint committee of market practitioners, headed by Evan Picoult of
Citigroup. |
Market
Risk NPR Industry Response (January 23, 2007)
Market Risk NPR (Federal Register)
|
| U.S. Implementation of New Accord (ANPR) |
Joint ISDA/TBMA response to U.S. Bank Regulatory
Agencies' Advance Notice of Proposed Rulemaking on the New Basel Accord |
ISDA-TBMA
ANPR Comment (November 3, 2003), Appendices
to ISDA-TBMA Comment |
| The ISDA Risk management events are periodically held presentations where we invite speakers from the academic, the regulatory or the business side to present and discuss Risk Management topics that are at the forefront of Risk Management. These seminars provide useful updates on industry best practice and research in the field of risk management. The presentations in the form of lunches in New York, and evening events in London are meant to gather Risk Management professionals from various industries around these topics. For more information please contact: |
2008
European Program
Relevant ISDA and PRMIA members are sent invitations in advance of these meetings. Non-members are not eligible to attend.
The Risk Management Seminar titles, speakers and presentations will be added to the table below, as and when they are confirmed.
The dates in 2008 are as follows:-
| DATE |
TITLE |
SPEAKER |
PRESENTATION |
| May 13, 2008 | CANCELLED | ||
| June 10, 2008 | |||
| July 8, 2008 | |||
| August 12, 2008 | |||
| September 9, 2008 | |||
| October 14, 2008 | |||
| November 11, 2008 | |||
| December 2, 2008 |
2007
European Program
Relevant ISDA and PRMIA members are sent invitations in advance of these meetings. Non-members are not eligible to attend.
The Risk Management Seminar titles, speakers and presentations will be added to the table below, as and when they are confirmed.
The dates in 2007 are as follows:-
| DATE |
TITLE |
SPEAKER |
PRESENTATION |
| December 12, 2007 | Assessing the Current US Attitudes and Opinions on Basel II adoption | Sheila Bair, FDIC | To be posted after the seminar |
| November 13, 2007 | CANCELLED | ||
| October 9, 2007 | A Multiple Period Gaussian Copula Model of Default Risk | Gary Dunn, FSA | |
| September 11, 2007 | Assessing the impact of Incremental Default Risk (IDR) on banks’ regulatory capital – results of the ISDA impact study | Eduardo Epperlein & Alan Smillie, Citi | Slides by Eduardo Epperlein & Alan Smillie 11 Sep 07 |
| August 14, 2007 | Economic Capital Methodology | Fang Du, Federal Reserve Bank | Slides by Fang Du 08 Aug 07 |
| July 10, 2007 | Inflation Investment New Opportunities | Georges Sitbon, Calyon | To be posted after the seminar |
| June 12, 2007 | Managing Legal Risk in Financial Markets: A Business Perspective | Craig Kersey & Paul Hattori | Slides by Craig Kersey & Paul Hattori 12 Jun 07 |
| May 8, 2007 | Modeling Constant Level of Risk | Michael Brockmann, Deutsche Bank | Slides by Michael Brockmann 08 May 07 |
| April 10, 2007 | CANCELLED | ||
| March 13, 2007 | An integrated PIT/TTC Risk Rating and Loss Framework for Basel and Credit Risk Mgmt | Scott Aguais, Barclays Capital | Slides by Scott Aguais 13 Mar 07 |
| February 13, 2007 | Assessing Alternative Assumptions on Default Risk Capital in the Trading Book | Mike Gibson, Federal Reserve Board & Gary Dunn, FSA | |
| January 9, 2007 | Importance of Valuations and All Other Inputs in OTC Derivatives Collateral Management | Scott Linden, Bank of New York | Slides by Scott Linden 09 Jan 07 |
2007
Asia-Pacific Program
| DATE |
TITLE |
SPEAKER |
PRESENTATION |
| January 29, 2007 |
Counterparty Credit Risk Measurement under
Basel II |
Ms Emmanuelle Sebton, ISDA European Office
|
Slide by Ms Emmanuelle Sebton, 29 Jan 07 |
| January 31, 2007 | Counterparty Credit Risk Measurement under
Basel II |
Ms Emmanuelle Sebton, ISDA European Office |
Slide by Ms Emmanuelle Sebton, 31 Jan 07 |
2006
European Program
| DATE |
TITLE |
SPEAKER |
PRESENTATION |
| December 5, 2006 | CANCELLED | ||
| November 14, 2006 | Value Added Risk Management in a complex organisation – from principle to application< |