RISK MANAGEMENT IN FINANCIAL SERVICES – IS IT NECESSARY?

Although risk management practices date back to when, our biblical ancestor Noah, carefully selected animals to ensure the continuity of their existence, it has only been recently that standards and models of risk management practices were formulated to ensure good governance and proper control.

Risk managing an organisation is, in itself complex, involving the holistic discipline of identifying, analysing, evaluating and controlling all those risks that threaten the assets or earning capacity.

This will therefore require careful consideration to business threats such as market risks, liquidity risks, credit risks, foreign investment risks and operational risks to name the main ones. Such, will reveal organisational characteristics in terms of vulnerability, appetite and resilience.

The local regulator requires that each company takes steps to ensure that it has in place and applies internal controls in order to prudently manage and control the significant risks to which the company is exposed and the significant business activities in which the company is engaged, commensurate with the nature, scale and complexity of its business. This will entail practitioners engaged in a variety of risk management process to undertake functions to

The Malta International Training Centre has developed a programme to certify those involved in the risk management function enhancing the participants’ level of knowledge in this area. The programme, namely the RISK MANAGMENT IN FINANCIAL SERVICES provides the participant with knowledge on the fundamentals of this discipline, financial services products, financial risk management, quantitative techniques and regulation. The RISK MANAGEMENT IN FINANCIAL SERVICES programme will strengthen the participants’ knowledge in Financial Services Risk Management, providing the right qualification in the pursuance of a successful career in Malta’s financial services industry.

It is an important tool for people who

• are already working in the financial services sector

• intend to take up a career within this environment, complimenting their acquired specialised studies in various other disciplines

• are engaged in the functions and operations of Risk Management

  • those who sit on risk committees of licensed entities

The programme will provide participants a solid grounding in risk measurement and its application. The skills gained during this programme will equip participants to perform effectively in insurance companies, insurance management companies, banks, asset managers, audit firms and regulators as well as provide them with the foundations required to follow further studies in Risk Management.

The Malta Qualifications Council deems this CPD Award of 19 credits to be at Level 4 on the Malta Qualifications Framework (MQF) and on the European Qualifications Framework (EQF) for Lifelong Learning. The programme also qualifies for CPE/CPD credits by established Institutes including the Malta Institute of Accountants.