The Risk Standards Working Group Announces the Release of the First Comprehensive Risk Standards for Institutional Investment Managers and Institutional InvestorsNEW YORK, Nov. 12 /PRNewswire-AsiaNet/ -- The Risk Standards Working Group announced today the release of the first comprehensive "Risk Standards for Institutional Investment Managers and Institutional Investors." The 20 Standards evolved over the past six months and reflect the comments and insights of senior managers from over 70 entities-institutional investors of all stripes, as well as money managers, broker-dealers, regulators, academics, consultants, custodians and officers of financial exchanges. Although various financial industry groups have published useful guidelines for derivatives in the past, this is the first document to address the broad range of risk issues specific to the fiduciaries and managers of multi-asset class, multi-manager portfolios. The Working Group was formed in April, 1996 and distributed 33 Draft Risk Standards to a Comment Group in July. While all 33 concepts remain, detailed and incisive remarks from the Comment Group provided the basis for a consolidation into the final grouping of 20 Standards. The resulting framework may be used by institutional investors and institutional investment managers to plan their own risk measurement and risk management practices. While few, if any, institutions comply with all of the Standards today, the Working Group believes the Standards provide a solid foundation for institutional investors, as well as for their internal and external managers, to update and apply risk management policies, practices and procedures in an evolving investment industry. The Risk Standards are grouped into three categories: Managemaen, Measurement and OVersight. Risk Standards grouped under Management include careful identification and understanding of risks, clear definition and acknowledgment of responsibilities and development and exercise of risk containment procedures with built-in protections against error or abuse. The next group of Standard focuses on Measurement of risk in a timely, consistent manner while warning fiduciaries to be aware of the limitations of quantitative measures. The final set of Standards reviews the careful Oversight crucial to any investment program. Seminars to present the Risk Standard will take place in San Francisco (November 25), Los Angeles (November 26), Chicago (December 10), and New York (December 12). Additional cities in the U.S., and Europe are planned during the first quarter of 1997. Copies of the Risk Standards for Institutional Investment Managers and Institutional Investors are available on the Internet at: http://www.cmra.com and http://www.gte.com. For seminar reservations or questions contact Tanya Styblo Beder or Maarten Nederlof, of Capital Market Risk Advisors, Inc., 212455-5900 or [email protected] Working Group Suzanne Brenner, Associate Director of Investment, The Rockefeller Foundation Kevin Byrne, Bice President & Treasurer, The Equitable Companies Inc. Christopher J. Campisano, CFA, Manager, Trust Investments, Xerox Corporation Mary Cottrill, Principal Investment Officer, CalPERS Michael deMarco, Director, Risk Managemant, GTE Investment Management Corp. Jon Lukomnik, Deputy Comptroller for Pensions, City of New York, Office of the Comptroller Richard Rose, Chief Investment Officer, San Diego County Employees' Retirement Association David Russ, Director, Investment Management, Pacific Telesis Group James D. Seymour, Vice President, The Common Fund Kathy Wassmann, Manager Trust Investments, R.R. Donnelley & Sons Co. Gregory T. Willianson, Investment Manager, Amoco Corporation Technical Advisors & Coordinators Tanya Styblo Beder, Principal, Capital Market Risk Advisors, Inc. Maarten L. Nederlof, Bice President, Capital Market Risk Advisors, Inc.SOURCE Risk Standards Working GroupCONTACT: Tanya Styblo Beder or Maarten Nederlof, of Capital Market Risk Advisors, Inc., 212-455-5900 or [email protected].