Going forward, the data will be displayed using the 2007 NAICS schema.
Philadelphia, PA (April 2, 2008) – The next release of The Risk Management Association’s Annual Statement Studies®, the premier source for private-firm financial data, will conform to the 2007 codes used in the North American Industry Classification System (NAICS).
The U.S. Census Bureau reviews the NAICS every five years—specifically, in the years ending in “2”or “7”—to identify potential revisions that will help the classification system keep pace with the changing economy. This review process has been completed for the 2007 revision.
NAICS 2007 revises the 2002 version across several sectors. The most significant are in the information sector, mainly within the telecommunications area.
The 2007-08 edition of the RMA Annual Statement Studies uses the 2002 NAICS codes. RMA’s review of the NAICS 2007 materials indicates that converting next year's Annual Statement Studies to the new version will mean 1) eliminating 12 of the 2002 NAICS codes through conversion to a new code or a different existing code, and 2) creating eight new codes.
The RMA Annual Statement Studies presents data on 746 industries, compiled from more than 269,000 financial statements received from financial institutions. Trend data is available for five years. RMA’s Credit and Lending Dictionary is also available in the Statement Studies books.
The official 2007 NAICS manual, North American Industry Classification System: United States, 2007, presents definitions for each industry, tables showing correspondence between 2007 NAICS and 2002 NAICS for codes that have changed, and a comprehensive index. It is available at http://www.census.gov/epcd/www/naics.html.
About RMA
Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk.
Headquartered in Philadelphia, Pennsylvania, RMA has 3,000 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by more than 20,000 risk management professionals who are chapter members in financial centers throughout North America, Europe, and Asia/Pacific. Visit RMA on the Web at www.rmahq.org.
Contact:
Meg McBride
RMA Public Relations
215-446-4110