Philadelphia, PA (October 16, 2003)—RMA—The Risk Management Association has appointed Philip D. Sherman as its Senior Advisor responsible for increasing the Association’s presence in the Asia-Pacific region. Sherman, a Singapore-based consultant to financial institutions in Asia, specializes in strategy and risk management issues. Specifically, he will advise financial institutions and their national and international associations about RMA’s educational and product offerings, and work with them to establish cooperative relationships with RMA. He also will assist RMA chapters in the region in offering RMA courses and events. The chapters are located in Singapore, Hong Kong, Melbourne and Sydney.
Sherman helped facilitate a formalized affiliation between RMA and the ASEAN Bankers Association this month. The affiliation permits both organizations to draw on each other’s strengths and capabilities to promote risk management best practices in banking.
“Risk management is a global concern for the financial services industry,” said RMA President and CEO Maurice H. Hartigan II. “By expanding into Asia, RMA is recognizing that financial services organizations must measure and manage their risks across all of their lines of business. For an ever-increasing number of organizations, that effort takes a global focus. With his extensive background in global banking, Phil Sherman is well positioned as RMA’s advisor to advance the cause of sound risk management on an international scale.”
Sherman began his financial services career at Citibank in 1965 and began working in Asia the following year. He opened Citibank’s Thailand operation in 1969, established Citibank’s regional merchant bank in 1972 and, as country head in Korea from 1974-78, was awarded that country’s Order of Diplomatic Merit for helping to resolve the financial problems arising from the first oil shock.
Later, Sherman was Citibank country manager in Italy and Germany and senior staff officer for the Citibank Investment Bank. From 1989 until his retirement from Citibank in 1995, he was global business manager and acting chief investment officer of Citibank Global Asset Management, the bank’s institutional investment arm.
In 1996, Sherman became CEO of Singapore-based Asian Securitization & Infrastructure Assurance (Pte) Ltd, Asia’s first financial guarantee insurance company, which was sponsored by Capital Markets Assurance Corporation, the Asian Development Bank, Government of Singapore Investment Corporation, and other institutional investors with interests in Asia.
Sherman, who remains a director of ASIA Ltd, joined Deloitte Consulting in 1999 as Senior Advisor to the Global Financial Services Industry practice in Asia. At present he continues in this responsibility part time and engages in other consulting, teaching and system marketing activities.
Sherman is a graduate of the University of Michigan and Harvard Business School. He can be reached at: Telephone 65-6836-1297 and 65-9788-5001 (mobile); psherman@dc.com;
Address: 79 Cairnhill Road #19-01, Singapore 229681
RMA is a member-driven professional association whose sole purpose is to advance the use of sound risk principles in the financial services industry. Founded in 1914, RMA promotes an enterprise-wide approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has about 3,000 institutional members that include banks of all sizes as well as nonbank institutions. They are represented in the Association by 16,000 commercial loan, credit, and risk management professionals in the 50 states, Puerto Rico, Canada, and numerous foreign cities, including Hong Kong, Singapore, Melbourne, and London.
Visit RMA on the web at www.rmahq.org
For more information, call Kathie Beans at 215-446-4095 or e-mail kbeans@rmahq.org.