GARP awards the 2007 Risk
Manager of the Year Award at the 9th Annual Risk Management
Convention & Exhibition
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New York, London; February 26, 2008: The
European Central Bank (ECB) is the recipient of the Global
Association of Risk Professionals' (GARP: www.garp.org) 2007 Risk Manager of the Year Award and
was honored during the Association's 9th Annual Risk Management
Convention & Exhibition on February 26, 2008 at the New York
Marriott Marquis in New York City. Accepting the award on behalf of
the ECB, was Lucas Papademos, Vice President of the ECB (pictured
above with Rich Apostolik, President & CEO of GARP, (left) and
William Martin, Chairman, GARP Board of Trustees (right).
The Risk Manager of the Year Award was established in 1997 by GARP
to recognize the outstanding contributions and positive impact made
by individuals, or organizations, to the financial risk management
profession. This year, GARP's Board of Trustees' has decided to
recognize the collective efforts of an institution for the first
time in the award's 11-year history.
"Over the last nine years through its work in transitioning the EU
to a single currency and over the last eighteen months during a
time of unprecedented market volatility, credit crunch, and general
economic uncertainty, the European Central Bank has demonstrated
foresight and decisiveness during times of severe stress" stated
Richard Apostolik, President & CEO of GARP. "Thus, singling out
only one individual for what were the collective efforts of an
entire organization over a period of years would be extremely
difficult, and unfair to those not recognized. The ECB is a true
role model for GARP and the risk management community and GARP
wishes to applaud its achievements."
The European Central Bank is one of the world's most important
central banks. Throughout the years, the ECB has a number of
notable achievements under its belt:
- In the last nine years, the ECB has successfully transitioned
the European Union to a single currency, while controlling the
monetary and economic effects related to the expansion of the EU as
it assimilated new countries into the single currency.
- Its efforts to establish systems and processes to reduce
overall risk in the EU financial system through the introduction of
SEPA Credit Transfer, to be followed by SEP Direct Debit and TARGET
2.
- Over the last eighteen months, the ECB was clearly in the lead
in foreseeing and increasing risks to the financial system derived
from the sub-prime market.
- The ECB's crisis management activities over the last six
months, particularly in August 2007, were dramatic, decisive and
successful in keeping the markets functioning during a time of
severe stress. The Banks' activities had a stabilizing effect on
the money market rates and contributed to mitigating the effects of
the market turmoil on the financial system and the economy.
"It is indeed a great pleasure for the ECB to receive the Risk
Manager of the Year Award, which I gladly accept on behalf of the
Governing Council and all my colleagues at the ECB", stated Lucas
Papademos, ECB Vice President at the GARP Convention on Tuesday. "I
am aware that, in receiving this award, the ECB finds itself in the
privileged company of distinguished past recipients who have made
important contributions to academic research and business practices
in the area of risk management."
About GARP
The Global Association of Risk Professionals (GARP) is a
not-for-profit independent association of over 69,000 risk mana
gement practitioners and researchers representing banks, investment
management firms, government agencies, academic institutions, and
corporations from more than 167 countries worldwide. It also
administers the Financial Risk Manager (FRM©), the world's premier
certification for the financial risk professional. GARP's mission
is to be the leading professional association for risk managers,
managed by and for its members dedicated to the advancement of the
risk profession through education, training and the promotion of
best practices globally. www.garp.org