KRI Services is the RMA-sponsored global initiative to standardize, benchmark, and support best- practice use of key risk indicators (KRIs) for operational risk within financial services.
Philadelphia, PA (January 18, 2006)—The Risk Management Association (RMA) today announced that Citigroup has succeeded RBC Financial Group as chair of RMA's KRI Services Steering Committee. Citigroup will be represented by its director of Operational Risk, Tony Peccia. The announcement was made at RMA’s International KRI Conference in London.
RBC Financial Group, represented by Jeff Hempstead and Carole Carpentier, served as the inaugural chair, filling the position from August 2004 until January 2006. RBC Financial Group remains a member of the Steering Committee.
“RMA wishes to thank RBC Financial Group for its invaluable input, guidance and leadership throughout this time,” said Charles Taylor, RMA’s director of Operational Risk.
KRI Services is a global initiative involving more than 70 banks and insurance firms. It consists of a library of more than 2,000 standardized indicators and their definitions, consolidated industry risk profiles and an active working group forum. Subscribers who have adopted indicators from the KRI Library can participate in KRI Benchmarking. Benchmarking participants contribute indicator values, which are anonymized so that industry benchmark values can be calculated and reported back to participating firms.
"Citigroup was a founding participant in the KRI Study, which evolved into KRI Services,” said Taylor. “By accepting the chair of the steering committee, Citigroup will support RMA's continued extension of KRI Services. A prerequisite for leading the steering group is a global and diversified footprint, coupled with leading operational risk management practices--all of which will add value to the global subscriber base.”
"RBC Financial Group provided great leadership during the inception of KRI Services and ensured the achievement of our early objectives,” said Taylor. “On behalf of all of our subscribers, we thank RBC Financial Group for all of its work to date, and we look forward to its ongoing involvement."
Peccia, outlining the vision for the future of KRI Services, said, "The challenge for us going forward is to place KRIs into the broader context of the industry's risk framework. Financial services firms need ways to determine the significance of individual risks in relation to firm-wide and industry-wide risk profiles.
“RMA's KRI Services provide a platform through which firms can capture, aggregate and compare risk indicators across the financial services sectors. And as key risk indicators are defined, risk mapping and benchmarking services will evolve. Demand for these tools is growing, fueled by increased stakeholder, regulatory and public scrutiny of companies, including financial services firms. The need to develop robust operational risk tools has never been stronger. I look forward to serving as chair of the KRI Services Steering Committee during this critical stage of development for operational risk tools.”
For more information on KRI Services, please visit http://www.kriex.org/.
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 16,000 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.
About KRIeX
KRIeX.org is the home of the KRI Library Services, a repository for key risk indicators identified, defined, and specified by over 70 leading international financial institutions, sponsored by RMA and facilitated by RiskBusiness International Limited. Please visit http://www.kriex.org/ or contact KRIeX at info@KRIeX.org.
Contact:
Charles Taylor
RMA Director of Operational Risk
ctaylor@rmahq.org
+1 215 446 4126