Philadelphia, PA (January 18, 2006)âThe Risk Management Association (RMA) today announced that Citigroup has succeeded RBC Financial Group as chair of RMA's KRI Services Steering Committee. Citigroup will be represented by its director of Operational Risk, Tony Peccia. The announcement was made at RMAâs International KRI Conference in London.
RBC Financial Group, represented by Jeff Hempstead and Carole Carpentier, served as the inaugural chair, filling the position from August 2004 until January 2006. RBC Financial Group remains a member of the Steering Committee.
"RMA wishes to thank RBC Financial Group for its invaluable input, guidance
and leadership throughout this time," said Charles Taylor, RMAâs director
of Operational Risk.
KRI Services is a global initiative involving more than 70 banks and insurance firms. It consists of a library of more than 2,000 standardized indicators and their definitions, consolidated industry risk profiles and an active working group forum. Subscribers who have adopted indicators from the KRI Library can participate in KRI Benchmarking. Benchmarking participants contribute indicator values, which are anonymized so that industry benchmark values can be calculated and reported back to participating firms.
"Citigroup was a founding participant in the KRI Study, which evolved into KRI Services," said Taylor. "By accepting the chair of the steering committee, Citigroup will support RMA's continued extension of KRI Services. A prerequisite for leading the steering group is a global and diversified footprint, coupled with leading operational risk management practices--all of which will add value to the global subscriber base."
"RBC Financial Group provided great leadership during the inception of KRI Services and ensured the achievement of our early objectives," said Taylor.
"On behalf of all of our subscribers, we thank RBC Financial Group for all of its work to date, and we look forward to its ongoing involvement."
Peccia, outlining the vision for the future of KRI Services, said, "The challenge for us going forward is to place KRIs into the broader context of
the industry's risk framework. Financial services firms need ways to determine the significance of individual risks in relation to firm-wide and industry-wide risk profiles.
"RMA's KRI Services provide a platform through which firms can capture, aggregate and compare risk indicators across the financial services sectors. And as key risk indicators are defined, risk mapping and benchmarking services will evolve. Demand for these tools is growing, fueled by increased stakeholder, regulatory and public scrutiny of companies, including financial services firms. The need to develop robust operational risk tools has never been stronger. I look forward to serving as chair of the KRI Services Steering Committee during this critical stage of development for operational risk tools."