Why this endeavor ?

Life is multi-faceted and involves both outcomes which are may be rewarding or at times punishing. In Chinese philosophy the concept of yin and yang describe contrary forces that are interconnected and interdependent. Risk and return may be viewed under this philosophy of duality. All activities whether they involve business, even other activities such as sports may be viewed as the duality of reward and risk.

While aspects of risk are understood and applied in various fields, application level knowledge is not uniform. The lack of uniformity may apply within an industry as well. For example while the field of actuarial sciences is well developed enabling its use at the product level, business level risk management for multi-product enterprises is less well applied as was illustrated in the episode regarding US based insurance company AIG during the recent sub-prime crisis.

In the organizational context most skills are silo based. Within organizations and the business ecosystem, front office and support teams typically have unequal and unbalanced staff in terms of backgrounds and skill sets. Moreover different histories and regulatory geographies of financial market segments such as banks, finance companies, etc., have resulted in uneven skill sets.

Such a gap has begun to be accepted among the discerning few. Professor Nitin Nohra, Dean of Harvard Business School indicated recently that 'Society's trust in business has certainly been shaken. And as a result some of society's trust in business education has been shaken as well'. An article in the Harvard Business Review October 2008 issue states '..the claim that managers are professionals does not withstand scrutiny when you compare management with true professions such as medicine and law. Unlike doctors and lawyers, managers don't need a formal education, let alone a license to practice..' Academia lags financial markets and particularly risk practice by a million miles. Some efforts have been taken by providing certification programs but these are entry level efforts and do not meet industry needs.

Vocational and multi-faced skills are the requirement and an unfulfilled need of the day. Institutions need staff with experiential skills which may be applied at the job and managers who can hit the ground running. This requires skills based on multi-level theory and practices from the fields of algebra, calculus, statistics, econometrics, numerical methods, financial markets theory and practices, law, business processes and accounting. Pricing and risk methodologies need to be applied to products, portfolios and processes in operating environments.

The services offered by Gamma Advisory Services will be aimed at addressing process and people skill gaps in the area of risk management. The services will be in the nature of specific risk advisory services and at-site vocational training, at domestic and overseas locations.

Advisory Services

@ Assist solution providers and users with software based risk solutions.

@ Independent risk controls reviews for board and risk committee directors and heads of risk management committees

@ Validation of risk measurement methodologies

@ Best and right risk practices

@ Review of risk control regulations

Training Courses

@ Vocational Training in the application of financial risk control to treasury processes, market risk, credit risk, asset liability management, counterparty risk, and operational risk, among others will be released in a phased manner. All progams will be accompanied with research materials and will be computer aided. Details available on request.

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