100 years

JOIN. ENGAGE. LEAD.
2013 ANNUAL REPORT
A SUPPLEMENT TO THE RMA JOURNAL®
100 YEARS
OF ADVANCING PROFESSIONALISM
Enterprise Risk • Credit Risk • Market Risk • Operational Risk • Regulator y Compliance • Securities Lending
CONTENTS
A MESSAGE TO MEMBERS...
THE
PREMIER ASSOCIATION
FOR RISK PROFESSIONALS...
1
3
EDUCATION AND RESEARCH
FOR BANKING PROFESSIONALS...
6
RMA REACHES OUT TO MEMBERS...
A LOOK AHEAD...
8
10
KEY RMA ACCOMPLISHMENTS
2012-2013... 12
2012-2013 OFFICERS...
FINANCIALS...
18
20
RMA
Thought Leadership in Action
Recent and Upcoming Activities
MISSION AND VALUES
STATEMENTS... 21
As The Risk MAnAgeMenT AssociATion
approaches its 100th anniversary in 2014,
the financial services industry it serves
operates in an uncertain and volatile environment. Through booms and busts,
RMA has advanced sound risk management practices through courses, round
tables, conferences, benchmarking and
RMA co-founder Alexander Wall
understood that a more professional
approach was needed, and helped to create
an organization that provided education,
data, and the opportunity for bankers to
meet in person to learn from each other.
RMA’S FOUNDING FATHER,
ALEXANDER WALL
A MESSAGE TO MEMBERS
One hundred years ago, RMA—then called “The Robert Morris Club of The National Association of Credit Men”—was
founded to advance professionalism in the credit industry. In
the early 20th century, many lending decisions were made
solely on a borrower’s reputation, rather than actual creditworthiness. RMA co-founder Alexander Wall understood that a
more professional approach was needed, and helped to create
an organization that provided education, data, and the opportunity for bankers to meet in person to learn from each other.
Much has changed in the industry since the first RMA
meeting on June 25, 1914. The risks the industry faces have
expanded well beyond credit risk, to the point where some
believe the most-pressing dangers reside on the operational
front. Meanwhile, technological advances unforeseen a generation ago—let alone a century ago—enable customers to
execute transactions online and on smart phones, but leave
banks vulnerable to cyber crime and even cyber terrorism.
As the world changes, what remains constant is RMA’s
commitment to serving its members through relevant courses, peer-sharing, educational materials, and other offerings.
Starting with the first Annual Statement Studies in 1925, RMA
has provided tools to help lenders make decisions based on
sound information and best practices. RMA has continued
to produce its data-rich Statement Studies, while consistently
adding to and upgrading its offerings. These now include
eMentor, RMA University, The RMA Journal, benchmarking
studies, conferences, and round tables. For those who want to
demonstrate a commitment to professionalism and superior
knowledge of credit risk, RMA began offering the Credit
Risk Certification (CRC) exam in 2005. More than 1,100
people have successfully completed this rigorous exam and
have achieved the right to display this important credential.
On June 25, 2014, RMA will be 100 years old. Leading
up to this momentous anniversary, we have planned special
commemoration activities for the Association’s members
and invested in preserving the history of the Association for
posterity. RMA commissioned a commemorative artwork,
created an interactive history timeline, and published a book
about its first 100 years. RMA is proud of its rich history of
member service and engagement, and is looking forward to
another century of helping its members thrive by offering
relevant products and services that address the full range of
risk management concerns, and achieve Alexander Wall’s goal
of advancing professionalism in the industry.
COVER ART: CREATED FOR RMA’S CENTENNIAL
BY LAWRENCE M. ROMORINI, ONE OF A KIND
INC. ART STUDIO
1
BROKE:
AMERICA’S BANKING SYSTEM,
COMMON SENSE IDEAS TO FIX
BANKING IN AMERICA
BY RICHARD PARSONS
In the pages that follow, we describe what RMA accomplished in the previous fiscal year and offer details on what
we are working on in the current one. We break down our
achievements by risk discipline and describe our products and
services. And we talk about steps RMA is taking to reach out
to members in large, regional, and community banks—in
the United States and around the world.
RMA STRENGTHENS BALANCE SHEET,
LOOKS TO THE FUTURE
RMA continues to deliver information and training to our
members in multiple ways, with additions planned for the
2013-2014 fiscal year. Some recent highlights include delivering The RMA Journal via mobile app, a series of recorded
operational risk Web seminars for on-demand purchase (Risk
and Control Self-Assessments, Key Risk Indicators, Internal
Loss Events, etc.), an operational risk training “boot camp,”
and a community bank risk management staffing survey. The
recent fiscal year also saw the start of RMA’s rebranding campaign—including an updated logo and a communications
style that conveys active engagement—and the Association’s
new tag line, “Join. Engage. Lead.” Meanwhile, RMA published Broke: America’s Banking System, Common Sense Ideas to
Fix Banking in America by former Bank of America corporate
operational risk executive Richard Parsons. The book has met
with great interest and acclaim. The Wall Street Journal mentioned it in an editorial and in running an opinion piece by
Parsons, and “Viewpoints” articles drawing on Broke’s lessons
were published in American Banker. For our international
members we held multiple round tables in London, others
in Paris and Singapore—all well-received—and produced
a Basel III seminar in Beirut. In 2013-2014, we will offer
the Web-based Lending Decision Process for Small Business
course and launch RMA Xchange, a collection of online
communities that will allow members to share information
and discuss current issues.
Cognizant of its fiscal responsibility to members, in early
2009 RMA developed a plan to gain control of the ever-growing cost of its employee pension plan. During the global
financial crisis, the plan’s funded status had dropped to 72%,
and RMA, like many other organizations, made the difficult
decision to freeze plan benefits. Through ongoing guidance
provided by the RMA Board of Directors, as well as the strong
performance and support of our investment and actuarial
advisors, as of August 31, 2013, we had increased the balance
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sheet funded status for the RMA employee pension plan to
nearly 97%, well above the industry norm.
Over the past several years, RMA has improved members
equity to $19.0 million from a recent low point of $9.1
million in 2009, and has increased its cash and investments
by 55%. While these results are heartening, RMA wants
to be sure it remains financially sound and able to fulfill
its important mission in spite of downturns, the way it did
following the 2008 economic crisis. With that in mind, the
Association recently stress-tested its balance sheet, and found
that RMA was well positioned to withstand future economic
shocks. RMA’s current financial position, including the fiscal
year 2012-2013 results, is partly the product of strong returns
derived from Web-based products such as eMentor and the
RMA University series of online learning experiences. The
average annual investment expenditure to develop all new
member-driven products, including Web-based products, is
$1.2 million, with more than $12 million invested cumulatively over the past 10 years. This is an ongoing commitment to RMA’s future, with the ultimate goal of providing
high-value, relevant products and services to members. The
Risk Management Association looks to the future each day.
This year, however, the significance of our 100th anniversary
demands we also take a backward glance. Our centennial is
an opportunity to remember why what we do matters and
to express an appreciation for those who have contributed
to advancing professionalism in our industry. Thank you for
the role you have played in our success.
Sincerely,
M. Robert Rose Chair 2012-2013
William F. Githens
President and CEO
RMA was an early champion of
enterprise risk management (ERM),
promoting ERM as a business practice
that institutions of all sizes must
implement to remain competitive.
IT WAS DURING THE TENURE OF MAURICE (MAURY)
H. HARTIGAN II (RMA PRESIDENT AND CEO, 20012007) THAT RMA’S MISSION BECAME STRONGLY
FOCUSED ON ENTERPRISE RISK MANAGEMENT.
THE PREMIER ASSOCIATION
FOR RISK PROFESSIONALS
RMA was an early champion of enterprise risk management (ERM), promoting ERM as a business practice that
institutions of all sizes must implement to remain competitive. Yet as we celebrate our centennial year, we have not
forgotten our roots. We offer a host of programs in credit
risk, as well as a growing number of offerings in market
risk and operational risk. With regulatory reform in the
spotlight, RMA has expanded its footprint in this vital and
volatile area. And RMA has taken an industry-leading role
in securities lending.
Each discipline listed below is represented at the board
level. Our board, councils, and committees are guided by
leading industry practitioners who help set RMA’s strategy.
ENTERPRISE RISK MANAGEMENT
Enterprise risk management is the capability of an organization to understand, control, and articulate the nature
of the risks taken in pursuit of a risk-adjusted return. The
risks can be categorized as credit, liquidity, strategic/business/
reputation, market, operational, compliance/legal, financial,
and capital adequacy.
In 2006, RMA established the Enterprise Risk Management
Council. The council strives to provide RMA members with
thought leadership and practical solutions in enterprise risk
management. The ERM Council’s strategy for developing the
ERM framework and associated competencies is to create a series of highly practical workbooks, peer-sharing opportunities,
education, and research for risk management professionals.
The workbooks include:
• Introduction to Enterprise Risk Management
• Risk Appetite
• Governance and Policies
• Risk Data and Infrastructure
• Measurement and Evaluation
• Response
• Scenario Analysis and Stress Testing for Community
Banks
CREDIT RISK
Members of the Credit Risk Council are industry leaders who
ensure that RMA’s programs cover all aspects of credit risk
for all market segments, from global banks to community
banks. Six committees assist the council in covering a range
of industry issues: agricultural lending, real estate, private
banking, small business banking, portfolio management,
and consumer risk.
Credit risk training remains an integral part of RMA,
and training recommendations often result from the work
of RMA’s committees. In addition to training, the council’s
major strategic initiatives include the Risk Analysis Service,
3
RMA FIRST ADDRESSED
OPERATIONAL RISK IN
1999 WITH A SURVEY AND
A SUBSEQUENT REPORT,
“OPERATIONAL RISK:
THE NEXT FRONTIER.”
a small-business benchmarking study, and the Credit Risk
Certification program.
In eight years, RMA has conferred the CRC designation on
more than 1,100 members who have passed a rigorous exam
testing their knowledge of credit risk. To maintain the CRC
designation, members must follow a continuing education
path that ensures they stay on top of credit risk developments.
A newer initiative is the Credit Skills Certificate Series
(CSCS), a comprehensive credit training framework that
includes introductory, intermediate, and advanced training
in credit risk and lending. The series is intended for credit
professionals with up to five years of experience and provides
a solid foundation for entry into the CRC program.
Another newer product is the “Ethics and Commercial
Lending” online course, a six-part curriculum that helps
lenders identify and resolve issues in an ethically responsible
way. The six parts include a course overview, due diligence,
management pressure, personal and professional relationships, identifying problem loans, and issues for managers.
The CRE Diagnostic Assessment was created to determine
the level of training needed for those involved in commercial
real estate lending and credit analysis. RMA also runs a highly
successful audio conference series. Offerings include “State
of the Commercial Real Estate Market,” “ALL—Regulatory
Impact for Commercial Banks,” and “Lending to the HealthCare Industry—Opportunities and Change.”
MARKET RISK
The Market Risk Council furthers best practices in market
risk areas such as trading activities, counterparty risk, country
risk, liquidity risk, and asset/liability management. Larger
institutions with established market risk management functions benefit from our research, such as RMA’s Country Risk
Management Survey and Wrong Way Risk Survey. Smaller
institutions, where the market risk function is part of the asset/liability management process, benefit from RMA training
opportunities and from the RMA Survey on Asset/Liability
Management Leading Practices for Community Banks.
The Council continues to support round tables for North
American and European market risk officers. Invitation-only
round tables offer peer-sharing and professional development
opportunities for small groups of senior market risk managers.
RMA training includes courses in stress testing, funding
and liquidity, internal ratings and model validation, counterparty risk management and control, asset/liability management, and model risk management.
OPERATIONAL RISK
Operational risk management continues to grow in importance in both large institutions and community banks.
Regulators are requiring institutions of all sizes to develop
more robust systems for measuring and managing operational
risk. Over the past 10 years, the operational risk discipline
has become concerned with managing operational risk in
addition to measuring operational risk for capital adequacy
purposes.
The Operational Risk Council advises RMA on the development of operational risk management programs, which
include training, networking events, and information-based
services.
Training occurs through live training courses, workshops,
and recorded Web seminars. Networking and peer-sharing
events include round tables; the Operational Risk Management Discussion Group (ORMDG), which meets several
RMA’S SECURITIES LENDING GROUP
HOLDS THE PREEMINENT INDUSTRY
CONFERENCE IN THE U.S. EACH YEAR.
4
times a year and is open to all RMA members from community banks to large banks; the annual Governance, Compliance,
and Operational Risk (GCOR) conference; and the Operational Risk Forum geared to regional and community banks.
RMA also sponsors the Advanced Measurements Approaches Group (AMAG), which was formed in 2005 by
RMA at the suggestion of the U.S. Inter-Agency Working
Group on Operational Risk. The purpose of AMAG is to
share industry views on aspects of AMA implementation with
the U.S. financial services federal regulatory agencies. The
group consists of senior operational risk management professionals working at financial service organizations throughout
the United States. AMAG is open to any financial institution
regulated in the United States that is either mandated to
follow, opting in, or considering opting in to the advanced
approaches under Basel.
REGULATORY RELATIONS
RMA does not lobby, so regulatory agencies see us as an
objective source and seek our views on proposed policy recommendations as well as existing regulations and guidance.
Following passage of the Dodd-Frank Wall Street Reform
and Consumer Protection Act, it is imperative that RMA
maintains a dialogue with regulators and the industry, particularly as the regulators embark upon various studies and
rulemaking efforts.
The Regulatory Relations Council meets formally with
regulators at least once a year, although additional dialogue
occurs as needed. RMA’s Capital Working Group was created
in 1999 to provide input to the regulatory bodies on how
institutions measure internal economic capital. The group
contributed significant research to the Basel reform process.
RMA delivers timely legislative and regulatory reporting and
analysis through e-mailed Regulatory Alerts (short, time-sensitive pieces) written by RMA’s regulatory relations team.
Regulatory Insider, a members-only section of the RMA
website, provides comprehensive information on regulatory
reform, including an executive summary of Dodd-Frank,
Basel III, and other information. Web seminars have provided
information on the impact of Dodd-Frank on large and small
financial institutions. RMA also hosts a CFPB conference
and a general regulatory audio conference.
representatives from national regulators and exchanges.
RMA also conducts training programs and round tables for
this important segment. In collaboration with Data Explorer
LLC of the U.K., RMA produces the quarterly Securities
Lending Performance Survey, an industry-standard benchmarking service.
RMA continues the annual RMA-UNC Academic Forum
for Securities Lending Research, held in conjunction with the
Kenan-Flagler Business School of the University of North
Carolina. The annual event allows business executives and
scholars to share research and real-life insights into securities
lending. These scholars work with industry experts to help
ensure the accuracy of their papers on short selling, securities
lending, and finance.
RMA continues to initiate and co-lead joint executive committee meetings with PASLA, the International Securities
Lending Association (ISLA), and the Securities Industry and
Financial Markets Association (SIFMA) to better coordinate
and share industry initiatives and communications with participants and regulators.
RMA also has led an outreach program with the Federal
Reserve Bank of New York, other regional Fed banks, the
OCC, and the SEC to be available for consultations and
to have periodic standing meetings. RMA leads quarterly
meetings with the New York and regional Federal Reserve
banks, the OCC, various SEC divisions, and the Department
of Labor.
A securities lending subgroup on RMA’s LinkedIn page has
more than 300 members and offers a forum for discussion
of the latest trends and issues in the industry.
THE 2013 PASLA/RMA SECURITIES LENDING
CONFERENCE, HELD IN HONG KONG.
SECURITIES LENDING
Since 1983, RMA has served as the lending industry’s voice
in securities lending. Acknowledging this leadership role, the
Securities Lending Committee is represented on the RMA
board. Our securities lending membership currently represents participants who are custodial or third-party agents
and direct lenders.
RMA’s Securities Lending group holds the preeminent
industry conference in the U.S. each year and, in partnership
with the Pan Asia Securities Lending Association (PASLA),
it facilitates a major conference in Asia. The 2013 PASLA/
RMA Securities Lending Conference, held in Hong Kong,
was tremendously successful, attracting attendees from nearly
every securities finance institution in the region, as well as
5
Published since 1925, Annual Statement
Studies now includes two publications:
Financial Ratio Benchmarks and Industry
Default Probabilities and Cash Flow
Measures.
FIRST ANNUAL STATEMENT STUDIES
EDUCATION AND RESEARCH
FOR BANKING PROFESSIONALS
RMA provides a variety of educational programs and research.
Members of RMA’s Professional Development Council and
product user groups review educational, assessment, and
training initiatives and provide input and direction to ensure
the relevance of content and appropriate delivery channels.
For decades, RMA has been recognized as the premier
provider of high-quality, value-added products and services
for credit and lending professionals at every stage of their
careers. In recent years, we’ve expanded our offerings to include training in operational risk, market risk, regulatory
compliance, and enterprise risk management. Our model
is responsive to member needs, and we can develop unique
in-bank solutions for individual member institutions. We
offer training and access to risk information in a variety of
formats: classroom instruction, self-study courses, online,
and Web seminars.
6
cessful launch of RMA University Online, the Association
has continued to enrich the program with courses including
“Structuring Commercial Loans,” “Commercial Loan Documentation,” and “Ethics and Commercial Lending.”
eMentor® is a banker’s best resource for industry research
and best practices in commercial lending. It enhances efficiency and provides a single solution for training, business
development, and underwriting needs. Nearly 400 institutions as well as the regulatory agencies currently use eMentor®.
The content includes extensive sections on real estate and
corporate finance and job aids such as a personal financial
statement spreadsheet. eMentor® is the “go to” resource for
RMA’s e-based learning and assessment capabilities, including our Diagnostic Assessment, Fundamentals Exam, and
groundbreaking case studies.
RMA UNIVERSITY ONLINE
RMA/WHARTON ADVANCED
RISK MANAGEMENT PROGRAM
Financial services professionals need every advantage to differentiate themselves and showcase their unique abilities. RMA
has responded to this need with RMA University Online,
accessed through eMentor®, to offer RMA’s Web-based training, assessments, and industry information. RMA University
Online features an easy-to-use, interactive interface and the
flexibility for users to learn when they want, where they
want, without the expense and bother of travel. After a suc-
RMA has partnered with the Wharton School of the University of Pennsylvania’s Institute of Executive Education
and the Wharton Financial Institutions Center to create the
industry’s first advanced risk management program for executives on track for significant leadership roles. Since 2007,
the program has helped participants integrate risk management and strategy. Member institutions nominate executives
with demonstrated abilities that make them good candidates
for the program. Two seven-day, on-site class sessions are
supplemented by learning that takes place before and after
participants are at Wharton.
ASSESSMENTS
The Diagnostic Assessment measures the existing skill levels
of commercial credit and lending professionals. It provides
instant access to information that will further an individual’s
understanding of concepts that the assessment addresses. The
Diagnostic Assessment measures training needs in critical
competency areas such as financial accounting, risk assessment, financial statement analysis, cash flow analysis, loan
structuring and pricing, legal documentation and compliance, and problem loans. RMA also offers a dedicated CRE
Diagnostic Assessment.
RMA’s comprehensive CRC certification in commercial
credit and lending is a widely respected banking credential.
This exam is designed to increase an individual’s proficiency
in a variety of subject-matter areas such as cash flow analysis
and industry, business, and management risk assessment. The
exam is intense and contains more than 100 questions. Its
relevance and integrity are ensured by a strong governance
process led by a volunteer group of bankers.
BENCHMARKING AND RESEARCH
RMA provides risk-information-based benchmarking and
research to help financial institutions make better-informed
decisions. RMA undertakes a number of data-collection
exercises, peer-directed studies, and research that advance
industry best practices in measuring and managing risk.
BENCHMARKING SERVICES, STUDIES, AND RESEARCH
RMA’s AMA Group focuses primarily on sharing industry
views on aspects of AMA implementation with the regulators
through range of practice surveys, development of industry
position papers, and face-to-face meetings throughout the year.
Recent RMA member survey topics have included non-Libor discounting of derivatives and collateral management.
Our relationship with the institutions that share their information is governed by a strong commitment to objectivity,
confidentiality, and flexibility. The results of our pooled-data
research and most of our product offerings are available only
to participating institutions, which use the information to
develop better borrower or portfolio strategies and models
and to strengthen overall risk management practices. The
studies range from basic benchmarking projects to in-depth
research into best practices.
Our ongoing Risk Analysis Service (RAS), developed in
conjunction with AFS, captures the exposure of the entire
commercial portfolio from business banking through middle
market to large corporate exposure in the U.S. market. It
incorporates risk metrics including line usage, LGD buckets, and other traditional measures of loan performance and
composition.
ANNUAL STATEMENT STUDIES®
Published since 1925, this consistently reliable source of
financial statement benchmarks on private businesses now
includes two publications: Financial Ratio Benchmarks and
Industry Default Probabilities and Cash Flow Measures.
Financial Ratio Benchmarks is the only source of this information derived directly from more than 250,000 statements
of financial institution borrowers and prospects. These financial statements come directly from our member institutions,
which get their data straight from the customer. The companion publication, Industry Default Probabilities and Cash
Flow Measures, contains probability-of-default estimates, cash
flow measures, and change-in-financial-position information
for more than 735 industries.
2013-2014 ANNUAL
STATEMENT STUDIES
7
The RMA Journal, the Association’s awardwinning flagship publication, is highly
regarded throughout the industry.
THE BULLETIN OF THE ROBERT
MORRIS ASSOCIATES, PRECURSOR
OF THE RMA JOURNAL
RMA REACHES OUT TO MEMBERS
LARGE FINANCIAL INSTITUTIONS
Providing large financial institutions with useful risk management tools requires an expert knowledge of risk itself, as well
as an informed understanding of the specific requirements of
individual institutions. RMA’s regional managers work with a
variety of bank officers, ranging from senior risk managers to
human resource professionals, helping them to find optimal
solutions for a wide variety of risk management problems.
The solutions might include diagnostic assessments and certification services, training courses and related professional
education programs, analytical tools and data for benchmarking, and other resources. In addition, large financial institutions take full advantage of the networking and peer-sharing
opportunities associated with member-based events such as
round tables, conferences, and other RMA-hosted events.
INTERNATIONAL FINANCIAL
INSTITUTIONS
RMA is raising its visibility on an international basis. We
explore new opportunities to build relationships with domestic and foreign financial institutions, either directly
or by providing products and services through strategic
partners in selected regions. Beyond North America, RMA
has chapters in Singapore, Hong Kong, and Australia. In
Europe, our market development efforts have been based
on leveraging RMA’s broad suite of products and services
as solutions to problems faced by the largest international
8
and indigenous banks. To date, our most encouraging successes have been with round tables, which we also believe
are strategically important to building RMA’s relationship
with leading institutions.
COMMUNITY BANKS
With approximately 2,500 banks as members, RMA develops
products and information geared specifically to their special
concerns. The Community Bank Council ensures direct
representation of community banks by providing ongoing
feedback and by having dialogue with the regulators on an
annual basis.
RMA provides excellent training resources for community
banks, including topical programs, special round tables, and
peer-sharing events. Regional managers also deliver products
and services to this segment and assist our members with
questions about RMA’s product set.
CHAPTERS
RMA chapters are integral to the organization and set us
apart from other professional associations. The chapters have
board representation through the Chapters and Membership
Council. In addition, RMA hosts an annual Chapter Leaders
Conference to help chapter leaders organize, share ideas and
best practices, and make plans for the upcoming year.
RMA’s regional managers help local chapter boards recruit
new members through quality programs that enhance the
knowledge and careers of participants. The volunteers who
make these programs successful are recognized by RMA and
often are recruited for leadership positions. Chapter events
provide our members with forums to discuss common problems and solutions.
COMMUNICATIONS
RMA communications professionals create materials and
messages that enhance the visibility and recognition of the
RMA brand, promote the value of RMA membership, and
announce specific RMA programs and activities.
The RMA Journal®, the Association’s award-winning flagship publication, is highly regarded throughout the industry.
With more than 90,000 readers, The RMA Journal® is one of
the top five banking magazines in the U.S. and is available in
print and online to members at www.rmahq.org. In February
2013, the Journal became available as a mobile app that has
been downloaded by more than 1,400 users. The Journal is the
only U.S. publication that provides in-depth coverage of the
risks and opportunities unique to the business of commercial
lending, and has also recognized the need for an integrated
risk management approach. The RMA Journal® was the first
publication to promote enterprise risk management as a
discipline within the financial services industry.
RMA also has a presence in the wider media. RMA staff
provides subject-matter expertise for media members working
on stories related to risk management. RMA’s growing presence in digital media includes e-newsletters and a LinkedIn
page that has grown to more than 14,000 followers through
its risk management and securities lending discussion groups.
The RMA Journal® Facebook page and Twitter accounts have
grown significantly, and the RMA blog provides real-time
reporting of important RMA events.
MARKETING
Companies with powerful brands make big, important promises—and then keep those promises every day. At RMA, our
Brand Promise—“Growth Through Shared Experience”—is
captured and communicated in the new tag line “Join. Engage. Lead.” New brand guidelines were introduced to the
marketplace this past June. The guidelines translate into a
memorable and distinctive style that conveys “active engagement.” This style is a device to communicate effectively with
multiple audiences across a range of communication tools
and vehicles.
RMA marketing is guided by member-centric communications that deliver what the member wants, when the member
wants it, and in the manner the member wants to receive it. We
take a holistic view of membership marketing by coordinating
our relevant and timely activities among offers, media, and
program performance.
At the center of creating relevance is the RMA e-mail
communication subscription program that was launched in
March 2013. With our new “opt-in/out” program, RMA
members are encouraged to indicate specific areas of interest. We use this information to establish the offers we make
to members, who receive promotional e-mails only on the
JULY-AUGUST
2013 ISSUE
OF THE RMA
JOURNAL
An RMA Publication
rmahq.org | July–August 2013
Continuing
Care
Retirement
Communities
Growing demand presents
opportunities for lenders_p.58
Embed
Your
Risk Culture
It’s key to your
risk-managing
success, says
RMA Chair
Bob Rose_p.22
topics that they choose. RMA can expect higher conversion
rates as a result.
Leveraging the power of social media channels, RMA
created a new Social Media Marketing area. RMA develops
social media program strategies in consultation with business
unit leaders across the Association to establish best practices
and rules of engagement across all approved social media
properties, including LinkedIn, Facebook, Twitter, and the
new RMA proprietary channel RMA Xchange.
Marketing decisions are guided by the information gathered from our performance dashboards: key metrics from
e-mail, social media, and website campaigns. These metrics
inform decision making related to website content architecture and search engine optimization (SEO) strategies that are
designed to drive more organic search requests to the RMA
site, which is managed by RMA marketing.
9
We will be the relevant association for our
members regardless of where they are in their
careers or which delivery modes they utilize.
ON OCTOBER 16, 1919, THE FIRST CENTRAL OFFICE
OPENED IN THE LANSDOWNE NATIONAL BANK
BUILDING IN LANSDOWNE, PENNSYLVANIA. WALL
BECAME FIRST FULL-TIME SECRETARY-TREASURER
OF THE ROBERT MORRIS ASSOCIATES.
A LOOK AHEAD
RMA’s long-term vision is to maintain its status as the premier risk management professional association for financial
institutions, with engaged chapters and engaged members.
We will maintain this status by being the premier provider,
educator, and certifier across all major financial institutions
and risk disciplines, namely Credit Risk, Operational Risk,
Market Risk, and Enterprise Risk. We will be the relevant
association for our members regardless of where they are in
their careers or which delivery modes they utilize.
For fiscal year 2013, RMA identified 10 strategic initiatives
to help us fulfill our mission:
Develop a recognizable expertise and leadership position
in enterprise risk by identifying, developing, and delivering
products and services that help members measure, manage,
and monitor risk across the entire organization, and by promoting approaches and practices that provide an enterprise
view of risk.
Continually explore ways to leverage our strengths and
opportunities by examining each product set in the “go
to” category to ensure that it epitomizes the member value
proposition.
Continue to enable, facilitate, and encourage strong
chapters and a strong chapter network to ensure members
feel connected by actively recruiting strong chapter leaders,
supporting locally oriented events, and other measures.
FOR FISCAL YEAR 2013, RMA
IDENTIFIED 10 STRATEGIC INITIATIVES
TO HELP US FULFILL OUR MISSION.
10
Provide the level and quality of thought leadership
that members value from RMA by leveraging the round
table experiences to uncover the most interesting topics for
studies and developing additions to our thought leadership
experiences that address career stage continuity.
Assess needs and deliver appropriate reports/responses
on regulatory and legislative issues. The Association will
utilize multiple and targeted venues to disseminate current
information that is most germane to our members.
RMA MANAGEMENT PREPARES A
BOOKLET TO UPDATE DIRECTORS
ON THE PROGRESS OF NEW
AND CONTINUING INITIATIVES IN
ADVANCE OF BOARD MEETINGS.
THE BOOKLET SHOWN HERE WAS
MAILED IN 2012.
RMA
Thought Leadership in Action
Recent and Upcoming Activities
Secure and grow capabilities that will maintain a vibrant membership over the long term by recognizing the
importance social media will play, defining a brand-enhancing approach, investing in education and technology, and
ensuring that young financial services professionals find the
Association relevant.
Promote the “professionalization” of risk management
by offering a comprehensive array of assessments. Highlights
include promoting the Credit Risk Certification (CRC) and
the Credit Skills Certificate Series (CSCS) as designations
that members—and, in particular, young professionals—
aspire to achieve; employing a push-pull marketing strategy
so that bankers want the professional designation and banks
require it of them; and working with regulators so that the
value of certification is readily apparent and understood
firsthand.
Enhance and solidify RMA as an Ops Risk leader. This
will be accomplished through maintaining/increasing attendance levels at core events, developing the pedagogy to drive
operational risk products and services to effectively serve all
segments of RMA’s membership, and actively pursuing young
professionals with an interest in this discipline.
As The Risk MAnAgeMenT AssociATion
approaches its 100th anniversary in 2014,
the financial services industry it serves
operates in an uncertain and volatile environment. Through booms and busts,
RMA has advanced sound risk management practices through courses, round
tables, conferences, benchmarking and
range-of-practice studies, articles in The
RMA Journal, and ongoing dialogue with
the principal banking regulators. What
follows is a practice-by-practice description of the range of activities undertaken
by RMA in the past nine months and
those planned over the next six months.
RMA DEVELOPED
THE RMA-CREDIT
RISK CERTIFIED
(CRC) CREDENTIAL,
FIRST INTRODUCED
TO MEMBERS IN
2005.
Increase engagement with large international banks in
targeted niche markets by focusing in particular on banks
that respond to an approach to relationships that are mutually
reinforcing between North America, Europe, and Asia; and
concentrating on a small number of RMA products, especially
those that don’t present undue barriers such as language or
country-specific banking conventions.
In the niche business of Securities Lending, add new,
non-bank agent lenders and direct lenders to the RMA
membership where applicable. The Association will continue to target mutual fund companies that have internally
managed securities lending programs, third-party agent
lenders, and associated lenders such as central counterparties and exchanges.
11
RMA membership initiatives across
Thought Leadership; Education, Training,
and Certification; Policy Dialogue;
Communications/Marketing; and Enabling
Best Practices are all dedicated to one
objective: increasing membership value.
IN 1916 THE ROBERT MORRIS CLUB FORMED
A SERIES OF DECLARATIONS TO GUIDE THE
EXCHANGE OF CREDIT INFORMATION, WHICH
LATER BECAME KNOWN AS THE CODE OF
ETHICS. IT WAS LAST UPDATED IN 2000.
KEY RMA ACCOMPLISHMENTS
RMA generated, distributed, and enabled best practices in
risk management for our domestic and international members. Milestones included the following achievements:
THOUGHT LEADERSHIP
Governance, Compliance, and Operational Risk Conference (GCOR VII), Boston—Sold out for the second year
in a row. Attracted more than 200 participants, including
representatives from large, regional, and community banks,
and regulators.
Annual RMA Risk Management Conference, Dallas—
The event attracted more than 600 participants and included
an Operational Risk Forum.
Small Business Conference (held jointly with SourceMedia), Boca Raton, Florida—The 308 who registered
included 77 from large banks, and 68 from community banks.
12
Common Sense Ideas to Fix Banking in America, written by
former Bank of America corporate operational risk executive
Richard J. Parsons. “Viewpoints” articles drawing on the
book were published in American Banker.
RMA Annual Conference on Securities Lending, Key
Biscayne, Florida—More than 400 participants attended.
PASLA/RMA Conference on Asian Securities Lending,
Hong Kong—285 attended.
EDUCATION, TRAINING,
AND CERTIFICATION
Credit Risk Certification—More than 200 registered for
the fall Credit Risk Certification exam. Certification numbers
topped 1,100 members who have passed a rigorous exam
testing their knowledge of credit risk.
RMA in Print—General Counsel Ed DeMarco was interviewed by Bank Director magazine regarding the OCC’s
heightened scrutiny of operational risk.
Credit Risk Skills Certificate Series—The program continued to provide an education path for credit professionals
beginning their careers. Exams are available for more than
20 courses offered as part of the series.
Book—RMA published Broke: America’s Banking System,
Online Courses—“Ethics in Commercial Lending” was
1947 ANNUAL CONFERENCE,
HOTEL DEL CORONADO,
CORONADO, CALIFORNIA
2012 ANNUAL
CONFERENCE,
DALLAS
13
introduced. The curriculum, including sections on management pressure and identifying problem loans, helps lenders
identify and resolve issues in an ethically responsible way.
The RMA Wharton Advanced Risk Management Program, Philadelphia—The program was held in January
and March and included participants from North America,
Europe, and Africa.
Stress Testing Boot Camp—The hands-on, how-to session for community banks and those looking for a practical
introduction was held in Philadelphia in March.
The Risk Management School—Held in Scottsdale, Arizona, in April.
Securities Lending Courses—“Introduction to Securities Lending,” “Advanced Topics in Securities Lending,” and
“Understanding Collateral Management” classes were held
in New York.
POLICY DIALOGUE
Comment Letters—RMA submitted a comment letter
regarding Basel III Proposed Rules with the Federal Reserve.
It also submitted a letter on the Proposed Policy Framework for Addressing Shadow Banking in Securities Lending
and Repos, and a response to the FASB proposal on new
procedures for calculating credit losses. In addition, RMA’s
Community Bank Council filed a comment letter with the
Fed, OCC, and FDIC regarding the Basel III NPR and the
Standardized Approach for Risk-Weighted Assets; and RMA’s
Chief Appraisers Round Table filed a comment letter with
respect to the FFIEC Appraisal Subcommittee’s Proposed
Policy Statements.
Dialogue with Regulators—RMA participated in various
meetings with regulators, including with the SEC regarding
the Dodd-Frank Policy Framework around 165 (3) and 984
(b), and in a regulatory outreach meeting with officials from
the Federal Reserve, SEC, Department of Labor, and FDIC.
In addition: RMA representatives met with FDIC Chicago
Region officials to discuss the results of an RMA survey of
institutions covering current examination/supervisory issues;
RMA’s ERM Council met with representatives of the Fed
and OCC for a discussion of “strong” risk management criteria and ERM assessment guidance inclusive of risk culture;
and RMA’s Regulatory Relations Council met with senior
regulatory officials of the Fed, OCC, FDIC, and CFPB to
discuss topics of mutual interest and concern. In May, RMA
General Counsel Ed DeMarco discussed the strategic direction of operational risk with the OCC, and in August the
AMA Group met with senior regulatory officials of the Fed,
OCC, and FDIC to discuss “strong” risk management and
other issues.
Advanced Measurement Approaches Group (AMAG)—
Membership meetings were held in Boston (April) and New
York (October).
COMMUNICATIONS/MARKETING
The RMA Journal app—The app was made available in
February and has been downloaded by more than 1,400 users.
It allows readers to access the Journal on the iPhone, iPad,
iPod Touch, Android smart phone and tablet, or Kindle Fire.
Social Media—RMA’s LinkedIn group has more than
14,000 followers and The RMA Journal’s Facebook and Twitter followings continue to grow. The RMA blog offers timely
coverage of major RMA events. Online RMA communities
foster discussions and the exchange of information among
our members and customers.
E-newsletters—RMA e-newsletters include Regulatory
Alert and The RMA Journal.
The RMA Journal—The publication continues to receive
recognition throughout the industry for its coverage and
content. With 90,000 readers, it regularly earns editorial
and design awards. The digital RMA Journal features audio
and video from RMA events.
Web seminars—Recent Web seminars include Risk and
Control self-assessments, “Operational Risk: An Interactive
Introduction,” and “Key Risk Indicators: What They Are
and Why You Need Them.”
THE RMA BLOG OFFERS TIMELY COVERAGE OF MAJOR
RMA EVENTS. ONLINE RMA COMMUNITIES FOSTER
DISCUSSIONS AND THE EXCHANGE OF INFORMATION
AMONG OUR MEMBERS AND CUSTOMERS.
14
ENABLING BEST PRACTICES
Courses—RMA courses included “Best Practices in Asset/
Liability Management: A Focus on Liquidity and Market
Risk,” held in Atlanta in January, and “Market Risk Management: Best Practices in Monitoring, Measurement, and
Control,” held in New York in March.
Surveys—Forty-three institutions completed RMA’s Derivative Valuation Survey–Non-Libor Discounting. RMA
also conducted an operational risk staffing study for regional
banks.
INCREASING MEMBERSHIP VALUE
RMA membership initiatives across Thought Leadership;
Education, Training, and Certification; Policy Dialogue;
Communication/Marketing; and Enabling Best Practices are
all dedicated to one objective: increasing membership value.
Internationally, our efforts have ranged from implementing
an RMA Europe page on our website and additional European content in The RMA Journal, to increased round tables
and open-enrollment training events. Another example of
RMA’s international reach is the PASLA/RMA Securities
Lending Conference in Asia.
THE RMA
AND RMA
JOURNAL
APPS
STRATEGIC EXECUTION
Engagement of Board and Leadership Team—We continue to tap the Board as a critical resource throughout each
stage of our rolling strategic plan, with particular focus on
current environmental impacts and possible mitigation actions, to ensure it reflects the best thinking of the Board and
staff. The Board and Leadership Team continued to be actively
engaged in updating our plan, which was most recently published in June 2013. Several examples of key issues on which
staff actively sought Board input during the year included the
RMA branding strategy, development of additional products/
services/delivery modes to ensure relevancy for our members,
and how to position and promote the CRC.
STAFF DEVELOPMENT
Internal Promotions and Professional Development—
Five staff members were promoted to higher-level positions,
100% of staff attended mandatory training on IT security,
and RMA was tracking towards having 100% of staff complete a mandatory communications skills class. Meanwhile
in fiscal 2013, 21 staff members pursued company-paid
professional development classes, three undertook training
for continuing education requirements in their respective professions, and three additional individuals availed themselves
of undergraduate or graduate tuition reimbursement. Having
made an explicit commitment to investing in professional
development, we have contracted with a multi-delivery channel/unlimited use training service to serve a broad spectrum
of development needs, and enrolled staff members as designated by their managers. These steps are part of an active
talent management initiative in which RMA avails itself of
in-house talent and retains high performers by providing
career advancement opportunities.
Succession planning—The succession plan was updated
and presented to the Executive Committee of the Board of
Directors. It outlined replacement plans for internal director
positions to mitigate risk associated with key staff turnover.
ASSOCIATION CULTURE
Behavior that demonstrates the RMA values of caring,
integrity, pride, excellence, and teamwork is required of all
staff members, and tracking these behaviors in performance
reviews holds staff and managers accountable for keeping
these values alive.
Compressed Summer Work Week Alternative—After
finding the 2012 summer work week alternative to be a
success, RMA again offered staff members a choice of four
summer work schedules, allowing them greater flexibility to
avail themselves of blocks of free time to enjoy the summer
and rejuvenate before our busy season begins.
15
100 YEARS
OF ADVANCING
PROFESSIONALISM
A BANKING “BIBLE”, 1946
RMA publishes an
“influential book for the
credit man.”
FIRST ANNUAL STATEMENT STUDIES
PUBLISHED, 1925
The book includes 37 industries and is
based on the analysis of almost 1,700
statements submitted by members.
Still published today, this resource is
used by a myriad of industries and is
one of RMA’s best-known products.
1914
1924
1934
1944
THE BIRTH OF RMA, 1914
On June 25, 1914, a meeting
of bankers, who then called
themselves the Robert Morris
Club, takes place in Rochester,
New York, and is attended by 82
lenders.
SILVER JUBILEE, 1939
RMA membership grows to over
350 banks, and the organization
celebrates its 25th Anniversary.
16
1954
MENTOR SERIES DEBUTS, 1988
RMA launches a series of instructorled courses on commercial credit risk
composed of three tracks: analytical,
lending, and management. Over the
years, RMA has produced numerous
courses in credit, operational, market,
and enterprise risk, including customized
bilingual courses for Canada, available
in hundreds of sessions annually via
RMA’s chapters, or on-site at financial
institutions.
A YEAR OF FIRSTS, 1969
RMA welcomes its first female associate.
RMA begins monthly publication of the
Commercial Lending Newsletter (CLN).
RMA holds the first session of its Commercial
Lending Seminar at Indiana University. Today,
RMA members can choose from a broad
range of educational programs and delivery
methods, all leading to career advancement.
1964
1974
1984
1994
THE MORE THINGS
CHANGE, 2014
After a century, RMA
remains committed
to advancing sound
risk principles while
providing its members
the opportunity to meet,
learn, and share their
experiences.
2004
2014
REED APPOINTED
NEW CHIEF, 1960
NEW MILLENNIUM,
NEW NAME, 2000
Clarence R. Reed
is appointed RMA’s
Executive Vice President.
He serves from 1960 to
1995.
Robert Morris Associates
changes its name to
The Risk Management
Association and begins the
new millennium continuing
its commitment to advance
sound risk principles in all
areas of risk in the financial
services industry.
ROUND TABLE TRADITION ESTABLISHED,
1979
The Credit Policy Round Table is held in
May in Key Largo, Florida. The senior credit
policy officers of 28 of the nation’s top 36
banks attend.
For more from RMA’s history, see the centennial website at rmahq.org.
17
2012-2013 OFFICERS
CHAIR
VICE CHAIR
PRESIDENT AND CEO
M. ROBERT ROSE
MICHAEL J. LOUGHLIN
WILLIAM F. GITHENS
Chief Credit Officer
Brookline Bancorp Inc.
Boston, Mass.
Senior Executive Vice President
& Chief Risk Officer
Wells Fargo
San Francisco, Calif.
The Risk Management Association
Philadelphia, Pennsylvania
DIRECTORS
J. TOL BROOME JR., CRC
MORTEN N. FRIIS
GAIL JENSEN-BIGKNIFE
Executive Vice President
& Director of Regional
Corporate Banking
BB&T Bank
Winston-Salem, North Carolina
Chief Risk Officer
Royal Bank of Canada
Toronto, Ontario
Executive Vice President
& Chief Credit Officer
The Bank of Santa Barbara
Santa Barbara, California
BOB L. CASTON JR.
Consumer Banking,
Business Banking,
And Legacy Asset Servicing
Risk Management Executive
Bank of America
Dallas, Texas
NANCY J. FOSTER
Executive Vice President
& Chief Risk Officer
Park Sterling Corporation
Charlotte, North Carolina
18
LETON L. HARDING JR.
Executive Vice President
Powell Valley National Bank
Wise, Virginia
SCOTT S. HICKEY
Executive Vice President
& Chief Credit Officer
Associated Bank
Milwaukee, Wisconsin
HELGA HOUSTON
Senior Executive Vice President
& Chief Risk Officer
Huntington National Bank
Columbus, Ohio
RUSSELL T. PLAYFORD
Senior Executive
Vice President
& Chief Risk Officer
Bank of the West
San Francisco, California
KRISTINE D. PRICE
Executive Vice President
& Senior Credit
Administrator
Torrey Pines Bank
Los Angeles, California
DIRECTORS
(CONTINUED)
J.M. (MICKY) RIGBY
BRIAN ROBERTSON
EDWARD P. SCHREIBER
Executive Vice President
& Chief Credit Officer
Summit Bank
Arkadelphia, Arkansas
Group Managing Director
& Chief Executive Officer
HSBC Bank plc
London, England
Executive Vice President
& Chief Risk Officer
Zions Bancorporation
Salt Lake City, Utah
RMA COUNCIL CHAIRS
CHAPTERS & MEMBERSHIP
ENTERPRISE RISK MANAGEMENT
KAREN BJELLAND, CRC
YOUSEF A. VALINE
Vice President, Commercial Banking
TD Bank
Spartanburg, South Carolina
Executive Vice President
& Chief Risk Officer
First Horizon
Memphis, Tennessee
COMMUNITY BANK
ROBERT R. MESSER
Executive Vice President
& Chief Financial Officer
American National Bank
Terrell, Texas
CREDIT RISK
CYNTHIA G. MANZETTI
Head of Commercial Business
Risk, Controls and Oversight
Citibank US Commercial Business Bank
Long Island City, New York
MARKET RISK
PROFESSIONAL DEVELOPMENT
COMMITTEE
JAMES GREGORY OLIVIER
Senior Executive Vice President
& Chief Credit and Risk Officer
First Southern Bank
Boca Raton, Florida
MURRAY MCINTOSH
REGULATORY RELATIONS
Senior Vice President, Trading Credit Risk,
Capital Markets Risk Management
Canadian Imperial Bank
Toronto, Ontario
PETER A. SCHNALL
Senior Advisor
Capital One
McLean, Virginia
OPERATIONAL RISK
SECURITIES LENDING COMMITTEE
DANIEL J. ROUSSELL
JASON P. STROFS
Senior Vice President
& Head, Operational Risk
State Street
Boston, Massachusetts
Managing Director
BlackRock Securities Lending
Strategy Group
San Francisco, California
RMA COMMITTEE CHAIRS
AGRICULTURAL LENDING COMMITTEE
PRIVATE LENDING COMMITTEE
YOUNG PROFESSIONALS COMMITTEE
JOHN C. COVINGTON
GRACE M. JACKSON
ANGELA R. DURRETT
Senior Vice President
Bank of the West
Fresno, California
Senior Vice President
Private Wealth Management
SunTrust Bank
Atlanta, Georgia
Vice President
& Underwriting Officer
Green Bank
Houston, Texas
REAL ESTATE LENDING COMMITTEE
CANADIAN COMMITTEE
RICHARD DAWSON
Head of Commercial Banking
Atlantic Canada
HSBC
Halifax, Nova Scotia
KIM D. MCNEIL
Executive Vice President
Credit Executive-Commercial Real Estate
PNC Bank
Pittsburgh, Pennsylvania
CONSUMER RISK
MANAGEMENT COMMITTEE
SMALL BUSINESS BANKING COMMITTEE
DALE BUTTGEREIT
MICHAEL J. WELTZER
Executive Vice President/Credit Executive,
Consumer
PNC Bank
Pittsburgh, Pennsylvania
Senior Vice President
& Wholesale Lending Services Executive
SunTrust Bank
Atlanta, Georgia
19
BALANCE SHEETS
August 31, 2013 and 2012
Assets
· Cash, receivables, and other current assets
· Investments
· Net fixed assets and other assets
2013
6,785,129
26,371,614
653,383
2012
6,176,128
23,505,608
996,015
Total assets
Liabilities and members’ equity
Current liabilities
· Accounts payable and accrued expenses
· Unearned revenue and advance collections
33,810,126
30,647,751
6,530,917
7,750,158
4,929,255
8,554,340
Total current liabilities
Liability for pension benefits
14,281,075
510,201
13,483,595
2,061,594
Total liabilities
14,791,276
15,545,189
Members’ equity
19,018,850
15,102,562
Total liabilities and members’ equity
33,810,126
30,647,751
2013
24,720,896
(21,373,030)
2012
23,352,963
(21,154,297)
3,347,866
2,198,666
(854,614)
(1,224,000)
2,493,252
1,690,426
974,666
1,696,344
(267,393)
(571,509)
3,916,285
2,099,501
· Members’ equity, beginning
15,102,562
13,003,061
· Members’ equity, ending
19,018,847
15,102,562
2013
2012
26,149,008
25,652,847
24,731,520
24,475,821
1,417,488
1,177,026
STATEMENTS OF ACTIVITIES
August 31, 2013 and 2012
Revenue
Operating expenses
Changes in members’ equity before product research and
development
· Product research and development expense
Changes in members’ equity from operations
· Realized and unrealized gains (losses) from investments
· Pension-related charges other than net periodic pension
costs
Change in members’ equity
Members’ equity
STATEMENTS OF CASH FLOWS
August 31, 2013 and 2012
Cash flows from operating activities
· Cash received from members, customers, and investment
earnings
· Cash paid to suppliers and employees
Net cash (used in) provided by operating activities
The full report of RMA’s independent auditor, McGladrey & Pullen, LLP, is available on the
Members Only section of the RMA website. Go to www.rmahq.org and click on Members
Only and then Annual Report. You’ll need your RMA password to access this information.
20
RMA is a member-driven professional
association whose sole purpose is to advance
sound risk principles in the financial services
industry.
RMA’S ORIGINAL NAMESAKE,
ROBERT MORRIS
MISSION AND VALUES STATEMENTS
RMA MISSION STATEMENT
RMA is a member-driven professional association whose sole
purpose is to advance sound risk principles in the financial
services industry.
RMA helps our members use sound risk principles to
improve institutional performance and financial stability,
and enhance the risk competency of individuals through
information, education, peer sharing, and networking.
RMA VALUES STATEMENT
Caring: We treat everyone with respect and dignity. We
exhibit genuine interest for everyone through empathy, appreciation, and active communication. We encourage participation in charitable activities.
Integrity: We do what is right. We are honest, forthright,
and direct. We trust each other. We keep our word and deliver
on our promises.
Teamwork: We work together in a trusting, supportive,
and collaborative environment in order to achieve our goals.
We reward individuals who contribute to the success of our
fellow colleagues and RMA.
Excellence: Our goal is to exceed expectations by providing
superior products and excellent customer service. We will go
above and beyond to understand our members’ needs and
deliver value to them. We continually invest in resources
and develop our people to deliver exceptional experiences
for both our members and our staff. We are committed to
the financial stability of RMA.
Pride: We exhibit pride in our values, our accomplishments, and our long-standing tradition. We celebrate
our employees and their contributions in serving our
members.
JOIN RMA TODAY
On the local, national, and international level, RMA members enjoy an edge over their competition by networking
with peers at courses, events, and chapter meetings. They
also stay informed about the industry through our monthly publication, The RMA Journal®, and the RMA website,
www.rmahq.org.
For membership information, contact RMA Customer
Care by calling 1-800-677-7621, prompt #2, or by sending
an e-mail to [email protected].
21
THE RISK MANAGEMENT ASSOCIATION
1801 MARKET STREET, SUITE 300
PHILADELPHIA, PA 19103
RMAHQ.ORG
Enterprise Risk • Credit Risk • Market Risk • Operational Risk • Regulator y Compliance • Securities Lending