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Chinese banking regulators win top risk management award

(Xinhua)
Updated: 2010-02-10 16:20

NEW YORK: Chinese banking regulators won a top award from a leading risk management association in New York on Tuesday.

The China Banking Regulatory Commission (CBRC) and its chairman Liu Mingkang were jointly named the Risk Manager of the year 2009 by the Global Association of Risk Professionals (GARP) at the association's 11th annual conference.

"We are pleased to recognize CBRC and Mr Liu Mingkang for their key role in orchestrating the recapitalization of China's largest state-owned banks," said Richard Apostolik, president and CEO of GARP.

He praised CBRC and Liu for their efforts to implement numerous disciplined risk management practices, regulatory oversight policies and corporate governance initiatives, and for their strong commitment to the importance of prudential banking regulation.

Apostolik said the award is presented in recognition of outstanding contributions to the financial risk management profession.

That "takes on special meaning at a time when the recent financial crisis left many of the world's largest banks on the brink of failure," he added.

Apostolik told Xinhua that it's the first time that this award has gone to Asians, "a unanimous decision by the board."

Liao Min, who attended the conference on behalf of CBRC and Liu, said the award is a "recognition for the past and encouragement for the future" for CBRC.

China will continue to implement risk management principles and further improve its banking risk management, he said.

GARP is the world's largest and most authoritative industry association for financial risk management.

Its members include more than 100,000 risk management professionals and researchers from over 167 countries and regions worldwide.