RMA-The Risk Management Association will begin using NAICS (North American Industry Classification System) to present the 2003/2004
Annual Statement Studies
. The present SIC (Standard Industrial Classifications) codes will continue to be referenced until fall 2005.
Philadelphia, PA (November 21, 2002)—RMA-The Risk Management Association will use the six-digit NAICS codes in its Annual Statement Studies for 2003/2004. The four-digit SIC codes will continue to be referenced, but only until fall 2005.
Financial institutions will benefit from the more relevant NAICS. The new system identifies hundreds of new, emerging, and advanced technology industries and organizes more meaningful sectors, especially among service providers. It allows for improved comparison for loan analysis purposes and more effective credit portfolio management.
NAICS groups the economy into 20 broad sectors, up from the 10 divisions of the SIC system. For the first time, data will be available on the Technology and Service industries. NAICS is forward looking and flexible, anticipating increasing globalization and providing enhanced industry comparability.
The U.S. Small Business Administration (SBA) adopted the NAICS on October 1, 2000. There is no required conversion date set by banking regulators for banks to convert their industry information from SIC to NAICS.
A complete list of industry codes under both classification systems is available on RMA’s Web site, www.rmahq.org.
Individuals who would like to order the official NAICS publication can contact the National Technical Information Service at 1-800-553-6847.
RMA is the leading professional association to promote effective risk management practices across the entire financial services industry. Headquartered in Philadelphia, RMA has 3,000 institutional members -- banks of all sizes and nonbank institutions. They are represented in the association by more than 16,000 professionals in the 50 states, Puerto Rico, Canada, and numerous foreign cities, including Hong Kong, Singapore, and London.
For more information, contact Kathie Beans at 214-446-4095.