NATIONAL & INTERNATIONAL SCENE
The global requirement for professionals with skills in risk and optimisation modelling is easily identified by analysing market conditions, industry needs and the regulatory requirements which are emerging.
- In the finance industry, banks, insurance companies and pension fund managers, amongst others, have to comply with the requirements to quantify, control and report on the "enterprise wide risk"
- Recently, similar requirements have been introduced by the London Stock Exchange for the non-financial corporate sector whereby all listed companies have an obligation to report their risk exposure. (see Turnbull report, Institute of Chartered Accountants)
- It is very likely that similar risk control regulations will be introduced in the public and utilities sectors covering health, transport, energy and telecommunications
- Agriculture and Fisheries is a special sector, which can benefit from risk based planning.
Internationally, the analysis and management of risk is growing at a considerable pace. Professional groups such as the Global Association of Risk Professionals (GARP) and Professional Risk Manager’s International Associations (PRMIA) have set up examination and certification programme: Financial Risk Manager (FRM) by GARP and Professional Risk Manager (PRM) by PRMIA respectively.
Master level programmes in risk of investment management are now offered by many US universities and schools, Princeton, Carnegie Mellon, Wharton, Yale, Columbia and UK universities and colleges , Imperial, LSE, Kings, City, Oxford, Cambridge, Warwick, Heriot-Watt, amongst others.
The research agenda of CARISMA will be unique as it will combine both Risk and Optimisation Modelling research for a wide range of decision problems.