Robert Morris Associates Changes Its Name To RMA—The Risk Management Association

"We believe this new name for the Association more accurately reflects RMA's expanding commitment to risk management best practices," said Allen Sanborn, RMA president and CEO. "These practices are already being embraced by many of our member institutions, as well as the industry at large. We believe the time is right to more closely tie our name to our primary mission."

Kevin Blakely, RMA Chair and Group Executive Vice President at KeyCorp stated that "the name change is important since financial institutions create much of their shareholder value by appropriately analyzing, underwriting, mitigating, and pricing risk. Risk taking and the management of risk is the essence of the financial services industry."

RMA was founded in 1914 to help commercial bankers make better lending decisions through the exchange of credit information. Today, RMA is the only association that specializes in promoting effective and prudent risk management practices for institutions of all sizes, across the entire financial services industry. Its membership consists of more than 3,000 financial service providers, which are represented in the association by more than 18,000 professionals in 50 states, Puerto Rico, Canada and numerous foreign cities, including Hong Kong and Singapore.

RMA was initially named after Robert Morris, a signer of the Declaration of Independence and a primary financier of the Revolutionary War. After the war, Mr. Morris formed a real estate syndicate that covered much of the East Coast. The syndicate soon began to falter and the U.S. government failed to repay its war debt to Robert Morris, forcing him to default on loan commitments and into debtor's prison.

Sanborn said Morris's story illustrates the risks in the financial services industry. "We believe calling RMA - The Risk Management Association, better describes who we are and what makes us unique among financial services associations. We believe our new name truly reflects what RMA is about today. Through our solid relationships with our own membership, the regulatory agencies, and the rest of the industry, RMA will continue to champion risk management best practices."