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  Issue 25 | Archive November 2015

RMI¡¯s Suzhou Centre gets its First Research Grant from the National Natural Science Foundation of China

On 17 August 2015, the National Natural Science Foundation of China approved a grant of over 493,000 yuan (approximately S$110,000) to the Risk Management and Quantitative Finance Centre at NUS Research Institute (NUSRI), Suzhou. The grant is for research conducted by RMI¡¯s Director Prof. Steven Kou, as the Principal Investigator, in collaboration with Associate Professor Yingda Song from the University of Science and Technology of China and two PhD students from NUSRI, Yang Chen and Jiang Wei.

The grant is awarded to the Suzhou Centre for the period of 2015 to 2019, within which the researchers will produce a series of journal articles on the subject of and related to the ¡°exotic option pricing under Markov processes.¡± This funding was presented to the Suzhou Centre because of the research project¡¯s potential impact in both theory and practice.

Earlier this year a research paper co-authored by Prof. Steven Kou and Associate Professor Yingda Song titled, ¡°A General Framework for Pricing Asian Options under Markov Processes¡± was published in Operations Research. This grant is a big step forward for the Suzhou Centre which officially opened in May this year at NUSRI, under the directorship of Prof. Dai Min, RMI Deputy Director (Industry Relations) and Director of Centre of Quantitative Finance, NUS. The aim of this Centre is to promote international exchange, training, and research on risk management and quantitative finance in China.

RMI Hosts its First Anti-Money Laundering Training Workshop

On 24 and 25 August 2015, RMI conducted a two-day training workshop in Anti-Money Laundering (AML) for the first time. Leveraging on RMI¡¯s domain expertise, the course was conducted by two invited experts from the field; Ms. Yvette Cheak, Managing Director of ACE Compliance and Dr. Yimin Yang, Director of Protiviti Inc. USA.

This unique training program offers participants insights into the AML environment in Singapore. As the Singapore economy becomes increasingly international and open, money laundering issues and risks management have received increased attention from the regulators, with amendments to the legislation made to strengthen the AML levers in Singapore.

Against such a backdrop, the timely workshop focused on the AML fundamentals and regulations on the first day, covering topics such as countering the financing of terrorism, Singapore regulatory authorities and regulatory framework, financial institutions and risk assessment, and special businesses and institutions. Whereas, day two shed light on the more technical side, covering topics including systems and model risk management and participants learned more about, model validation, AML technology and systems, and AML system validation and statistical analysis. The systems and statistical analysis and evaluation process delved deeper into quantitative assessment and models within the monitoring systems to cover potential money laundering scenarios and to detect suspicious transactions.

The delegates who attended the workshop were industry professionals with a minimum three years of experience in AML, compliance, and risk management. The workshop received positive feedback from participants who found the content useful especially in light of the emphasis on compliance and regulation issues, not only in Singapore but around the world.

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Published quarterly by Risk Management Institute, NUS
Editor: Shivani Nakhare (rminsr@nus.edu.sg)