TORONTO, Feb. 24, 2015 /CNW/ - Today the Global Risk Institute in Financial Services (GRI) launched the world's first animated e-learning course on model risk. Financial institutions widely use complex risk models to analyze risk and rely on the output to inform critical business decisions.
During the financial crisis, many of these models failed or showed that they were incomplete and likely misused by some financial institutions.
To help strengthen this line of defense, the e-learning course takes an accessible approach to help all professionals in financial services enhance their knowledge of model risk, recognize the assumptions and limitations of models, and understand how they may fail.
Available exclusively to GRI members, the e-learning course offers three 25-minute modules: Models and Model Risk, Model Risk Management, and Model Risk Governance. Each module concludes with a quiz to test the user's knowledge of the material. To enable a flexible learning experience, users can access the training anywhere, any time.
Dr. Michel Maila, President and CEO at GRI, celebrates the launch saying: "Our new e-learning program marks a significant opportunity for the global risk community. Now professionals can learn about the basics of model risk anywhere. Through our education programs, we seek to help our member organizations develop greater risk awareness in their corporate culture."
At the e-learning preview event, a GRI member remarked that the e-learning is "designed to be relevant wherever you work." Another member praised: "The e-learning modules are very interactive. They're long enough to get the information across but not too long – you would definitely sign in and do a quick module here and there. There's something in it for everyone."
The e-learning program was created at the request of GRI's members by GRI and Optimal MRM, a risk management company that specializes in risk e-learning for financial institutions. A French language version of the course will be available in March.
Future e-learning course topics will be developed in consultation with GRI members to ensure that the learning needs of the entire financial services community are met.
About the Global Risk Institute in Financial Services (GRI):
The Global Risk Institute in Financial Services (GRI) is a leading North American provider of research and education programs in financial risk. Founded in 2011 by the governments of Canada and Ontario and now involving twenty-five leading financial institutions as members, GRI's team delivers applied, integrative research and education programs to all those engaged in the financial service sector: practitioners, policymakers, regulators and academics. For more information about GRI, please visit www.globalriskinstitute.org.
About Optimal MRM:
Optimal MRM Advisors Inc. is a market risk measurement and management company based in Toronto. Its mission is to unlock the benefits of financial market risk management and to deliver those benefits to financial institutions globally, in a dynamic and practical way through risk e-learning and cloud technology. For more information about Optimal MRM, please visit www.optimalmrm.com.
SOURCE Global Risk Institute
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