January 15, 2002 - To celebrate its first anniversary and in association with its 2003 Summits in Paris and Boston, the Professional Risk Managers International Association (PRMIA) is pleased to announce the PRMIA Summit Awards: Essays on Risk. This is a new competition for original thought and the expression of ideas about risk management practice and theory.

In keeping with PRMIA's focus on standards setting and education, the association will be soliciting papers from members on specific and contemporary subjects of interest to the risk profession. These papers will then be published in a library for members and visitors to freely access on the PRMIA web site.

To encourage participation, monetary awards and scholarships will be granted for original essays written by members in four distinct areas, two for each Summit. Entrants will compete in the Open Class, where all submissions are welcome, and the Student Class, which is restricted to bone fide students. Associated with each respective Summit, PRMIA will grant up to four awards in the Open Class and one award in the Student Class. In addition, one single paper will be selected as the overall PRMIA Summit Award winner, recognizing its author or authors for their contribution to the free exchange of ideas about risk management.

The PRMIA Summit Awards will consist of full scholarships to the respective PRMIA Summit and ensuing Risk Congress, having value of approximately US$3,500 per award. In addition to the conference scholarship, the top student paper will be awarded US$500 to help with travel expenses to the Summit, while the top Open Class paper will be awarded US$750 for same. The best overall paper will be given the PRMIA Summit Award for Excellence and a US$1,000 additional prize.

The author or authors of the winning paper will be invited present their work in a featured session at the respective PRMIA Summit. The total value of potential scholarships and prizes is in excess of US$35,000 and is being made possible by the sponsors of the PRMIA Summit, Risk Conferences and PRMIA.

"PRMIA is intent upon being innovative in the fulfillment of its Mission to facilitate the free exchange of ideas," said David R. Koenig, PRMIAs Chair. "We believe that all submissions, whether selected as prize winners or not, will serve as a tremendous resource for those in the risk management field. We are very grateful for the support we are receiving in this endeavor."

2003 Topics include:

PRMIA European Summit - Paris - April 7, 2003

Open Class: The Proper Aggregation of Market, Credit and Operational Risk: Essential Elements to Creating a Useful Tool for Senior Managers

Student Class: Insights on Credit Risk: New Lessons from Recent History

Submissions accepted February 1st to the 17th

Awards Announced March 7th

PRMIA Americas Summit - Boston - June 9, 2003

Open Class: Using Quantitative and Qualitative Analysis in Best Practice Credit Risk Management

Student Class: Top Lessons Learned from Enron, WorldCom, Tyco and other recent Corporate Events

Submissions accepted April 1st to 17th

Awards Announced May 9th

All submissions must be the original work of the author or authors and may not have been published at any time prior. Submissions will be limited to 4,000 words and a small submission fee will be required. A panel of academicians and practitioners selected by PRMIA will judge essays and they will be posted on the PRMIA web site for member benefit.

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