On June 2nd, following the 2010 AGM, PRiM was delighted to welcome Samuel Sender of EDHEC to present on the theme of "What are the Risk Management Implications of UCITS 'Hedge Funds'?".

The presentation slides are attached and cover a survey carried out by EDHEC, also attached,  which highlights many of the challenges facing the industry and regulators in the light of emerging proposals in Europe.

Luxembourg Monthly Finance Lunch with Luxembourg Finance Minister Luc Frieden as Speaker The Luxembourg Institute for Global Financial Integrity (LIGFI), an independent non-profit association, announces its first Luxembourg Monthly Finance Lunch, set for Wednesday 25th of November 2009.

The first keynote speaker will be Luxembourg Finance Minister Luc Frieden who will start off the lunch cycle on the theme “A political view on ethics in business”. The purpose of the lunch is twofold: (1) providing the opportunity of hearing a personality of authority and international recognition present his opinion on current issues affecting the global financial sector; and, (2) serving as a venue at which people can meet and engage in dialogue. The lunch is open to all. LIGFI hopes to attract participants from Luxembourg, its neighboring countries and beyond.

The Luxembourg Monthly Finance Lunch is held at the Cercle Munster, 5-7, rue Munster, L 2160 Luxembourg City. The event starts at 11:45 a.m. with drinks, followed by lunch at 12:15 p.m. The event is concluded by 2:00 p.m. Lunch participants can register by downloading the registration form on LIGFI’s website www.ligfi.org or by emailing Gilbert McNeill, Executive Director, at gilbert.mcneill@ligfi.org. Seating is limited and will be filled on a first-come-first-served basis, with priority to LIGFI members. The lunch fee of €50 is to be paid at the Cercle Munster prior to the lunch. The registration form can be returned via email to reservation@munster.lu or by mail to the Cercle Munster. The deadline for registration to the lunch of Wednesday 25th of November 2009 is Friday 20th of November 2009.

Le Conseil d’administration de l’Association Luxembourgeoise des Actuaires a l’honneur de vous inviter à une conférence qu’il organisera mercredi, le 18 novembre 2009 à 18h15 à l’hôtel HILTON, 12, rue Jean Engling, L-1466 Luxembourg. La conférence sera tenue par Monsieur Berthold GLASER, Munich Re, Head of Section Center of Competence Reinsurance, Chief Pricing Actuary for Lifel, et portera sur le sujet suivant: “Catastrophe Risk in Life Insurance” L’exposé sera suivi par un verre de l’amitié offert par l’Association.

Ci-joint, le formulaire d'inscription

La conférence sera tenue par Monsieur Jean-François CHAMPIGNY, Senior Manager auprès de PricewaterhouseCoopers – Corporate Finance, et portera sur le sujet: "La valorisation des fonds structurés", suivi d'un verre d'amitié.

Cette conférence est ouverte à toute personne intéressée par le sujet: nos membres sont invités à confirmer leur participation au plus tard mercredi, le 14 octobre 2009, par fax adressé au n° 49 49 07 ou par e-mail envoyé à claudine.gilles@igss.etat.lu

PRiM has a reciprocal arrangement in place with the International Bankers Forum (www.ibf.lu) and PRiM members are advised of their next public event on Neurolinguistic Programming (NLP). While not a risk management topic, we nevertheless share the details with all members.

NLP Master Trainer & Bestselling author Marc A. Pletzer from Fresh-academy Feldafing, Gemany  will present on “Ready for success – everyone is his own master, basic elements of the Neurolinguistic Programming (NLP).”

Date: Thursday, 27th of October
Time: 17.30 – 20.00 p.m.
Venue: Conference Center of RBC Dexia, 14, Porte de France, L-4360 Esch-sur –Alzette (Belval)

Free of charge

Organisers

L'avenir appartiendrait-il à ceux qui adhèrent aux réseaux ? Virtuels ou réels, sociaux ou professionnels, comment trouver celui qui convient ?

Au Grand-Duché comme ailleurs, les réseaux sont devenus un outil essentiel de prospection, de partage et d'échange. C'est pourquoi le réseau Spiral encourage les initiatives de création de réseaux professionnels. Leurs succès reflètent le besoin des acteurs de se fédérer entre eux pour discuter, échanger, trouver des synergies, susciter des initiatives, définir leurs métiers ou encore s'impliquer dans l'innovation liée à leur profession. Ces réseaux sont des leviers insoupconnés en ces temps de crise.

Dear all,

Some members may recall that a few years ago PRiM held a joint conference with ATEL on Climate Change and Emissions Trading. The guest speaker at the first half of the event was the explorer Alain Hubert who gave fascinating insight into his work in the Antarctic.

PRiM has been informed that Alain Hubert is returning to talk about his continuing work in Arlon (Belgique). Although not strictly a risk event, we thought this might be of interest to members. Details are attached.

Kind regards,

PRiM Secretariat

**Please remember - keep your e-mail and postal mailing address up-to-date in your member records. Both get used from time-to-time**

Au cours de cette présentation, Monsieur Eric JANSSEN, R&D Director, Elips Actuarial Services, Monsieur Frédéric MASSON, Senior Actuary, Elips Actuarial Services et Monsieur Stefan DE LOMBAERT, Senior Risk solution Sales Specialist, Global Practice Risk, SAS, donneront un aperçu des différents aspects du cadre Solvency II. Ils partiront d’expériences pratiques en assurance vie et non-vie et décriront l’approche technique, les méthodes et les fonctionnalités de l’outil utilisé dans l’implémentation de l’Enterprise Risk Management.

Cette conférence est ouverte à toute personne intéressée par le sujet.. Pour participer, il faut simplement confirmer votre participation au plus tard jeudi, le 23 avril 2009, par fax adressé au n° 49 49 07 ou par e-mail envoyé à claudine.gilles@igss.etat.lu.

Etant donné que l'invitation est gracieusement offerte sans frais aux membres de PRiM, tout membre est appelé à informer ALAC à l'avance de toute annnulation de dernière minute.

SAVE THE DATE!
Conference - with the kind support of the Ministry of Finance - on 5 & 6 May 2009
ISLAMIC FINANCE AND FUNDS IN LUXEMBOURG: Opportunities and Challenges

We look forward to meeting you!
IFBL
with the technical expertise of the University of Reading
in cooperation with Luxembourg for Finance, ALFI & PRiM

The Financial Services Committee of AMCHAM and PRIM are jointly organising a top class seminar on the subject of "Shaping the Future Regulation"with high level and prestigious speakers from across Europe and from the corporate, regulatory and EU world.  Save the date! Registration via http://www.amcham.lu/events/detail.php?event=202

Cost: Free to AMCHAM & PRiM members; €25 to non members. 

Attached is the final version of the programme for this event, with attending institutions listed. The event will take place from November 17th - 21st 2008.

This event is untypical of PRiM conferences in that it is based on support provided by PRiM to an ATTF initiative. Applications to attend are required and subject to acceptance by the ATTF in order to maintain the focus of the event, providing risk management support to microfinance institutions.

You are invited to a conference on Large Exposures which will take place after the PRiM AGM. The event will be followed by a cocktail which provides a perfe'ct opportunity to network with colleagues and exchange views during this time of great financial upheaval.

The risk generated by large exposures to single counterparties has leapt up most risk managers’ agendas in recent months. The collapse of Lehman Brothers, the case of the rogue trader at Société Générale and current turbulences at Fortis and Dexia has hammered home that large, highly rated counterparties are not as safe as once thought.  In this session, Michel Dorval from Thomson Reuters Risk Management will address the concerns of Large Exposures going into detail on recent initiatives to review the large exposures part from the CRD directive and will share items like the current supervision and market practices, the alignment with Basel II and current topics of discussion such as intra-group exposure limits.

The event is free of charge to members and non-members

ALAC, the Luxembourg Actuaries Association, and PRiM are together holding a conference on personal insurance fraud. The speaker, an eminent and entertaining speaker who is an honorary divisional commissioner of the French police, will be addressing the conference in French. Monsieur Gérard VOILQUE has worked both within the police services and public security functions. He has been a police attaché at the French Embassies in the Cameroons, Niger et Marocco. In 2001 he joined the re-insurer SCOR VIE as an anti-fraud advisor. He is currently responsible for anti-fraud et anti-money laundering services at SCOR Global Life.

Date:  November 24th 2008
Time: 18h15
Venue: Hilton Hotel, Luxembourg

The event is sponsored by ALAC and by PRiM and is therefore free of charge. The number of places is limited.

Please be advised of an upcoming conference on the Capital Requirements Directive (CRD), an event to be held in French.

Registration details are attached.

Please note that PRiM members will be granted a 15% reduction of the conference fee.

The current turmoil has taken its toll on some of the most prestigious financial institutions. After years of balance sheet expansion on the one hand and of massive investment in VaR based measurement tools on the other hand, have the VaR concept, its calculation and the way it is used led financial institutions to excessive level of comfort? Professor Philippe Jorion and Mr. Con Keating will debate this question.

This conference will be of interest not only to the risk management community, but to anyone involved in the assessment, supervision and management of financial risk. It is a highly topical question facing board directors, senior executives and investors alike at a time when calculation of risk positions is proving critical to survival. This is an opportunity to hear two highly respected individuals debate a topic relevant to us all.

Date: October 13, 2008 from 17:30 to 19:00 (followed by a cocktail)
Venue: Centre de Conférence, Chambre de Commerce, Luxembourg-Kirchberg

This event is free of charge

REGISTRATION DETAILS ATTACHED

Compliance Seminar: Live and Let Live - Or Live and Let Die: A Compliance Perspective

Date: 2008-10-21
Time: 18:30
Location: Banque de Luxembourg, 14, Bd. Royal, Luxembourg

Speakers include: Jean-Marie Legendre, Caceis/ALCO; Alain Hondequin, UBS/ALCO; Geoff Cook, Brown Brothers Harriman; Bill Lockwood, Franklin Templeton.
Moderated by Michael May, HSBC (President PRiM)

Member AMCHAM: 0.00 €
Nonmember fee: 20.00 €

To sign up: http://www.amcham.lu/events/detail.php?event=180
 

Le Centre de Recherche Public Henri Tudor a le plaisir de vous inviter au congrès :
«Les compétences au service de vos projets»
3ème Congrès annuel sur la gestion de projet
le 15 octobre 2008 de 8h30 à 17h30
(ouverture des stands à 8h30 - présentations à partir de 9h00)
à la Chambre de Commerce 7, rue Alcide de Gasperi  L-2981 Luxembourg

Les méthodes de gestion de projet sont devenues la pierre angulaire des entreprises au Grand-Duché du Luxembourg. Ce nouveau mode d’organisation s’accompagne de l’émergence de nouvelles compétences particulièrement recherchées par les entreprises. Ces compétences sont nécessaires au rôle et aux missions du chef de projet : planification des actions, gestion des ressources humaines, techniques et financières, gestion des changements et des risques,…

Le programme complet est disponible sur www.GestionDeProjet.lu

Langues de travail : français
Prix : €250 HTVA par participant / €212,50 HTVA par membre SPIRAL

Contact et inscription : Bahija Sebane - event@tudor.lu
Inscription obligatoire avant le 8 octobre 2008, dans la limite des places disponibles

PRiM is pleased to announce, together with Hudson - Luxembourg and the Personnel Officers' Group, Luxembourg (POG), a half-day conference on the theme of people risk.

Designed to attract senior business management, risk professionals and human resources specialists, this is a unique look at the all-too-human risks that businesses face but which are so often placed behind other operational risks such as systems and processes. With speakers covering recruitment risk, personal health risk, fraud and the people risk aspect of change management, the conference will also be addressed by Minister François Biltgen, Ministre de la Culture, de l’Enseignement supérieur et de la Recherche. The event will also include a panel discussion with local specialists covering this broad range of subjects, chaired by John Li, Chairman of KPMG, Luxembourg.

For the full agenda of this event and of how to register, please consult the attached information sheet.

Registration for this event is through PRiM at peoplerisk@prim.lu.

PRiM Secretariat

PRiM is pleased to invite you to a Luxembourg Masterclass "Winning Over Internal Customers", a unique and challenging re-evaluation of the way Risk, Compliance, Audit and other risk management teams can create impact with their internal customers.

DATE: June 10th 2008, from 09:00 - 17:00 (Lunch & Refreshments included)
VENUE: Sofitel Hotel, Luxembourg-Kirchberg
COST: €500 per person
 Members of PRiM and the Institute of Internal Auditors (IIA) : €400

REGISTRATION DEADLINE: May 31st 2008

This masterclass has been highly successful in a broad range of contexts and will be run by Hamish Taylor. Described by “The Times” as having a CV that “takes some beating”, Hamish addressed the PRiM
10th Anniversary celebrations in 2007 and received warm feedback from that event. With experiences
spanning roles as Brand Manager at Procter & Gamble, consultant at PriceWaterhouse, Head of
Brand Management at British Airways, Chief Executive of Eurostar and then Chief Executive of
Sainsburys Bank, Hamish drove significant growth by changing the brand propositions and operating
models away from the traditional industry approaches.

For full details of this event, please see the attached document.

PRiM is pleased to invite you to a conference that we are holding jointly with AMCHAM - "Credit Rating Agencies: Meeting the needs of the market?"
Date: Wednesday 4 June 2008
 18:00 - 18:30 Registration
 18:30 - 20:00 Presentation and discussion
 20:00 Drinks reception
Location: Fortis Banque Luxembourg (head office)
 5th Floor Conference Room,
 50 av JF Kennedy, Luxembourg-Kirchberg. (parking visiteurs)

- Are credit rating agencies meeting the needs of bond market participants?
- Is there a need for regulation?
- How can credit rating agencies communicate better with users?
- The role of credit rating agencies in the recent credit market turmoil

As numbers are limited, places must be booked in advance and will be allocated on a first come, first served basis. To register, please sign up to the event at www.amcham.lu

See attached document for details of speakers and panel members

PRiM is pleased to invite you to an event which is organised by BELRIM, the Belgian Risk Management Associaiton in association with PRiM.

"Avian Flu & Pandemics:  What is your Preparedness?" - A BELRIM conference together with PRiM

Venue: Grand Auditorium, ING Belgium, Avenue Marnixlaan 24 - 1000 Brussels
Date:  May 14th, 2008
Time:  14:00 - 17:00

The IBF is pleased to invite members of PRiM to the next IBF Luxembourg lunch presentation:

Marco Mondaini, Head, Corporate Development, RBC Dexia Investor Services, will be speaking on the following subject:

“Offshoring Investor Services?”

Wednesday, 16th April 2008, 12.00 – 14.00 p.m.
Meeting Room of Fortis Bank, Luxembourg
Entrance: 42, rue Notre Dame, Luxembourg-Ville

Please see attached document for more details

PRiM has joined with ATEL, the Luxembourg Association of Corporate Treasurers ( www.atel.lu ), for a conference on April 10th.

Venue:  Hotel Hilton, rue Jean Engling, Luxembourg
Date: Thursday, April 10th 2008
Time: 18:30, followed by a cocktail at 19:45

The conference will address questions such as "Global Warming - Challenges and Opportunities Opportunities", "Ignoring Weather Risks is no longer an Option" and "What is your company’s carbon footprint? How to become CO2 neutral?". Speakers are Mr. Hugo Ferreira (Directeur Général Adjoint, Compagnie Benjamin de Rothschild), Mr. Jean-Louis Bertrand (Professor of Finance, Ecole Supérieure des Sciences Commerciales d’Angers (ESSCA)) and Mr. Tanguy du Monceau (Director & cofounder of CO2logic)

Invitiation attached for those wishing to confirm participations, which are being co-ordinated by ATEL.

With kind regards,
PRiM Secretariat

Public Research Centre Henri Tudor has the pleasure to invite PRiM members to the conference "Banking SPICE":

"Towards a common language for the stakeholders of the financial sector: service process improvement in the financial sector"

Date: Wednesday 9th April, 2008 from 9.00 a.m. to 6.00 p.m.
Venue: CRP Henri Tudor - 29, Avenue John F. Kennedy, Luxembourg-Kirchberg

The objective of this one-day conference is to officially launch the international initiative “Banking Spice” (Service Process Improvement in the financial sector) and to present to the financial community information on national and international experiences with ISO/IEC 15504 as it relates to financial services. This new approach of applying a specific ISO standard to the financial services sector will allow the development of structured financial governance tools that will include models, assessment tools, and process improvement and capability determination techniques.

The IBF is pleased to invite you to the next IBF Luxembourg lunch presentation:

Fernand Grulms, Chief Executive Officer,  Luxembourg for Finance will be speaking on “Luxembourg for Finance – ambitions and goals”

Tuesday, 18th of March, 12.00 – 14.00 p.m.
Meeting Room of Fortis Bank, Luxembourg
Entry: Rue Notre Dame 42, Luxembourg-Ville

Please see the attached file for more information and registration

ALFI & GARP Risk Management Conference in association with PRiM.

***(Discounts for PRiM Members)***

April 9th 2008: Workshop
April 10th-11th 2008: Conference

Chamber of Commerce, Luxembourg - Kirchberg

ALGAFI, The Directors’ Office, and PRiM are pleased to invite you to a conference on the following topic:

“The Capital markets and the recent market turmoil: the causes, the consequences, proposals for better market governance”

The subject was addressed by Rene Karsenti, Executive Director of ICMA (International Capital Market Association) and previously a long time Director General of Finance at the EIB, Luxembourg. Recent market turmoil has more than one cause:  the sub-prime crisis did act as a trigger but it was already a crisis in the making. Many factors played a role in the drying-up of liquidity in early August: mis-priced credit risk, risky disintermediation, misunderstanding of liquidity risk, insufficient market transparency, etc. The consequences of all this on the real and financial economy together with the reaction of industry and regulators were addressed by René Karsenti in absorbing and helpful fashion, bringing a vauable perspective on the complete picture from a key market participant.

Model Risk - Ignore at your Peril! (held on November 13th from 12:30 to 14:00 at the Hilton hotel)

Speakers from avantage Capita, a London-based risk management and measurement boutique firm, provided a suggested approach to managing risk, with special focus on model risk and the importance of validating the underlying parameters & assumptions. refernce to recent market developments where those models may not have been able to keep pace with market turbulence were discussed.

A copy of the presentation material is attached

This event was led by Dexia SA & Dexia Private Banking and aimed at sharing the stage of reflection on practical implementation within theDexia operations. It provoked some discussion with attendees to the conference and it is hoped that this will stimulate others to explore someof the ideas and questions raised by Dexia. The presentation materials are not being made available, however, since they were a reflection of theareas of uncertainty existing at the time of the conference within and outside the Dexia Group. The presenters are nevertheless willingto discuss and respond to people wishing to pursue the debate, should any participants or PRiM members be interested.

Contact should be made with: Marie Bourlond, Chief Compliance Officer Dexia SA or Hervé Hosselet, Head of Operation Risks & Compliance Dexia Private Banking.

The event was highly successful and involved two particularly interesting contributions. The first, an address by Arthur Philippe, Directeur, CSSF, entitled "Reflections on Risk Management", is available from the link below. The second, a provocatively entitled presentation on lessons for risk managers from other professions ("Trains, Planes and....Toilet Cleaners"), brought the lessons from brands management into a different light. A summary of the themes does little justice to the energy & humour of the presentation from Hamish Taylor of the Skills Exchange Network (and ex-CEO or Eurostar Group and J. Sainsburys Bank among other roles), but it is attached. Worth highlighting are the questions he ended by asking those of us present:

• You can never be close enough to your customers' world. To influence others effectively, you need to immerse yourself in their world! How close are we to the other departments we have to influence? Do we really understand their daily pressures, measures of success and language used?
• Our customers are not interested in our processes, but in the end point! Do we sell benefits enough? How often do we try to sell what we do (or want our customer to do) rather than the benefit our customer will gain as a result of this action?
• Are we using all of the communication tools available to ensure our message gets through to our customers?

Topics covered included:

• Risk management – do standards exist?
• Integrating default and event risk inside the Historical Simulation Model
• Examining the case for outsourcing risk management
• Robust risk reporting: the true picture of risk
• Risk assessment of derivatives within UCITS III regulation
• MiFID: the impact of client profiling on asset management
• The impact of derivatives use and exposure calculation methodologies internationally
• How a faulty view of risk is making fund managers safer, but pensioners, investors and the economy less so
• Liquidity management – policy and practice
• Building an efficient risk control framework for a global asset manager
• The latest financial risk management techniques for the buy-side
• Half-day workshop on Investment Risk Management for UCITS III Dirigeants

More information on www.alfi.lu and www.garp.com/events/buyside. Conference materials are available from GARP for those who participated. For requests for material from others, please refer directly to GARP.

Au travers de cas concrets et grâce aux explications issues de l'expérience de nos orateurs, cette conférence nous a donné l'occasion de comprendre comment les entreprises construisent et gèrent leurs programmes d'assurances dans le cadre d'un risk management intégré. Ils ont abordé des sujets tels que : l'identification et l'analyse des risques, le transfert des risques aux assureurs, l'auto-assurance, les captives de réassurance, etc. Nos orateurs ont expliqué également les processus développés au quotidien dans leurs entreprises, les solutions mises en place ainsi que les spécificités inhérentes à leur secteur d'activités (risques opérationnels, IT, etc.). Les parallèles entre les mondes bancaire et commercial nous permettront de dégager les lignes de convergence indispensables à la mise en place d'une gestion des risques adaptée aux spécificités de chaque entreprise.

Un résumé (en anglais) de cet événement a été publié dans l'édition numéro 10 de notre PRiM Risk Management Newsletter (voir section NEWSLETTER du site).

The conference covered the report drawn up by the joint working group on the three functions (Compliance, Operational Risk Management and Internal Audit). Such a report was initially suggested by the CSSF, therefore, Mr. Claude SIMON will speak on the objectives of the CSSF for this report.

Speakers from the 3 associations + Claude SIMON (CSSF)

M. Alain Hubert, explorateur et fondateur de l'International Polar Foundation, nous entretiendra principalement de "Changements climatiques et développement durable : un potentiel économique" et M. Hugo Ferreira, Compagnie Benjamin de Rothschild et International Polar Foundation, nous parlera de "L'accord de Kyoto - Un nouveau marché financier ?".

A. Hubert and H. Ferreira