NEW YORK, LONDON, and BEIJING, Feb. 9 /PRNewswire/ -- The Global Association of Risk Professionals, (GARP, www.garp.org) today jointly awarded the Association's 2009 Risk Manager of the Year Award to The China Banking Regulatory Commission, (CBRC, www.cbrc.gov.cn) and Liu Mingkang, Chairman of the CBRC.
The China Banking Regulatory Commission and Liu Mingkang (bio: http://www.cbrc.gov.cn/english/info/yjhjj/index_ld_lmk.jsp) were honored during the Association's 11th Annual Risk Management Convention & Exhibition on February 9, 2010 at the New York Marriott Marquis in New York City.
Richard Apostolik, Global Association of Risk Professionals President and CEO, said, "The Risk Manager of the Year Award is presented in recognition of outstanding contributions to the financial risk management profession. The award takes on special meaning at a time when the recent financial crisis left many of the world's largest banks on the brink of failure. We are pleased to recognize The China Banking Regulatory Commission and Mr. Liu Mingkang for their key role in orchestrating the recapitalization of China's largest state-owned banks. We further recognize their efforts to implement numerous disciplined risk management practices, regulatory oversight policies and corporate governance initiatives, and strong commitment to the importance of prudential banking regulation."
"Thank you, GARP, thank you all for your support. The people who make a difference are not the ones with the prize, but the ones with the concern. The regulators and supervisors the world over, are not only sharing the common least thankful job, but also the common concern -- the risks. We will, as always, learn from you. And to our regulated friends, we will, as always, work with you, for better, for worse, but definitely never for risks. Thank you," said Liu Mingkang, Chairman of The China Banking Regulatory Commission.
Mr. Liu Mingkang became Chairman of The China Banking Regulatory Commission in March 2003 and currently also serves as Chairman of the International Advisory Council of the CBRC, a member of the Monetary Policy Committee of the People's Bank of China, and a member of the 17th Central Committee of the Communist Party of China.
About The China Banking Regulatory Commission
The main functions of The China Banking Regulatory Commission (CBRC) www.cbrc.gov.cn are to formulate supervisory rules and regulations governing the banking institutions; authorize the establishment, changes, termination and business scope of the banking institutions; conduct on-site examination and off-site surveillance of the banking institutions, and take enforcement actions against rule-breaking behaviors; conduct fit-and-proper tests on the senior managerial personnel of the banking institutions; compile and publish statistics and reports of the overall banking industry in accordance with relevant regulations; provide proposals on the resolution of problem deposit-taking institutions in consultation with relevant regulatory authorities; be responsible for the administration of the supervisory boards of the major State-owned banking institutions; and other functions delegated by the State Council. The supervisory focuses of the CBRC are to conduct consolidated supervision to assess, monitor and mitigate the overall risks of each banking institution as a legal entity; stay focused on risk-based supervision and improvement of supervisory process and methods; urge banks to put in place and maintain a system of internal controls and enhance supervisory transparency in line with international standards and practices.
About The Global Association of Risk Professionals
(GARP) is a not-for-profit independent association of over 100,000 risk management practitioners and researchers representing banks, investment management firms, government agencies, academic institutions, and corporations from more than 167 countries worldwide. It also administers the Financial Risk Manager (FRM) certification recognized by financial risk professionals worldwide, and, in conjunction with the American Petroleum Institute, established the Energy Risk Professional (ERP) certification. As the leading professional association for risk managers, GARP's mission is to advance the risk profession through education, training and the promotion of best practices globally. www.garp.org.
SOURCE The Global Association of Risk Professionals (GARP)