In February, Pace’s Lubin School of Business and the Association of International Bank Auditors joined forces to introduce a six-month program leading to a Certified Compliance and Regulatory Professional certificate. Professional certificates are valuable for mid-career professionals who don’t have time to plod through the programs of study required for advanced degrees but who need to update their skills regularly.
The Lubin School of Business at Pace University and the Association of International Bank Auditors (AIBA) have collaboratively developed a Certified Compliance and Regulatory Professional (CCRP™) certificate program for professionals in the global financial services industry. The work behind the program’s creation took four professors and eight industry professionals about 1,000 hours. Classes begin January 19, 2012.
Interactions between government and business are more important than ever and the risks of getting it wrong are greater than ever, Neil S. Braun, dean of the Pace University Lubin School of Business, told Thomson Reuters.
The Lubin School and the Association of International Bank Auditors have addressed this need by collaboratively developing a Certified Compliance and Regulatory Professional certificate program for professionals working in the global financial services industry, Braun said.
The CCRP™ program will be the inaugural course offered at Lubin’s new Center for Global Governance, Reporting and Regulation in midtown Manhattan on Thursday evenings beginning January 19. (For course and registration information, click here.)
The complexity of world markets and diverse political systems means managing international business activities is both more important and more difficult than ever. It has become evident that planning and execution are as important in matters of risk management and regulatory compliance as they are in the traditional business disciplines. The CCRP™ will provide the analytical framework to enhance management’s ability to anticipate and address a fast changing and increasingly regulated world with specific focus on the international banking industry, Braun said.
The program was developed by Lubin professors working with AIBA’s internal audit, compliance and internal control members, who represent nearly 100 US, primarily New York City area-based, branches and agencies of foreign banks. The work took four professors and eight industry professionals about 1,000 hours, Lubin professor John Alan James told Thomson Reuters.
“We are very excited to partner with Pace’s Lubin School of Business … in offering this unique program to provide intensive regulatory risk-management training for industry professionals,” said Steven Lewis, Chairman of the AIBA.
Developing the program was a collaborative effort, not just a sign-off on an already developed curriculum, said David DeMartino, a principal at Compliance Professional Resources LLC and AIBA adviser to the program.
Most international certifications are not of significant consequence, DeMartino said, as hiring managers we don’t think that’s enough.
Teaming the AIBA with Lubin added credibility to the certificate because compliance practitioners were engaged in developing the program, said another AIBA adviser, Romeo A. Vinas, of the Arab Banking Corporation BSC.
The curriculum was developed by compliance practitioners dealing with reality every day and is designed to prepare potential new-hire and promotion candidates for ever-growing and -changing regulatory requirements, said Vinas.
Vinas differentiated the CCRP™ from other recognized certifications, saying only the CCRP™ addresses corporate governance and enterprise risk management as well as anti-money laundering and anti-terrorist financing controls.
Lubin and the AIBA said it is critical to have a recognized business school develop a program that will be administered by industry audit and compliance professionals because:
- financial institutions are facing an increased regulatory burden, that is increasing at a dramatic pace, in the US and abroad;
- the regulatory compliance market requires a significant set of skills that include elements from the accounting, finance and legal professions;
- existing certifications do not offer enough depth to provide students with the knowledge to make an impact in the workforce; and
- ongoing retraining is critical and must be professionally administered.
The development goal was to create a certification based on not just theory but also the practical elements of compliance [such as] incorporating technology, said AIBA adviser DeMartino.
Calling the program one of the only [ones] on using technology in the industry, DeMartino said it looks at how technology relates to regulation and asks about the quality of information, not just number crunching.
The program is designed for banking professionals who seek a solid understanding of the growing significance of regulation and the need for compliance. The initial class will likely include regulators, compliance professionals, lawyers, internal auditors, risk decision makers, and accounting and operational managers, James said.
The first class will receive their certifications just as critical new rules such as the Volcker rule on proprietary trading and a new derivatives trading regime will likely take effect. The course will teach how to manage uncertainty and train others at the bank, from directors and C-suite executives, to supervisors, to trading, audit and operational professionals.
An important goal will be to help the bank determine its risk appetite and apply it throughout its policies and procedures, and to develop organizational structures that break down and eliminate silos, James said.
Recipients of the CCRP™ certificate will have learned to think strategically and tactically, and then customize appropriate solutions for the international financial services institutions where they work, said Lubin dean Braun.
CCRP™ recipients will also have learned how to organize their institution’s compliance structure and train their colleagues to be effective and efficient, said James.
CCRP™ holders may also receive six credits towards a Lubin MBA, Braun said. The school will consider developing programs for other industry sectors such as brokerage or investment banking.
The program will consist of three parts:
- corporate governance in international banking; and enterprise, compliance and operational risk management;
- compliance risk assessment; anti- money laundering and anti-terrorist financing controls; and the role of technology in establishing proper compliance programs; and
- developing and managing a banking compliance program.
Roughly the last third of the program will have each student participate in a practical project.
Students will be expected to attend classes, but lectures will be archived for viewing if occasional business travel takes a student out of town. If Lubin develops programs for other financial service sectors it will consider offering remote classes for non-area students as long as they can participate in the project requirement, Braun said.
“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique Certified Compliance and Regulatory Professional (CCRP™) certificate program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the Association of International Bank Auditors (AIBA). Classes begin January 19, 2012.
Classes Begin January 19, 2012
NEW YORK, NY, December 2, 2011 – The Lubin School of Business at Pace University has formed a strategic alliance with the Association of International Bank Auditors (AIBA) to offer a Certified Compliance and Regulatory Professional (CCRP™) certificate program targeting professionals working in the global financial services industry, including AIBA’s internal audit, compliance and internal control members representing nearly 100 branches and agencies of foreign banks.
The CCRP™ Program will be the inaugural course offered in the new Center for Global Governance, Reporting and Regulation at Lubin, which will develop and apply knowledge growing out of the business school’s years of experience with international accounting standards and corporate management. CCRP™ classes begin January 19, 2012, and run Thursday evenings at Pace University’s Midtown Center in the landmark Fred French Building at 551 Fifth Avenue between 45th and 46th Streets. Course details and registration information are at www.pace.edu/lubin/ccrp.
“The complexity of world markets and diverse political systems means managing international business activities is both more important and more difficult than ever,” said Neil S. Braun, Dean of the Lubin School of Business and former President of the NBC Television Network and CEO of Viacom Entertainment. “It has become evident that planning and execution are as important in matters of risk management and regulatory compliance as they are in the traditional business disciplines. The CCRP™ will provide the analytical framework to enhance management’s ability to anticipate and address a fast changing and increasingly regulated world with specific focus on the international banking industry.”
“We are very excited to partner with Pace’s Lubin School of Business, a leader in advanced management education, in offering this unique program to provide intensive regulatory risk management training for industry professionals,” said Steven Lewis, Chairman of the AIBA.
Among the reasons the industry needs a certification from a well-recognized and highly respected business school such as Lubin, combined with a well-known industry audit and compliance association such as AIBA to administer a value-added certification, are:
- Financial institutions are facing an increased regulatory burden both in the U.S. and abroad. Furthermore, the pace of regulatory changes is increasing dramatically.
- The regulatory compliance market requires a significant set of skills, equaling what is needed in the accounting, finance and legal space.
- Existing certifications simply do not offer enough depth in their programs to allow the student to possess the knowledge to make an impact in the workforce.
- Ongoing retraining in this ever-changing environment is critical and must be professionally administered.
Who Will Benefit
The Lubin/AIBA CCRP™ Program is designed for all banking professionals who seek a solid understanding of the growing significance of regulation and the need for compliance, including:
- Regulators and compliance professionals
- Internal Auditors
- Risk Decision Makers
- Accounting and Operational Management
Course One: Corporate Governance in Financial Institutions
- Course Introduction and Corporate Governance in the International Banking Industry (1/19/12)
- Corporate Governance & Compliance: Overview of Key Statutes and Regulatory Agencies (1/26/12)
- Enterprise Risk Management (ERM) – External Governance vs. Internal Governance – The Role of the Board of Directors, the Audit Committee, and All Levels of Management (2/2/12)
- Compliance Risk Management (CRM) and How ERM Affects All Levels of Bank Management (2/9/12)
- ERM and the Role of Audit (2/16/12)
- Operational Risk and Compliance Management (2/23/12)
- Comparing Similarities of the U.S. Regulatory System with Other Key Countries (3/1/12)
- Summary Session and Course Exam Preparation (3/8/12)
NO CLASS/Spring Break – Take-Home Exam due 3/15/12
Course Two: Regulatory Affairs within International Banking
- Course Introduction and Regulatory Landscape (3/22/12)
- Role of Compliance within the Firm (3/29/11)
- Compliance Risk Assessment – Understanding Key Risk Factors of Complying with Statutes and Regulations to Determine the Risk Level Posed to an International Bank – How Do We Test and Monitor Compliance with Statutes and Regulations Based on Risk? (4/5/12)
- Key Statutes and Regulations Session I – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 1 (4/12/12)
- Key Statutes and Regulations Session II – Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) – Bank Secrecy Act (BSA) / USA PATRIOT Act of 2001, Part 2 – U.S. Money Laundering Prevention and Terrorist Financing Directives vs. the European Union Money Laundering Prevention and Terrorist ML & Financing Directives (4/19/12)
- Key Statutes and Regulations Session III – Introduction to Project Work/Mentors Introduced (4/26/12)
- Role of Technology in Establishing Proper Compliance Programs (5/3/12)
Course Three: Developing and Managing a Banking Compliance Program
- Course Introduction and Establishing Compliance Policies and Procedures – Reference Manuals to Use as Resource Material – Developing a Compliance Manual – Key Elements for Writing an Effective and Comprehensive Compliance Policy – Key Elements for Writing an Effective and Comprehensive Compliance Procedure – Incorporating Head Office Policies into U.S. Policies – Continuation of Project Work – Individual Team Project Themes to be submitted (5/10/12)
- Establishing Compliance Policies & Procedures II – Continuation of Project Work/Creating Specific Policies & Procedures (5/17/12)
- Establishing Compliance Policies & Procedures III – Continuation of Project Work (5/24/12)
- Preparation and Conduct during a Regulatory Examination (5/31/12)
- Delivery of Preliminary Reports by Project Working Groups with Mentors (6/7/12)
- Enforcement Actions (6/14/12)
- Presentation of Final Project Report, Written & Oral, to Board with Mentors (6/21/12)
- Final Examination Preparation (6/28/12)
- NO CLASS/Fourth of July Weekend (7/5/12)
- Final Examination (7/12/12)
For roughly the last third of the program, each student will participate in a practical project, mentored by experienced practitioners.
A combination of distinguished academics and seasoned compliance and regulatory professionals has developed the curriculum and will be teaching the classes, enriched by guest speakers from relevant industries.
The CCRP™ certificate will be awarded to those participants who successfully complete the program in a continuous six-month period and pass the CCRP™ exam. While weekly attendance is strongly encouraged, lectures will be videotaped and archived online for later viewing if occasional business travel takes a student out of town.
$2,500 per CCRP™ Program Course and a $400 fee for administration of the CCRP™ Certification Examination. Each CCRP™ Program Participant will also be responsible for an application fee of $70. CCRP™ Program Participants will be personally responsible for the cost of textbooks and other CCRP™ Program Course related materials.
About The Center for Global Governance, Reporting and Regulation (CGGRR) at Lubin
CGGRR sponsors research and discussion on the development and implementation of global financial reporting standards, regulatory compliance and governance. It also develops programs to develop proficiencies and expertise in these areas and hosts conferences and events on relevant topics featuring leaders in these fields. CGGRR originated as the Center for the Study of International Accounting Standards, and evolved into its current iteration as a natural progression. Reporting standards alone are not sufficient in the current global business environment; governance and regulatory compliance are essential in international business.
About the Lubin School of Business and Pace University
Founded in 1906, Pace University has nearly 13,000 students across six schools. Globally recognized and prestigiously accredited, the Lubin School of Business integrates New York City’s business world into the experienced-based education of its students at both the suburban and downtown campuses, implemented by the region’s largest co-op program, team-based learning, and customized career guidance—all designed to launch success-oriented graduates toward upwardly mobile careers. www.pace.edu/lubin
About The Association of International Bank Auditors (AIBA): The AIBA membership consists of internal audit, compliance and internal control professionals of nearly 100 branches and agencies of foreign banks. The mission of the AIBA is to foster the professional standing of its members by increasing their knowledge and capacities to carry out their responsibilities with respect to international banking.
Pace Media Contact: Samuella Becker, email@example.com; 212-346-1637 (office) or 917-734-5172 (mobile)
CCRP™ Program Contact: BrianPew, firstname.lastname@example.org; 212-618-6444