ERNST & YOUNG SIGNS ON AS FIRST UNDERWRITER OF PRMIA CERTIFIED RISK MANAGER PROGRAM

January 21, 2003 - The Professional Risk Managers' International Association (PRMIA) is pleased to announce that Ernst & Young has signed on as the first underwriter of the PRMIA Certified Risk Manager program.

Ernst and Young and PRMIA share a strong commitment to advancing the risk management profession through education, standards setting and the free exchange of ideas. As part of its underwriting, Ernst and Young has made a financial contribution to PRMIA to support its educational program, will be encouraging its employees to sit for the PRMIA Certified Risk Manager exam and will be promoting the exam to its risk management clients.

"At Ernst & Young we are committed to achieving quality in everything we do," said Tim Pagett a Partner in the Financial Services Risk Management Group at Ernst & Young. "We see our sponsorship of the PRMIA Certified Risk Manager exam as an ideal way of assisting the growth and development of risk management as a professional standard and not just a personal competence."

"I am delighted that Ernst & Young will be the first underwriter of the PRMIA Certified Risk Manager Exam," says James Lam, PRMIA Blue Ribbon Panel Member and co-Chair of the PRMIA Education Committee. "This endorsement provides further evidence that there is a need for professional development and certification in our industry, and that the PRMIA Certified Risk Manager Program is fast becoming the industry standard for excellence."

Dr. Zvi Wiener, co-Chair of PRMIA's Education Committee and a Professor of Finance at Hebrew University in Jerusalem stated "Our certification program is designed to provide a very high professional standard. The fact that Ernst & Young joined our initiative should help our efforts to set this new standard in the fast developing industry of risk management."

The PRMIA Certified Risk Manager exam is offered during testing windows each month in over 350 cities worldwide. It tests for both the knowledge and understanding of the building blocks essential to the successful practice of risk management. The exam tests theoretical and practical aspects of risk management best practices as well as case studies of failed practices. Further, it requires candidates to know, understand and commit to the professional standards that are at the heart of PRMIA's Bylaws and Standards of Best Practice, Conduct and Ethics (Code of Conduct).

The PRMIA Certified Risk Manager exam is the only risk management certification program that has been endorsed by Algorithmics, SunGard Trading and Risk Systems, the Risk Desk, MB Risk Management, Lepus, Lombard Risk Management, plc and Misys. It is also supported through the sponsorship of Ernst and Young. Eighty percent of net exam revenues go to support local activities at PRMIA chapters around the world. The balance of net revenues is committed to support PRMIAs web-based and ground level efforts to fulfill its Mission.

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