RESPONSIBLE FINANCE MANAGEMENT PROGRAMME (Online)

Transcription

1 RESPONSIBLE FINANCE MANAGEMENT PROGRAMME (Online) 1

2 Introduction 1 The Responsible Finance Management Programme is organised by three major international players in the banking and academic sectors (the IEB, the World Savings Banks Institute and the London School of Economics). While using the same teachers and methodology than the Executive Master in Responsible Banking, it contains half the number of modules as the Master. Aimed at candidates with reduced availability, it also lasts one year, with sessions and tutorials held periodically. The programmes seeks to inspire bankers to implement the necessary cultural changes inside the banking and financial industry to win back client trust and to gain a competitive advantage; as we understand it, the future of banking will depend on organizations behaving with integrity, covering environmental, social, economic and governance issues while respecting all stakeholders. The Responsible Finance Management Programme delivers two specialisations, one in Retail Banking, the other in Corporate Banking. It offers the possibility of obtaining both specialisations. The Programme s online modular set up is enriched with an optional study visit to the London School of Economics in September every year, in order to illustrate the content and facilitate professional exchanges. Coaching sessions are also planned to reinforce the Executive Programme s courses insights. 2

3 Definition 2 The Responsible Finance Management Programme rethinks the role of the banks with a responsible management perspective. It teaches students how to improve their practices and optimise their work in complex banking organizations, in a responsible, sustainable manner and with a more customer centric approach. The Programme follows these ten principles: 1. Fair and transparent corporate governance 2. Fair and clear relations with customers with a customer-centric approach 3. The provision of useful and appropriate products and services that contribute to the improvement of the financial well-being of the customers 4. Responsible investment through the integration of environmental, social, governance (ESG) and ethical issues into financial analysis and decision-making 5. The promotion of accessibility and financial inclusion 6. The promotion and provision of financial education policies and instruments 7. Environment-friendly business 8. Making a responsible contribution to the community 9. Being a responsible employer through the application of fair and equal treatment of all staff 10. Contribution to financial stability The principles above and their examples find their roots in the experience of savings, retail and universal banks worldwide over the last decades. Objective 3 3 The Programme aims to: áá Build a new generation of bankers with responsibly driven mindsets and attitudes áá Promote the incorporation of responsible banking principles into ownership policies áá Accompany managers in the integration of responsible banking principles in their day to day practices áá Help managers to align their values with those of the bank so as to become more effective and more aware decision makers áácontribute to making positive change a sustainable reality

4 Structure 4 Topics and case studies are divided into 3 Modules. The first one is compulsory and the two others are optional, see details in Content of the Programme. The modules include classic and current business theories with recent business cases and readings that provide students with most recent knowledge in finance and banking. Topics and case studies have been selected in order to offer students a fundamental understanding of responsible finance applicable to different finance and banking professions. Each module has been developed with the input from academics and leaders from the financial community. Academic tutors accompany the students throughout the programme s modules and courses. The tutor s responsibility is to follow each student, introduce practical cases and answer questions through online tutorials. Students receive detailed study documentation as well as numerous spreadsheets which are kept on the virtual platform so that students can use them from whenever and wherever they study. Module I: Foundations in Responsible Banking Module II: Specialisation, Responsible Retail Banking Management (Part I) Module III: Specialisation, Responsible Corporate Banking Management (Part I) 4

5 Faculty 5 The academic staff is composed by professionals from the financial sector (financial institutions, regulatory official agencies, financial analysts, prestigious auditing and consultancy firms, asset managers, etc.) All professors are successful practitioners who combine a solid academic background with real world experience and insights: many of them hold an international certification such as: Executive Master, a Doctorate, CFA, FRM, CAIA, EFA, etc, issued by prestigious universities throughout the world; furthermore, they work in the fields they teach. Accustomed to working in multicultural environments, their teaching capacity and efficiency in transmitting knowledge have been largely demonstrated. Both, the Director and the Associate Director of the Programme have a highly experienced background. The Program s Director: Jorge Medina Aznar Jorge Medina acts as an Executive Director at Deutsche Bank and Board Member of its Asset Management business in Spain. He s a former Sales & Marketing Director at RBC Investor Services, Royal Bank of Canada Group (ex-bancoval), ex-supervisor at CNMV (Spanish Securities Market Commission) and ex-certified Chartered Accountant at KPMG. He is also currently a Board Member of Enefgy, focused on energy efficiency management. He earned his degree in Finance from Edinburgh University (Scotland), and his degree in Economics from Universidad de Zaragoza (Spain). He also received a MBA from IE (Spain) and attended an in-company Senior Management Programme at IESE and ESADE (Spain). Jorge Medina is an Associate Professor at IEB and his research interest includes Corporate Governance, Banking Strategy and Alternative Investments. The Program s Associate Director: Alberto Moreno de Tejada Alberto Moreno de Tejada has a PhD in Political Science from the Universidad Complutense de Madrid and Instituto de Investigación Ortega y Gasset. His prime research interest is in Ethics, Leadership and Governance in Organisations. He also holds an MBA (European University) and a B.Sc. in Business Administration (Saint Louis University) as well as B.A. in Law (UNED) and a Diploma in Religious Science (ICADE). He is currently an ethics and compliance lawyer at Madrid s Bar and has been a consultant for the OCDE. He is also Associate Professor of Deontology and Business Ethics at IEB. 5

6 Antonio Bosch Bachelor Degree in Business Administration. UCM Program for Management Development (Harvard Business School) he led the task force of Bankinter for implementation of Basel II Currently Head of Capital and Basel Program Soren Braes Degree in M.Sc.(Eng.) from the Technical University of Denmark. He founded the education line Statistical Finance and his Master Thesis back in 1988 was on Modeling the Price Building Process in the Danish Bond Market using Zero Coupon Pricing He worked with SimCorp (a financial software company) and founded their German subsidiary together with 4 other partners Actual CEO of Risk Repair José María Capapé Aguilar Degree in Economics from Universidad Complutense de Madrid MBA, IESE Business School Currently, Head of ABS Origination Spain and Portugal at Natixis Kent Eriksson PhD, Business Studies, University of Uppsala, Sweden Worked as head for applied retail banking research center. Has also worked as consultant in retail bank development work, and with government and authorities in regulation of banking and insurance industry. Was previously on the board of directors of the Swedish financial supervisory authority Rafael Gómez de Iturriaga Piña Bachelors Degree in Business Administration, La Comercial (Universidad de Deusto) and currently CFA level II candidate Currently Director at the Corporate Finance Division of Banco Sabadell Worked at the M&A division of ABN AMRO and N+1 Corporate Finance, both in Madrid. Previously, worked for Mangement Solutions, consulting firm specialized in the risk management of financial institutions Mark Hannam Studied philosophy at Cambridge and Melbourne University Worked fifteen years as Senior Manager in the Foreign Exchange Divisionat the Bank of England Worked seven years at Barclays Global Investors as Managing Director, Head of Investment Solutions, Head of European Cash Management and Chair of the European Diversity Committee Currently Chair of Fair Finance, a microfinance company; Deputy Chair of the Board at the University of East London and the Independent Director at the Institutional Money Market FundsAssociation Chang He Bachelor Degree in Political Science, University of Chicago MBA, INSEAD Deputy Director of Strategic Planning in Consumer Finance at Banco Santander in Madrid, and Asia Region Director at Villar Mir Energia, Grupo Villar Mir in Madrid Currently, she is the founder and CEO of College March Paul A. Moran BA and MA in Economics and Business. Trinity College, Dublin DEA, European Economics, Universidad Complutense, Madrid Worked for Salomon Brothers in London, Price Waterhouse in Paris and the European Commission in Brussels Currently the Director of the Center of European Studies in Madrid Michael Pinkney BSc from Bristol University (UK) and holds the Chartered Financial Analyst (CFA) Bachelor Degree in Chemistry, University of Bristol, U.K. Equity Research analyst for over 20 years servicing international institutional investors and hedge funds in Europe, USA, Middle East and Asia Worked at Barclays, Carnegie, Schroders, Salomon Brothers Director of Citigroup Investment Research in Madrid Miguel Ángel Otero Master of Arts in Economics and Bachelor of Science in Economics Bachelor of Arts in Business Administration Expert in IFRS and Banking Regulation Former Bank Supervisor at Directorate General Supervision. Bank of Spain Bank Expert at European Banking Authority Roberto Savina Bachelors Degree in Mathematics, Turin University FRM certified by GARP-Global Association of Risk Professionals Worked for Intesa Sanpaolo, AIS Financial Decisions and La Caixa, actively leading a broad range of Risk Management and Capital Market initiatives Currently Head of Risk Governance at Genworth Mortgage Insurance (Madrid/London) Mathias Schmit PhD in Finance from the Solvay Brussels School of Economics and Management (Brussels) Worked in banking and public-sector-related activities for 15 years Currently, lecturer for major institutions (e.g. IEB, INSEAD, Amsterdam Institute of Finance, TiasNimbas, Hanoi National University) David Serrano Bachelor Degree in Business Administration Master in European Business, Leicester University Member of the Internal Audit Institute of Spain, ISACA (Information Systems Audit and Control Associations) Worked at Bankinter Internal Audit Division, with different responsibilities Currently Manager (Head) of the Business Processes, IT and Subsidiaries audit team Katia Velasco CFA Charterholder since 2001 Bachelor Degree in Commerce Major in Finance from Concordia University, Montreal, Canada MSC in International Economics, Banking and Finance in Cardiff Business School Global Institutional and Retail fixed income portfolios as a senior fund manager 6

7 Accreditation 6 Responsible Finance Management Diploma, accredited by the IEB (Instituto de Estudios Bursátiles) the WSBI (World Savings Banks Institute) and in association with the London School of Economics. Having obtained the Responsible Finance Management Programme, students can opt the following year to complete the remaining elements of the modules of the Master Programme, thus obtaining the Executive Master in Responsible Banking accreditation Benefits for the Students 7 The Programme enables students to take on management responsibilities and provide effective leadership in line with their own values as regards sustainable economic growth, social well-being and environment protection. Each attendee will acquire and develop skills and a wide range of specialisations crucial to the success of banking and finance professionals. As an individual, the student will: Improve her/his decision-making capacity and performance Gain a better understanding of corporate thinking and culture Acquire a holistic approach towards people, processes and technology As a professional employee of the banking industry, the student will: Gain comprehensive knowledge of specialized areas in banking and finance Approach risk management in a more responsible way and with a more long-term perspective Develop customer-centric approaches Be part of a bank s new management culture Acquire the current best responsible banking practices Analyse the main conflicts of interest in different banking business lines and acquire the knowledge of how to handle them Calendar and Timetable 8 The Programme starts on May and lasts one year, with online sessions and tutorials held every other week. Total hours work: 190 Number of weeks: Module 1: (16 weeks) Modules 2 and 3: (3 weeks respectively) 7

8 Content of the Programme 9 Module 1 Foundations in Responsible Banking Course 1: Foundations in Finance (Part I) Understanding the Responsible Financial and Banking Environment and the main Technical Financial Tools 1. Financial Institution roles and responsibilities: key points for Responsible Banking 2. Macroeconomics 3. Behavioral Finance: The importance of psychology in the economic crisis. 1. Responses to the Financial Crisis: responsible answers of different Business Banking Models. PART I 1. Moral hazard: too big to fail, how to manage Systemic Banks Course 2: Integrity of Financial Markets and Products: the Responsible Approach (Part I) Analysis of the role, behavior and responsible development of Financial Markets and Products: 1. Socially Responsible Investment 2. Good Practices in Derivative Markets 3. Securitisation and the side effects of the Subprime Crisis 1. Ponzi scheme Madoff s fraudulent investment operations. 2. The Libor scandal and its implications for responsible banking 1. Performance Attribution and Asset Allocation: do not dissociate investment policy from customer. 2. Selected reading about SRI Market Course 3: Creating a Culture of Responsible Risk Management (Part I) Identifying, assessing, managing and mitigating the Integrated Risks of a Financial Institution: 1. Credit Risk analysis. Ethical issues in Risk Management 2. Reliable Market Risk Analysis 3. Operational Risk 1. Var Risk Model failure during financial crisis: what went wrong? 2. Responsible Lending 1. The ethics of Risk Management: a post-crisis perspective, 2011, John R. Boatright Course 4: Corporate Governance and Regulation in Financial and Banking Institutions (Part I) Understanding new Banking Regulatory Framework, and complying with Responsible Principles 1. Introduction to ethics in financial institutions and understanding value creation and examining sources of risks in fast growing financial institutions 2. New Regulations and Banking Reforms: Crisis Management, Volcker s and Vickers, MIFID 3. Internal control, compliance and audit 4. Soft Regulation (UNEFP FI...) 1. New requirements and changes of Basel III: Towards a new business model for financial institutions 2. Whistle Blowing and Corporate Governance 3. Different experiences with Bad Banks 1. Breaking up the banks from Glass and Steagall act to Volcker rule and Vickers report. Restructuring the banking system to improve safety and soundness, 2011, Thomas M. Hoening and Charles S. Morris 2. Did good cajas extend bad loans? 2010, Luis Garicano and Vicente Cuñat, London School of Economics 8

9 Course 5: Organizational and Strategic Corporate Management for Responsible Institutions. The individual within the organization (Part I) Leading Financial Institutions responsibly and creating sustainable competitive advantages by managing people and talent: 1. Strategic Management, leadership and future trends in sustainable Banking Management 2. Corporate Social Responsibility Strategy: Non financial report and transparency. 3. Professionalism in Banking: competence and integrity. Standards of professional conduct Case studies 1. Responses to the Financial Crisis: responsible answers of different Business Banking Models PART II 2. Script used as the BBVA Executive Meeting on responsible banking 1. Banking in 2050, 2011, PWC 2. Corporate Governance and access to finance: Kenya post office savings bank (Kposb), perspectives 62, March 2011,WSBI *** Add videos Ombdusman and blue apples Module 2 Specialisation, Responsible Retail Banking Management (Part I) 1. Responsible Retail Banking Institutions 2. Integrity in marketing, brand positioning, competitive advantages, pricing policy. 3. TCR Communication 4. Financial literacy 1. BBVA Continental 2. BBVA Bancomer 3. Solutions of high impact (short cases in brief, momentum, evictions, YSE, first home mortgage US ) 1. Ethics in microfinance, 2011, Reinhard H. Schmidt 2. Mass Retail Banking: how saving banks in Africa, Asia, and Latin America can provide usable services for the poor, working paper, WSBI, Microfinance: FMBBVA Module 3 Specialisation, Responsible Corporate Banking Management (Part I) 1. Foundations in Corporate Finance and best practices 2. Professionalism in Corporate Banking 3. Project Finance and Equator Principles 1. Conflicts of interest in Mergers and Acquisitions: the disastrous merger of Sprint and Nextel 2. Dot.com and Facebook recent public offerings. Did the underwriters act properly and transparently? 1. Private Equity and Venture Capital. The Responsible Approach: what s behind private equity transactions? 9

10 Partnerships 10 The Responsible Finance Management Programme is launched by: The IEB is the leading educational institution in financial training in Spain and Iberoamerica. It was created in The IEB is an official centre affiliated to Universidad Complutense (the largest Spanish University) and sponsored by the Madrid Stock Exchange. Since its creation, the centre has trained more than 30,000 students in a wide variety of financial topics. The Programme was created in partnership with: The World Savings Banks Institute (WSBI), a banking association that represents more than one hundred savings and retail banks associations (in total, more than 6,000 financial institutions) worldwide in 89 countries. As the global voice of savings and retail banking, it is committed to promoting responsible banking through this new Executive Master Degree. One of the pillars of savings and retail banks is their responsible involvement in their region and towards their customers through the provision of accessible products and services, in particular for those who would not have had access to financial products otherwise. And in association with: London School of Economics, the global leader in the study of economics, law and European studies. London School of Economics students and teachers include 16 Nobel Prize winners, 34 past or present world leaders have studied or taught at LSE and an influential network of over 100,000 LSE alumni spans the world, covering over 190 countries. Admission and Cost 11 The Programme enables students to take on management responsibilities and provide effective leadership in line with their own values as regards sustainable economic growth, social well-being and environment protection. Each attendee will acquire and develop skills and a wide range of specialisations crucial to the success of banking and finance professionals. Price: Euros one Specialisation in either Responsible Retail Banking or Responsible Corporate Banking and Euros for both specializations. Courses 12 We also offer the possibility of taking the Responsible Finance Management Programme courses separately. (The Programme contains 7 courses; five courses for Module 1, one course for Module II and one course for Module III. Each course lasts 3 weeks and costs 900 Euros. On completion, students obtain a Foundation Certificate in that Responsible Banking Course. 10

11 c/ Alfonso XI nº Madrid Tel. (+34) Fax (+34) / mrb@ieb.es 11