The International Institute of Professional Education and Research (IIPER) is a worldwide professional certification education and research organization with offices and members in multiple countries, organizing global certification training, and offering our exclusive designations to candidates who meet our high academic standards. In order to assure and maintain the integrity of our high academic requirements and standards, IIPER is accredited by the National Certification Commission in Washington D.C.; is a member of the Association to Advance Collegiate Schools of Business (AACSB) in alliance with over 500 business schools and universities around the world and approved by the U.S. Department of Education; as well as faculty and program collaborations with accredited universities worldwide such as Lehigh University in Pennsylvania (a nationally and regionally accredited university offering degree programs through the doctorate level); U.S. Naval Postgraduate School (on military projects, education, and research); international groups such as the University of Applied Sciences of Eastern Switzerland (in discussions); Institute of Philosophy and Ethics in Zurich; and the Magellan Center for business research. Our offices are located worldwide including California, Hong Kong, Switzerland, Singapore, Nigeria, Mexico, and others. We are also a recognized provider with the Project Management Institute as a registered educational provider, where we issue 30 professional development units for our CRM seminars. We are also currently in discussions with Fordham University's graduate program and University of Missouri at Kansas City professors for future collaboration on exciting new programs.
IIPER is heavily involved in academic and applied research in the areas of risk management, cutting-edge leadership theory and practice, business ethics and related current issues on a global basis, and international tourism management, as well as in partnership with the following groups. Most of the work performed is proprietary, and access is currently restricted to members of these specific organizations.
Center for Applied Research This center is located in Asia and is focused primarily on risk and economic research for companies operating in the Asian region. Magellan Center This research institute is located in Colorado and specializes in the areas of management and decision analysis for smaller corporations and start-up firms. U.S. Naval Postgraduate School IIPER is also in collaboration with the Naval Postgraduate School (NPS) and U.S. Military in military research and risk analysis, and works through the Center for Value Creation at NPS.
Mission of IIPER The mission of IIPER is to provide education and certification in the areas of risk management and tourism management so that members qualified to use the designation Certified in Risk Management (CRM) and Certified in Management of Tourism (CMT) are recognized internationally as academically and professionally qualified.
Certified in Risk Management (CRM)
The Certified in Risk Management (CRM) program is an innovative lecture and hands-on 4-day seminar targeted at analysts and managers in corporations who require practical risk analysis and risk management knowledge. In a world where risk abounds and the regulatory environment is risk-adverse, and where economic and market environments are highly volatile, risk management is critical in making optimal business decisions. Real Options Valuation, Inc. is the global preferred provider for the IIPER and has been granted the worldwide exclusive rights to teach CRM certification courses. Upon completion of the 4-day seminar and the successful completion of a live test administered on the last day, participants will be granted the CRM designation. Courses are held worldwide and year-round. Please check the Real Options Valuation's website for the latest schedules and course locations.
So, how do our seminars compare to others? Surprisingly, our 4-day training seminars are lower in price than other so-called simulation courses, and at the completion of the training, you will receive your CRM certification, something that other firms cannot provide. In addition, the training will be conducted by the exclusive CRM-designated trainer, Dr. Johnathan Mun, founder and CEO of Real Options Valuation, Inc.; a professor; a world-renowned expert on risk analysis; author of 7 books on the topics of risk, valuation, and strategy; as well as the developer of our Risk Simulator and Real Options SLS software. Compare that to being trained by a fresh college graduate with less than two years of experience at other firms or a general MBA with insufficient grounding in the theory application of risk analysis. You will not only learn the practical applications of risk analysis, but also the theoretical underpinnings of these applications. Our philosophy of the CRM is not to make you a world-famous expert on risk or know everything that there is to know about risk, but to make you an informed user. One who can ask the right questions and even perform some of the analysis. All analytical training in class will be software based, using Risk Simulator and Real Options SLS software.
The main benefits of our CRM program include: The right to use the Board Certified \"CRM\" Designation after your name on your business card and on your promotional materials such as your resume.
The receipt of an IIPER CRM diploma (this typically takes up to 2 weeks upon successful completion of the seminar).
The accumulation of detailed and advanced knowledge on risk analysis techniques which is a prerequisite for the CRM.
A rigorous 4-day training seminar on various advanced topics on risk analysis.
The prerequisite for the CRM program is a minimum of a Bachelor's degree or its equivalent and 2 years of experience in financial analysis. Knowledge of basic Excel modeling is a plus but not required.
課程內容
模块 1: 风险分析介绍 第 1 章: 培训介绍
– 议程和培训内容 – 介绍 – 材料列表
第 2 章: 如何制订商业决策的？
– 单点估计法 – 方案估计法 – 敏感性分析 – 均值估计的缺陷
第 3 章: 什么是风险/为何要考虑风险?
– 风险分析能做什么 – 综合风险分析的过程
第 4 章: 风险分析软件应用综述
– Monte Carlo 仿真 – 预测 – 分析工具 – 实物期权分析 – 优化
模块 2: 使用Risk Simulator软件进行Monte Carlo分析 第 1 章: Risk Simulator 软件概述
– Risk Simulator’软件4个不同的模块 – Risk Simulator软件的菜单和图标栏
第 2 章: 仿真文档，假设，预测和运行仿真
– 创建和编辑仿真文档以及他们的应用 – 设定仿真 – 设定预测 – 运行仿真
第 3 章: 解释预测统计
– 预测图表
– 基本预测统计：四个矩
第 4 章: 运行仿真选项和随机数种子
– 运行设置
– 设定随机数种子：设定的作用
第 5 章:运行报告，保存，输出仿真数据
– 生成仿真报告 – 保存和输出仿真结果
模块 3: 高级仿真技术 第 1 章: 相关性和截断仿真
– 相关性仿真 – 截断仿真
第 2 章:可替换参数
– 进行可替换参数仿真 – 可替换参数需要注意的地方
第 3 章: 多维仿真
– 单元格链接和动态仿真
第 4 章: 分布拟合
– 单变量拟合 – 多元变量拟合 – 选择正确的概率分布
第 5 章: 仿真的优点和缺陷 问题解答
– 解决缺陷问题
模块 4: 仿真和分析工具
第 1 章: 静态飓风图和蛛网图分析
– 飓风图 – 蛛网图
第 2 章: 动态敏感性分析
– 动态敏感性分析 – 敏感性图解释
第 3 章: 不同分布的假设检验
– 基本假设检验 – 双分布假设检验
第 4 章: 非参数拔靴仿真
– 假设检验
– 通过理论分布比较拔靴测试
模块 5: 通过过Risk Simulator软件进行优化 第 1章: 优化介绍
– 什么是优化，如何应用优化? – 示例优化问题 – 启发式算法加速优化
– 优化的类型
第 2 章: 连续优化
– 连续优化示例
第 3 章: 整型优化
– 整型优化案例
模块 6: 预测
第 1 章: 预测技术和数据的类型
– 定性预测和定量预测 – 不同的预测技术
第 2 章: 无数据预测
– 使用自定义分布
– 使用管理层的假设和德尔菲法
第 3 章: 时间序列分析预测
– 数据准备和运行时间序列分析预测 – 解释预测报告
第 4 章: 非线性外推
– 数据准备和运行非线性外推 – 解释和比较时间序列预测
第 5 章: 多元回归分析
– 数据准备和运行回归 – 解释回归报告
第 6 章: 随机过程
– 什么是随机过程? – 随机游走 – 均值-回复过程
– 跳跃扩散过程 – 混合过程
第 7 章: Box-Jenkins ARIMA
– 数据准备和运行ARIMA – 解释ARIMA报告
模块 7: 实物期权分析:理论和背景
第 1 章: 实物期权介绍: What, Where, Who, When, How, and Why?
– 实物期权的定义
– 为何实物期权分析对决策的制定如此地重要？
第 2 章: 示例商业应用
– 概括性的实物期权案例学习 – 进行实物期权分析的要求
第 3 章: 不同的期权评估技术:实物期权和金融期权的比较
– 闭合法 – 仿真法 – 二叉树法
第 4 章: 风险中性概率技术
– 二叉网格背后的意义
– 应用风险中性概率解决期权问题
第 5 章: 解决欧式和美式看涨期权
– 应用闭合模型解决简单的期权 – 利用二叉网格解决简单的期权问题 – 二叉网格法的精度
第 6 章: 使用Excel解决基本的欧式和美式看涨期权
第 7 章: 解决基本的放弃期权，扩展期权，收缩期权，和选择期权
– 放弃期权 – 收缩期权 – 扩展期权 – 选择期权 – 障碍期权
模块 8: 实物期权分析:应用SLS软件
第 4 章: SLS软件不同模块介绍和波动性的估计
– 单资产 SLS (SLS) – 多资产 SLS (MSLS) – 多叉 SLS (MNLS) – Excel 函数和解决方案
第 4 章: 波动性估计
– 波动率估计: 现金流对数回报法 – 波动率估计: 对数资产现值回报法 – 波动率估计: 管理层假设/概率法 – 波动率估计: GARCH 模型
第 4 章: 改变输入变量解决期权问题和自定义的奇异期权
– 解决美式，欧式和百慕大期权
– 添加奇异的和变化和输入变量求解自定义期权问题 – 变动变化率期权问题
第 4 章: MSLS: 多阶段连续混合期权
– 解决多阶段混合期权 – 复杂的自定义连续混合期权 – 多资产同阶段混合期权 – 转换期权
第 4 章: MNLS: 使用三叉网格，四叉网格和五叉网格解决均值-回复，跳跃-扩散，和双资产彩虹期权
– 三叉网格 – 四叉网格 – 五叉网格
第 4 章: 构建实物期权—问题结构话
– 高科技制造业: 自建工厂还是购买 – 生物制药 R&D: 阶段性投资 – 石油和天然气: 测试井还是地震测试 – 设备扩展: 扩展期权 – 能源企业: 转换期权 – R&D: 阶段性连续混合期权
第 4 章: Parting Shots and The Next Steps
– 商业动态模型
– 现在是什么? 下一步是什么…
ADVANCED CREDIT AND MARKET RISK MODELING FOR BANKS
• •
Course Introduction and Introduction to Integrated Risk Management Capital Adequacy Requirements and Basel II
– Basics of Basel II and Key Elements
– Types of Risks in Banks (Credit, Market, Operational, and others) – Pillars One, Two and Three, and Basel Principles
– Analytical Solutions to Basel II: Economic Capital Framework, IRB Approach, Top Down
Approach, Mapping Advanced Tools to Basel II Requirements
• •
Why Risk Analysis? The concepts of traditional single-point estimation Advanced Analytics: Monte Carlo Risk-Simulation
– Step-by-step approaches to running a simulation and hands-on modeling – Interpreting the risk profile from a simulation
•
Advanced Analytics: Risk Simulation Techniques
– Seed values, truncation, correlated portfolio simulation, alternate parameters,
sensitivity analysis, tornado analysis, nonparametric bootstrapping, precision controls, data fitting and model fitting, data diagnostics and calibration of input parameters – Hands-on modeling
– Due diligence issues in risk modeling
•
Advanced Analytics: Portfolio Optimization
– Fundamentals of optimization techniques, heuristics, optimization techniques – Mean-variance optimization and Markowitz Efficient Frontier creation
– Hands-on modeling on discrete and continuous optimization, static, dynamic and
stochastic optimization models
Risk Analysis
•
Risk and Volatility Estimation
– Underlying Theory and Application
– CV, PV Asset, Log Returns, Management Assumptions, Implied Volatility, EWMA and
GARCH models, pros and cons of each model and when they are applicable – Hands-on modeling and computing volatility from these methods
•
Value at Risk
– Underlying concepts of VaR and the various approaches (model-building and
historical/future risk simulation approaches) – Multiple asset portfolio: static covariance method and simulation approaches with
correlated assets and liabilities
Options Analysis
•
Basic Options and Options Trading Strategies
– Options fundamentals, options payoff schedules (basic options to straddles, strangles
and bull/bear spreads)
•
Exotic Options
– Understanding various exotic and specialized options… from basic American, Asian,
Bermudan, European, to barrier, binary, chooser, credit swap, custom, floating, foreign equity, forward, future, jump-diffusion, lookback, mean-reverting, spread, supershare, takeover, time-switch, and many other exotic options
•
Options Valuation
– Hands-on modeling of closed-form models (Black-Scholes), closed-form American
approximations, simulation open-form models, finite differences, and lattices (binomial, trinomial, quadranomial, pentanomial lattices) – Understanding the risk-neutral modeling approach and solving basic and exotic options
using Real Options SLS software
Credit and Debt Analysis
•
Credit Analysis
– Computing a credit premium and credit spread
– Asset-equity parity models (market value of asset and asset volatility)
•
Debt Analysis and Fixed Income Mathematics
– Basics of debt valuation, fixed income mathematics, debt sensitivities
– Value and yield of risky debt with mean-reverting interest rates – Valuing debt options
•
Credit Derivatives
– Credit Default Swaps (CDS), Credit Spread Options (CSO), and Collateralized Debt
Obligations (CDO)
Probability of Default, Exposure at Default, Loss Given Default, Expected and Unexpected Losses
•
Empirical Models on Probability of Default
– Empirical maximum likelihood models (retail banking)
•
Structural Models on Probability of Default
– Merton option-based models for public and private companies
•
Modeling Exposure at Default and Loss Given Default
– Application of the Credit Plus Model
– Application of Monte Carlo risk-based simulation and historical simulation
Valuation
– Income approach and market approach models – Linking discount rates with volatilities
Forecasting
•
Forecasting Techniques
– Hands-on modeling: Box-Jenkins ARIMA (autoregressive integrated moving average) – Hands-on modeling: Stochastic process forecasting (Brownian motion, mean-reversion,
jump-diffusion, random walk) – Hands-on modeling: Time-series decomposition techniques for seasonality and trend
analysis – Other forecasting techniques: GARCH Volatility targeting techniques (discussed in
Volatility Estimation module), J-S curves and Markov chains
•
Yield Curve Modeling
– Curve spline interpolation and extrapolation models
– Econometric models – Interpolation models
– Stochastic and simulation models
– Structural mean-reverting models (Vasicek, Merton)
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