RMA/Wharton Advanced Risk Management Program

Program Overview

As the volatility and interdependencies of markets increase, senior executives must make organizational risk management a high priority. The RMA/Wharton Advanced Risk Management Program gives banking executives analytical frameworks, strategies, and resources to better measure, manage, and monitor risk at their organizations.

You also will use tools for modeling risk analysis, critical thinking, and risk scenario planning, while applying your knowledge to current issues facing your organization through risk evaluations to give you an enterprise view of risk. In between the two program weeks, you will examine a new area of risk in your organization, reporting findings to the class.

Academic Director Richard Herring describes the curriculum of the RMA/Wharton Risk Management Program.

Program Experience

Program Highlights & Benefits

In the RMA/Wharton Advanced Risk Management Program, you will:

  • Network and interact with banking industry peers and renowned Wharton faculty
  • Use tools for modeling risk analysis, critical thinking, and risk scenario planning
  • Apply your knowledge to current issues facing your bank or financial institution through risk evaluations

Experience & Impact

Banker Maria Teresa Tejada on the program.

In today’s global economy, the environment for risk has become much more complex. The RMA/Wharton Advanced Risk Management Program introduces the latest thinking around risk, including macroeconomic drivers, and equips you with the tools to evaluate your exposure.

Wharton faculty — led by Richard Herring, PhD, the author of more than 150 articles, monographs, and books on various topics in financial regulation, international banking, and international finance — apply their field-based research and the latest strategic insights to help you broaden your view the major drivers of risk, with a framework for measuring and monitoring it. Unique to the RMA/Wharton program is the integration of academic analytics, which provide the professional bankers who participate in the program with a theoretical foundation, along with the insights of star practitioners, who show how these ideas can be implemented.

Session topics include:

Risk management as a strategic competitive strength:

  • Macroeconomic drivers of risk
  • Distinctive features of regulated financial intermediaries and how the regulatory environment has evolved since the 2007–09 crisis
  • The connection between corporate finance and managerial decision making and risk management
  • The study of systemic risk and the unique challenges of being a financial intermediary in today’s interconnected world

The analytical framework for measuring, managing, and monitoring risk:

  • Methods and issues in measuring risk exposure
  • Modeling challenges and practices
  • Scenario-based strategic planning
  • Unique risk characteristics presented by derivatives and real estate assets
  • Economic capital

The enterprise perspective, including culture, governance, and relationships with stakeholders:

  • Peripheral vision and critical decision making
  • Defining risk appetites
  • Communicating risk profiles to both internal and external stakeholders
  • Tension between economic capital and regulatory capital
  • Enterprise risk management

Through highly interactive lectures, exercises, and case studies, both in the classroom and in smaller work groups, this deep dive into risk will help you be a more capable enterprise risk management leader within your financial institution.

Who Should Attend

Participants are executives in banking and banking-related industries with several years of risk management experience, including:

  • Chief Risk Officers
  • Business-line Risk Managers
  • Enterprise-wide and Operational Risk Managers

Fluency in English, written and spoken, is required for participation in Wharton Executive Education programs unless otherwise indicated.

Faculty


Richard Herring, PhDSee Faculty Bio

Academic Director

Jacob Safra Professor of International Banking; Professor of Finance, The Wharton School

Research Interests: International banking, international finance, money and banking

Testimonials


I head the team of credit adjudication and portfolio management at the National Bank of Canada. I took the RMA/Wharton Advanced Risk Management program to broaden my horizons. I had a strong credit background but not as much exposure to the entire suite of risks present in a large bank (operational, market, compliance, reputational, cyber, emerging risks, etc.)

The program was excellent. It was really about opening your eyes on different practices and angles, to give you a more holistic view of risks. The length of time and the intensity of the course were perfect for an executive. The assignments between the sessions, and the relationships you could create with people, were just stellar. The learnings were actionable and I had a ton of ideas about things that I could really apply or improve upon at my bank.

Another key takeaway was the quality of the faculty. I appreciated the mix of academia and real-life practitioners; it was the best of both worlds.

I particularly enjoyed Professor Dick Herring’s presentation about what happened in 2007-2008, which gave a general understanding of the mechanics of what can go wrong. That’s what we have applied in our team to think about detecting patterns in our own bank. There can be “unknown unknowns,” questions I did not even know to ask. The program made me better at asking the right questions.

The course gave me many industry contacts. It was a very diverse group geographically, in the types of risk in which people operate, and the types of financial institutions. This yielded really unique perspectives. The way you interact with the other participants, and the questions that they ask in class—especially deep domain experts in a certain risk that you’re not absolutely familiar with—to academia members who are also deep experts in that risk, brings you an exponential level of learning.

I would give the program a ten out of ten. It was above expectations.”

Jean-Sébastien GriséVice President, Credit Risk, Commercial, Retail and Wealth Management, National Bank of Canada, Montreal, Canada


I enrolled in the RMA/Wharton Advanced Risk Management Program hoping to broaden and deepen my perspectives on the practice of risk management. I’d developed my career in a singular risk discipline and wanted to have some insights on the other risk types. The program was a great overall experience. The quality of the instruction was first-class and the facilities are outstanding.

Some highlights for me were working with Professor Bob Stine, who simplified some pretty complex issues around model development, model risk, the statistics of risk management, and thinking about how we can employ those ideas in our businesses. Coming from my background that was still a new science for me, so it was great to get that perspective. I also enjoyed hearing from Professor Mauro Guillen on global macro trends. That was a great presentation with important insights about looking beyond today and thinking about emerging risks and evolving trends.

The program elevated the practice of risk management in a way that I think positions me to help my organization deal with new challenges in the financial services industry. I can better serve my company’s stakeholders as we deal with the pace of change.

I really appreciated the opportunity to engage with the other professionals. I’ve been to other seminars and discussions, but at Wharton we had a really candid and open group, all willing to share ideas and concerns. I think those relationships are of incalculable value over and above the education. For me it was one of the great takeaways from the experience.

I would recommend the program highly. I definitely see an opportunity to identify the right kind of talent within our risk management organization and sponsor them into the program for the lessons that they could learn, contacts they could make in the industry, and to help them understand the broader practice of risk management.”

Eric EnsmannDirector of Enterprise Risk Management, BBVA Compass


As head of operational risk management for a U.S. bank, I’m responsible for making sure that our bank has implemented our operational risk management framework. We work with all of our respective business lines to make sure that they understand their key processes, risks, and controls, and that key controls are designed and operating effectively.

The RMA/Wharton Advanced Risk Management Program broadened my knowledge beyond just operational risk. The course includes all the different risk disciplines, from operational risk, retail and commercial credit risk to market and liquidity risks. It was a great curriculum, and the Wharton faculty and the presenters were exceptional. I particularly enjoyed the enterprise risk management section. Also, the fact that this program brings in industry leaders is a big benefit. It’s not a 100% academic; we’re actually getting real perspectives from different business leaders coming in.

The professors had great presentation styles. Even in an intensive program where it’s hard to sit still all day, I never found myself looking at my watch, because I was so engaged. The whole class was very engaged as well. The expertise of my classmates as well as the presenters made for an overall wonderful experience.

Another benefit is the contacts that you make in the program. These are people I can reach out to now because we’ve built that relationship. I can say, I’m dealing with this type of issue; how have you dealt with it at your institution?

What I really took away from the course is that operational risk is embedded in all the different disciplines that we talked about. So whether we’re talking about market risk, commercial credit, retail credit, third party, whatever it may be, it was all relevant to me. Having a better understanding of those areas allows me to be a better operational risk professional. I can now better interact with those areas at my own institution.

I also appreciated the facilities and the amenities of the program, and enjoyed the vibe of being on Wharton’s campus in May when school was still in session. I would recommend the program 100 percent. I thought it was fantastic!”

Christopher NestoreHead of Operational Risk Management, TD Bank


The participants were a good mix of people from different types of institutions — I also liked that the program was held over two separate weeks so you have an opportunity to get to know people and reflect on course content at home before coming back to the classroom. There were two types of lectures that were really outstanding — one was star academic lectures on topics such as global risk the first week and ethics and strategic thinking the second week. The Wharton faculty really knew their subject matter and had applicable experience as well as being really engaging lecturers who connected with the audience. The other standout lectures were by colleagues from different financial institutions. Two that stick in my mind were the CRO from one of the major Canadian banks, covering risk appetite, and a board director of a major international bank who shared insight on the expectations and perspectives from the board and board risk committee.

Since the financial crisis of 2007 and more recently Brexit in the UK, there is heightened uncertainty in how the economy might turn. Wharton’s program was very helpful in providing me with specific insights and an appreciation for common topics and current challenges in the industry, including how regulation works in different jurisdictions. Having that perspective means when I am talking to the chief executive or other directors in my organization, I’ve got a greater understanding of how a risk issue fits not only within our organization but also in a wider context.

This is a premium program that I would recommend to the right person at the right stage in their career. It’s not often you get that time to really engage with the wide range of risk management issues this program addresses. I would absolutely recommend it to senior colleagues who are thinking about how to lift their career up a step and contribute more strategic insights to their organization.”

James TebbothChief Credit Officer, Nationwide, UK


Dennis WinkelVice President, Scotiabank


With the cost of executive search fees reaching upwards of $300,000, effective retention tools represent a solid investment strategy. One of the most powerful tools for retaining top performers is to send them to the RMA/Wharton Advanced Risk Management Program. In fact, I’ve already sent 13 executives to the program.

This program gives me a tremendous development and retention tool. By sending our executives through the program, we’re making a commitment to our employees about their personal and professional development. It also delivers impressive ROI in terms of building depth and experience on our team. We have realized significant savings by staffing senior positions from within the company. It is a world-class program that balances the quantitative with the qualitative, the theoretical with the practical.”

Tom WhitfordExecutive vice president, PNC Financial Services

Dates, Cost, & Location

May 5 - 11, 2019Philadelphia, PA$28,000

June 23 - 29, 2019Philadelphia, PA


Download the program schedule, including session details.

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Logistics Information

This program consists of two non-consecutive sessions. Both sessions are required for completion.

Tuition for Philadelphia programs includes lodging and meals.

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Contact Us

For more information on The Risk Management Association, please contact Stacy Germano, Associate Director, Enterprise Risk Management: +1.215.446.4089

 +1.215.898.1776

 execed@wharton.upenn.edu

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