This document discusses opportunities and challenges around data science in the financial services industry. It begins with defining data science and providing an overview of trends in data science. It then discusses four key challenges facing the financial industry: compliance, profitability and solvency growth, competitive advantage, and gaining insights from customer behavior, risk management, product optimization, and reporting. The document outlines various levels of analytics maturity and provides examples of how descriptive, predictive, and integrated analytics can be used in areas like customer analytics, risk management, and portfolio optimization. It concludes by discussing future trends in data science and artificial intelligence.
1. The document outlines the functional organization and delegation principles for model validation within a bank.
2. Risk has responsibility for controlling the fair value of financial instruments, approving models, and establishing reserves policies. Finance is responsible for financial reporting and delegates model controls to Risk.
3. Other functions like Front Office, Operations, Middle Office, and Back Office play defined roles in deal execution, market parameter validation, and P&L production according to the responsibilities chart.
In this study we survey practices and supervisory expectations for stress testing (ST), in a credit risk framework for banking book exposures. We introduce and motivate ST; and discuss the function, supervisory requirements and expectations, credit risk parameters, interpretation results
with respect to ST. This includes a typology of ST (uniform testing, risk factor sensitivities, scenario analysis; and historical, statistical and hypothetical scenarios) and procedures for con-ducting ST. We conclude with two simple and practical stress testing examples, one a ratings migration based approach, and the other a top-down ARIMA modeling approach.
This white paper proposes a methodology to dynamically diffuse stress across a credit rating scale while considering the performance of credit scores. The approach involves 5 steps:
1) Modeling the initial default rate curve using a Beta distribution.
2) Applying a stress impact to the average default rate.
3) Establishing a relationship between the pre-stress and post-stress curves.
4) Optimizing to find the post-stress (α,β) parameters of the Beta distribution.
5) Analyzing the relationship between the diffusion of stress by rating class and the Gini index, which measures score performance.
The methodology is demonstrated on a real SME loan portfolio, showing how the level
Because the VaR starts to be « old fashioned » and not so "Normal" :-), CH&Co. and its GRA team wanted to pay a last tribute to this world famous Market Risk Method.
This paper comes along with a Excel Tool
This document provides an overview of risk training, technology, and advisory services offered by Gamma Advisory Services. It describes the background and qualifications of the principal advisor, Pravin Shirname. Gamma Advisory Services offers a range of programs including reviews, vocational training programs, and advanced reviews covering topics like market risk, credit risk, asset and liability management, and retail credit risk. It provides details on certification programs for treasury professionals and relationship managers that include modules covering products, processes, risk controls, and accounting. The document outlines the objectives, delivery mechanisms, users, and range of programs offered by Gamma Advisory Services.
CH&CO - VaR methodology whitepaper - 2015 C Louiza
In the framework of knowledge promotion and expertise sharing, Chappuis Halder & Co. decided to give free access to the “Value-at-Risk Valuation tool” named in our paper “VaR spreadsheet estimator”. It contains the detail sheets simulations for the three main Value-at-Risk methods: Variance/covariance VaR, Historical VaR and Monte-Carlo VaR. The presented methodologies are not exhaustive and more exist and can be adapted depending on the process constraints.
This paper aims to have a theoretical approach of VaR and define all relevant steps to compute VaR according to the defined methodology. And to go further, it seems important to define VaR for a linear financial instrument. Thus, illustrations to monitor the VaR for an equity stock has been performed with a European call option VaR simulations for a better understanding of the concept and the tool. This article only focuses on VaR but will provide opportunities to open to more quantitative risk indicators as Stress-tests, Back-testing, Comprehensive risk measure (CRM), Expected Tail Loss (ETL) or Conditional VaR… more or less linked with the VaR methodologies…
everis Marcus Evans FRTB Conference 23Feb17Jonathan Philp
everis was Gold Sponsor of the Marcus Evans Conference ‘4th Edition: Impact of the Fundamental Review of the Trading Book’ at Canary Wharf, London on 23-24th February 2017.
This was a timely opportunity to catch up with banks and solution partners as we move into the implementation phase of Fundamental Review of the Trading Book (FRTB) programmes. We heard views and case studies across a range of topics including market risk methodology, operating model definition and data and systems architecture design.
Our presentation at the conference focused on the architectural challenges posed by FRTB.
160513 Study Sourcing in risk and compliance functionsDr. Marc D. Grüter
This document summarizes insights from a benchmark study on sourcing risk and compliance functions in international financial institutions. Key findings include:
1) Sourcing risk and compliance functions can improve effectiveness and efficiency while reducing costs by up to 30%. It allows banks to focus on differentiators and quickly adapt to regulatory changes.
2) Most banks implement a nearshoring model, with hubs in locations like India and Eastern Europe. Examples of successfully sourced functions include risk modeling and standardized transaction decisions.
3) Success requires a strong business case, transparency on current functions, and ensuring additional risks are managed within risk appetite. Detailed planning is also important to realize benefits while mitigating execution risks.
1. The document outlines the functional organization and delegation principles for model validation within a bank.
2. Risk has responsibility for controlling the fair value of financial instruments, approving models, and establishing reserves policies. Finance is responsible for financial reporting and delegates model controls to Risk.
3. Other functions like Front Office, Operations, Middle Office, and Back Office play defined roles in deal execution, market parameter validation, and P&L production according to the responsibilities chart.
In this study we survey practices and supervisory expectations for stress testing (ST), in a credit risk framework for banking book exposures. We introduce and motivate ST; and discuss the function, supervisory requirements and expectations, credit risk parameters, interpretation results
with respect to ST. This includes a typology of ST (uniform testing, risk factor sensitivities, scenario analysis; and historical, statistical and hypothetical scenarios) and procedures for con-ducting ST. We conclude with two simple and practical stress testing examples, one a ratings migration based approach, and the other a top-down ARIMA modeling approach.
This white paper proposes a methodology to dynamically diffuse stress across a credit rating scale while considering the performance of credit scores. The approach involves 5 steps:
1) Modeling the initial default rate curve using a Beta distribution.
2) Applying a stress impact to the average default rate.
3) Establishing a relationship between the pre-stress and post-stress curves.
4) Optimizing to find the post-stress (α,β) parameters of the Beta distribution.
5) Analyzing the relationship between the diffusion of stress by rating class and the Gini index, which measures score performance.
The methodology is demonstrated on a real SME loan portfolio, showing how the level
Because the VaR starts to be « old fashioned » and not so "Normal" :-), CH&Co. and its GRA team wanted to pay a last tribute to this world famous Market Risk Method.
This paper comes along with a Excel Tool
This document provides an overview of risk training, technology, and advisory services offered by Gamma Advisory Services. It describes the background and qualifications of the principal advisor, Pravin Shirname. Gamma Advisory Services offers a range of programs including reviews, vocational training programs, and advanced reviews covering topics like market risk, credit risk, asset and liability management, and retail credit risk. It provides details on certification programs for treasury professionals and relationship managers that include modules covering products, processes, risk controls, and accounting. The document outlines the objectives, delivery mechanisms, users, and range of programs offered by Gamma Advisory Services.
CH&CO - VaR methodology whitepaper - 2015 C Louiza
In the framework of knowledge promotion and expertise sharing, Chappuis Halder & Co. decided to give free access to the “Value-at-Risk Valuation tool” named in our paper “VaR spreadsheet estimator”. It contains the detail sheets simulations for the three main Value-at-Risk methods: Variance/covariance VaR, Historical VaR and Monte-Carlo VaR. The presented methodologies are not exhaustive and more exist and can be adapted depending on the process constraints.
This paper aims to have a theoretical approach of VaR and define all relevant steps to compute VaR according to the defined methodology. And to go further, it seems important to define VaR for a linear financial instrument. Thus, illustrations to monitor the VaR for an equity stock has been performed with a European call option VaR simulations for a better understanding of the concept and the tool. This article only focuses on VaR but will provide opportunities to open to more quantitative risk indicators as Stress-tests, Back-testing, Comprehensive risk measure (CRM), Expected Tail Loss (ETL) or Conditional VaR… more or less linked with the VaR methodologies…
everis Marcus Evans FRTB Conference 23Feb17Jonathan Philp
everis was Gold Sponsor of the Marcus Evans Conference ‘4th Edition: Impact of the Fundamental Review of the Trading Book’ at Canary Wharf, London on 23-24th February 2017.
This was a timely opportunity to catch up with banks and solution partners as we move into the implementation phase of Fundamental Review of the Trading Book (FRTB) programmes. We heard views and case studies across a range of topics including market risk methodology, operating model definition and data and systems architecture design.
Our presentation at the conference focused on the architectural challenges posed by FRTB.
160513 Study Sourcing in risk and compliance functionsDr. Marc D. Grüter
This document summarizes insights from a benchmark study on sourcing risk and compliance functions in international financial institutions. Key findings include:
1) Sourcing risk and compliance functions can improve effectiveness and efficiency while reducing costs by up to 30%. It allows banks to focus on differentiators and quickly adapt to regulatory changes.
2) Most banks implement a nearshoring model, with hubs in locations like India and Eastern Europe. Examples of successfully sourced functions include risk modeling and standardized transaction decisions.
3) Success requires a strong business case, transparency on current functions, and ensuring additional risks are managed within risk appetite. Detailed planning is also important to realize benefits while mitigating execution risks.
James Okarimia - Fundamental Review Of The Trading Book (FRTB)JAMES OKARIMIA
The Fundamental Review of the Trading Book (FRTB) aims to tighten regulations around banks' trading activities and capital requirements in response to issues during the 2008 financial crisis. The FRTB imposes stringent new capital rules, removing Value-at-Risk and increasing controls between trading and banking books. Banks face significant challenges implementing the new requirements by 2019, including restructuring data reporting at the trading desk level, reviewing profitable trading strategies, and demonstrating adequate internal controls for multiple trading books.
CH&Cie - Fundamental Review of the Trading BookC Louiza
The document discusses concerns that led to the Fundamental Review of the Trading Book (FRTB). It summarizes that pre-FRTB there was unclear classification between banking and trading books allowing regulatory capital arbitrage. Risk measures also failed to fully capture risks like procyclicality, model risk for complex products, and comprehensive risks. The FRTB aims to address these issues with changes like standardized approaches, constraints on modeling, and convergence of prudential and accounting rules. It signals a strategic shift towards limiting internal modeling and preventing methodology arbitrage.
This document discusses modeling approaches for operational loss forecasts in stress testing. It describes the seven categories of operational loss events defined by Basel-II, and requirements for operational risk management programs including internal loss data, external loss data, scenario analysis, and business environment factors. It then covers three approaches to calculating operational risk capital and describes a regression-based method used for stress testing that links losses to macroeconomic scenarios. The document discusses defining units of measure, testing unit homogeneity, modeling frequency and severity, and considers Poisson, negative binomial, and time series regressions.
This document provides a summary of John Lazcano's expertise and experience in risk analysis and regulatory compliance. It lists his areas of expertise as structured credit, stress testing, validation, compliance, audit, CCAR, regulatory issues, and Dodd-Frank/Basel regulations. It then gives an overview of his background in credit risk analysis and comparative risk assessment across industries. Finally, it outlines his extensive experience in model validation, risk reporting, stress testing, data management, and ensuring regulatory compliance at financial institutions.
White paper risk management in exotic derivatives trading - ch cie gra -- vdefAugustin Beyot
- Banks accumulated large positions in structured interest rate derivatives known as spread range accrual products between 2005-2008. These had discontinuous payoffs that depended on reference interest rate spreads staying above certain strike levels.
- In June 2008, there was a sudden and unexpected inversion of the EUR interest rate curve. This caused the gamma exposure of banks' derivatives desks to invert, leading to large losses as the payoffs changed discontinuously.
- The document discusses how efficient risk management using techniques like stress testing and limiting risk concentrations could have helped banks avoid such losses from unhedgeable risks in exotic structured products.
Key learnings of recent AQR & CCAR exercises suggest that some significant moves are required to fulfil market & regulators expectations. In this context, CH&Cie is pleased to share with you the latest developments in implementing stress testing as well as best practices
BCG-Five-Practices-of-Operational-Risk-Leaders-Oct-2016_tcm80-214941Dr. Marc D. Grüter
The document discusses five practices that leading operational risk management programs at banks employ to more effectively manage operational risk. These include: 1) setting clear strategic objectives and priorities for operational risk that are aligned with business goals; 2) efficiently managing mature operational risks to free up resources for emerging risks; 3) having a strong function for identifying and tracking emerging risks; 4) clearly defining the roles and responsibilities of each line of defense; and 5) revising incentives to reinforce desired risk management behaviors. Banks that master these five practices are better equipped to anticipate and mitigate risks in a changing environment.
The document discusses capital management and stress testing frameworks. It provides an overview of the CCAR capital planning process, which includes developing multiple stress scenarios and using those scenarios to project losses, revenues, expenses, and capital ratios over nine quarters. It also discusses building blocks for stress testing like modeling credit and trading losses, and frameworks for integrating risk reporting and PPNR forecasting.
The document summarizes key changes in the Basel Committee's revised market risk framework, known as Fundamental Review of the Trading Book (FRTB). It introduces more complex capital calculations under the internal models approach, with requirements for multiple scenario analyses and risk factor combinations that significantly increase processing needs. It also requires clearer position classification and metadata for regulatory capital calculations. Banks will need enhanced data management and risk aggregation capabilities to integrate information across business units. The substantial technology impacts suggest a long-term, flexible implementation approach rather than short-term minimum compliance.
Outlook and market survey on the fresh Standards for Minimum capital requirements for market risk, published January 14th, 2016.
FRTB will deeply impact banks on IT, process, organization and human aspects.
CH&Co can help banks cope with these changes.
This document provides information about Mohammad Fheili and his expertise in stress testing credit risk. It includes his credentials, which show over 30 years of banking experience in risk management roles. It also discusses the importance of stress testing for understanding potential risks and their impacts under different scenarios. Stress testing helps banks evaluate whether their capital levels would be sufficient to withstand severe but plausible future events and credit environments. The document outlines various types of credit stress tests a bank can perform, including sensitivity analyses, scenario analyses using both historical and hypothetical scenarios, and tests focused on macroeconomic, market or worst-case events.
1. The revised FRTB framework aims to address weaknesses in capital requirements and distinguish between trading book and banking book holdings by requiring higher capital for trading book assets.
2. Firms seek to move assets between books to minimize capital requirements based on liquidity and profitability as positions change.
3. Key impact areas of FRTB include OTC derivatives, securitization, and more complex instruments. Firms will need new business models and technology to implement FRTB.
The document summarizes the Fundamental Review of the Trading Book (FRTB), which establishes new capital requirements for market risk. It outlines the standardized approach and internal models approach, both of which involve calculating expected shortfall and stressed value-at-risk. Banks will need to store and process significantly more market data to meet the new requirements, which are estimated to increase median capital requirements by 22% and weighted average capital requirements by 40%. Technical challenges include automating extensive data gathering, pricing, and reporting to support the new risk measurement approaches and capital calculations.
With our experience and our experts, Chappuis Halder & Co would provide appropriate incentives at every level of your organization. It could help you at the time to manage “modern” risk alongside performance
Solving the FRTB Challenge: Why You Should Consider an Aggregation SolutionFIS
Many banks face multiple challenges around market risk, with outdated infrastructure, fragmented systems, and inflexible reporting tools. And now FRTB raises the stakes. The Fundamental Review of the Trading Book is the biggest change in market risk rules that we’ve seen in a generation.
The answer to the FRTB challenge is a centralized aggregation solution that allows you to source required prices from one or more front-office and risk engines, perform bank-wide FRTB calculations using those inputs, and combine the results with intermediate data and expose inputs via reporting and analysis tools.
View our slideshow to learn more about aggregation challenges and why you should consider an external solution.
FRTB Backtesting and P&L Attribution Test RequirementsRamesh Jonnadula
1) Banks must pass backtesting at the bank-wide level and desk-level to use internal models to determine market risk capital requirements. Backtesting compares Value at Risk (VaR) to actual and hypothetical profit and loss.
2) At the bank level, more than 10 exceptions results in increased capital charges. At the desk level, more than 12 exceptions at 99% VaR or 30 at 97.5% VaR requires standard capital charges.
3) Profit and loss attribution (PLA) testing compares risk-theoretical profit and loss to hypothetical profit and loss. Strong correlation and similar distributions are required to use internal models, otherwise standard capital charges apply.
Capital Adequacy Stress Tests: Pre-Provision Net Revenue and Scenario DesignCRISIL Limited
The document provides details about a web conference on capital adequacy stress tests with a focus on pre-provision net revenue (PPNR) modeling and scenario design. It includes dial-in details for participants to join the audio portion of the web conference, which will be presented by Joshua Hancher from CRISIL Global Research & Analytics. The agenda covers PPNR modeling components like balance sheet projections, net interest income, noninterest income and expenses. It also discusses scenario development and case studies from CRISIL GR&A on commercial loan forecasts and fair value of loans held-for-sale.
Warren's Strategy Dynamics approach in a nutshellAndreas Größler
- The document discusses Warren's approach to strategic management dynamics, which positions it against conventional strategy approaches and uses system dynamics.
- Warren's approach focuses on quantitatively modeling how tangible and intangible resources accumulate and deplete over time based on management decisions and external factors to understand organizational performance.
- The approach involves sketching performance over time, identifying underlying resources, and then modeling how resource flow rates depend on resource levels, decisions, and external conditions to build the "strategic architecture".
Chappuis Halder & Cie is an international consulting firm with experience in major financial services projects around the world. They focus on improvement and turnkey business solutions with short-term deployment and results. Their consultants are experienced professionals who are passionate about their work and focused on bringing value to customers in sectors like retail banking, insurance, trading, and corporate/investment banking. They work closely with clients' teams to deliver consulting projects across all activities of investment banking.
Chappuis Halder & Cie is an international consulting firm that provides financial services consulting. They have consultants working on major projects around the world in areas like mobile banking launches, stock exchange design, risk management strategies, and operational improvements. The firm ensures high consultant motivation and focuses on bringing practical business solutions and short-term impacts rather than long-term studies. They work closely with clients' teams and have consultants with prior experience working in banks and insurance companies.
The document discusses strategies for small luxury brands to succeed in large but low-profit sectors like fashion and perfume. It proposes assessing brands based on their positioning, regional branding, key industry success factors, and cost structure. Small brands are categorized into four groups defined by their brand image relevance and product sophistication: authentic luxury, enthusiasm luxury, showplace luxury, and bridge luxury. The document advocates reversing the traditional market maker approach to instead focus on a more customer-centric strategy for smaller brands.
James Okarimia - Fundamental Review Of The Trading Book (FRTB)JAMES OKARIMIA
The Fundamental Review of the Trading Book (FRTB) aims to tighten regulations around banks' trading activities and capital requirements in response to issues during the 2008 financial crisis. The FRTB imposes stringent new capital rules, removing Value-at-Risk and increasing controls between trading and banking books. Banks face significant challenges implementing the new requirements by 2019, including restructuring data reporting at the trading desk level, reviewing profitable trading strategies, and demonstrating adequate internal controls for multiple trading books.
CH&Cie - Fundamental Review of the Trading BookC Louiza
The document discusses concerns that led to the Fundamental Review of the Trading Book (FRTB). It summarizes that pre-FRTB there was unclear classification between banking and trading books allowing regulatory capital arbitrage. Risk measures also failed to fully capture risks like procyclicality, model risk for complex products, and comprehensive risks. The FRTB aims to address these issues with changes like standardized approaches, constraints on modeling, and convergence of prudential and accounting rules. It signals a strategic shift towards limiting internal modeling and preventing methodology arbitrage.
This document discusses modeling approaches for operational loss forecasts in stress testing. It describes the seven categories of operational loss events defined by Basel-II, and requirements for operational risk management programs including internal loss data, external loss data, scenario analysis, and business environment factors. It then covers three approaches to calculating operational risk capital and describes a regression-based method used for stress testing that links losses to macroeconomic scenarios. The document discusses defining units of measure, testing unit homogeneity, modeling frequency and severity, and considers Poisson, negative binomial, and time series regressions.
This document provides a summary of John Lazcano's expertise and experience in risk analysis and regulatory compliance. It lists his areas of expertise as structured credit, stress testing, validation, compliance, audit, CCAR, regulatory issues, and Dodd-Frank/Basel regulations. It then gives an overview of his background in credit risk analysis and comparative risk assessment across industries. Finally, it outlines his extensive experience in model validation, risk reporting, stress testing, data management, and ensuring regulatory compliance at financial institutions.
White paper risk management in exotic derivatives trading - ch cie gra -- vdefAugustin Beyot
- Banks accumulated large positions in structured interest rate derivatives known as spread range accrual products between 2005-2008. These had discontinuous payoffs that depended on reference interest rate spreads staying above certain strike levels.
- In June 2008, there was a sudden and unexpected inversion of the EUR interest rate curve. This caused the gamma exposure of banks' derivatives desks to invert, leading to large losses as the payoffs changed discontinuously.
- The document discusses how efficient risk management using techniques like stress testing and limiting risk concentrations could have helped banks avoid such losses from unhedgeable risks in exotic structured products.
Key learnings of recent AQR & CCAR exercises suggest that some significant moves are required to fulfil market & regulators expectations. In this context, CH&Cie is pleased to share with you the latest developments in implementing stress testing as well as best practices
BCG-Five-Practices-of-Operational-Risk-Leaders-Oct-2016_tcm80-214941Dr. Marc D. Grüter
The document discusses five practices that leading operational risk management programs at banks employ to more effectively manage operational risk. These include: 1) setting clear strategic objectives and priorities for operational risk that are aligned with business goals; 2) efficiently managing mature operational risks to free up resources for emerging risks; 3) having a strong function for identifying and tracking emerging risks; 4) clearly defining the roles and responsibilities of each line of defense; and 5) revising incentives to reinforce desired risk management behaviors. Banks that master these five practices are better equipped to anticipate and mitigate risks in a changing environment.
The document discusses capital management and stress testing frameworks. It provides an overview of the CCAR capital planning process, which includes developing multiple stress scenarios and using those scenarios to project losses, revenues, expenses, and capital ratios over nine quarters. It also discusses building blocks for stress testing like modeling credit and trading losses, and frameworks for integrating risk reporting and PPNR forecasting.
The document summarizes key changes in the Basel Committee's revised market risk framework, known as Fundamental Review of the Trading Book (FRTB). It introduces more complex capital calculations under the internal models approach, with requirements for multiple scenario analyses and risk factor combinations that significantly increase processing needs. It also requires clearer position classification and metadata for regulatory capital calculations. Banks will need enhanced data management and risk aggregation capabilities to integrate information across business units. The substantial technology impacts suggest a long-term, flexible implementation approach rather than short-term minimum compliance.
Outlook and market survey on the fresh Standards for Minimum capital requirements for market risk, published January 14th, 2016.
FRTB will deeply impact banks on IT, process, organization and human aspects.
CH&Co can help banks cope with these changes.
This document provides information about Mohammad Fheili and his expertise in stress testing credit risk. It includes his credentials, which show over 30 years of banking experience in risk management roles. It also discusses the importance of stress testing for understanding potential risks and their impacts under different scenarios. Stress testing helps banks evaluate whether their capital levels would be sufficient to withstand severe but plausible future events and credit environments. The document outlines various types of credit stress tests a bank can perform, including sensitivity analyses, scenario analyses using both historical and hypothetical scenarios, and tests focused on macroeconomic, market or worst-case events.
1. The revised FRTB framework aims to address weaknesses in capital requirements and distinguish between trading book and banking book holdings by requiring higher capital for trading book assets.
2. Firms seek to move assets between books to minimize capital requirements based on liquidity and profitability as positions change.
3. Key impact areas of FRTB include OTC derivatives, securitization, and more complex instruments. Firms will need new business models and technology to implement FRTB.
The document summarizes the Fundamental Review of the Trading Book (FRTB), which establishes new capital requirements for market risk. It outlines the standardized approach and internal models approach, both of which involve calculating expected shortfall and stressed value-at-risk. Banks will need to store and process significantly more market data to meet the new requirements, which are estimated to increase median capital requirements by 22% and weighted average capital requirements by 40%. Technical challenges include automating extensive data gathering, pricing, and reporting to support the new risk measurement approaches and capital calculations.
With our experience and our experts, Chappuis Halder & Co would provide appropriate incentives at every level of your organization. It could help you at the time to manage “modern” risk alongside performance
Solving the FRTB Challenge: Why You Should Consider an Aggregation SolutionFIS
Many banks face multiple challenges around market risk, with outdated infrastructure, fragmented systems, and inflexible reporting tools. And now FRTB raises the stakes. The Fundamental Review of the Trading Book is the biggest change in market risk rules that we’ve seen in a generation.
The answer to the FRTB challenge is a centralized aggregation solution that allows you to source required prices from one or more front-office and risk engines, perform bank-wide FRTB calculations using those inputs, and combine the results with intermediate data and expose inputs via reporting and analysis tools.
View our slideshow to learn more about aggregation challenges and why you should consider an external solution.
FRTB Backtesting and P&L Attribution Test RequirementsRamesh Jonnadula
1) Banks must pass backtesting at the bank-wide level and desk-level to use internal models to determine market risk capital requirements. Backtesting compares Value at Risk (VaR) to actual and hypothetical profit and loss.
2) At the bank level, more than 10 exceptions results in increased capital charges. At the desk level, more than 12 exceptions at 99% VaR or 30 at 97.5% VaR requires standard capital charges.
3) Profit and loss attribution (PLA) testing compares risk-theoretical profit and loss to hypothetical profit and loss. Strong correlation and similar distributions are required to use internal models, otherwise standard capital charges apply.
Capital Adequacy Stress Tests: Pre-Provision Net Revenue and Scenario DesignCRISIL Limited
The document provides details about a web conference on capital adequacy stress tests with a focus on pre-provision net revenue (PPNR) modeling and scenario design. It includes dial-in details for participants to join the audio portion of the web conference, which will be presented by Joshua Hancher from CRISIL Global Research & Analytics. The agenda covers PPNR modeling components like balance sheet projections, net interest income, noninterest income and expenses. It also discusses scenario development and case studies from CRISIL GR&A on commercial loan forecasts and fair value of loans held-for-sale.
Warren's Strategy Dynamics approach in a nutshellAndreas Größler
- The document discusses Warren's approach to strategic management dynamics, which positions it against conventional strategy approaches and uses system dynamics.
- Warren's approach focuses on quantitatively modeling how tangible and intangible resources accumulate and deplete over time based on management decisions and external factors to understand organizational performance.
- The approach involves sketching performance over time, identifying underlying resources, and then modeling how resource flow rates depend on resource levels, decisions, and external conditions to build the "strategic architecture".
Chappuis Halder & Cie is an international consulting firm with experience in major financial services projects around the world. They focus on improvement and turnkey business solutions with short-term deployment and results. Their consultants are experienced professionals who are passionate about their work and focused on bringing value to customers in sectors like retail banking, insurance, trading, and corporate/investment banking. They work closely with clients' teams to deliver consulting projects across all activities of investment banking.
Chappuis Halder & Cie is an international consulting firm that provides financial services consulting. They have consultants working on major projects around the world in areas like mobile banking launches, stock exchange design, risk management strategies, and operational improvements. The firm ensures high consultant motivation and focuses on bringing practical business solutions and short-term impacts rather than long-term studies. They work closely with clients' teams and have consultants with prior experience working in banks and insurance companies.
The document discusses strategies for small luxury brands to succeed in large but low-profit sectors like fashion and perfume. It proposes assessing brands based on their positioning, regional branding, key industry success factors, and cost structure. Small brands are categorized into four groups defined by their brand image relevance and product sophistication: authentic luxury, enthusiasm luxury, showplace luxury, and bridge luxury. The document advocates reversing the traditional market maker approach to instead focus on a more customer-centric strategy for smaller brands.
Chappuis Halder & Cie is a technology and retail consulting firm that provides strategic consulting services to major industrial and retail clients around the world. Some of their recent projects include launching a telecom operator in Cameroon, managing a $100 million IT outsourcing project in the US, and developing a transport infrastructure project in Dubai. The firm's consultants typically have backgrounds in banking and insurance and work closely with clients' teams to develop strategic plans while also conducting their own market research and studies to provide additional value.
Chappuis Halder & Cie is an international consulting firm focused on the transport/logistics, consumer retail/distribution, telecoms, and luxury goods sectors. They have conducted major strategic projects around the world for clients in these industries. Their consultants have industry experience and focus on knowledge management and research to provide additional value to customers. They emphasize stakeholder alignment, workshop participation, strong facilitation skills, agreement on next steps, short-term results, and quick operational deployment for project success.
Chappuis Halder - EU Benchmark Regulation threepager - May 2016Nicolas Heguy
Threepager on the upcoming EU Benchmark Regulation. In this article, we review the main objectives, characteristics and impacts of the regulation as well as how Chappuis Halder can help the involved financial institutions.
The document discusses the impacts and perspectives of the Fundamental Review of the Trading Book (FRTB) regulation. Key points:
1. Market participants provided over 200 comments on the FRTB to the Bank for International Settlements (BIS), with the majority focused on methodological issues in the standardized and internal model approaches.
2. Comments highlighted significant challenges for banks in meeting the requirements, including the short implementation timeframe and substantial investments needed in infrastructure like IT architecture, data management, and organizational changes.
3. While some improvements in the FRTB were welcomed, comments also identified remaining methodological issues like risk insensitivity in certain asset class treatments, and concerns that the non-modellable risk
The document discusses using voice of the customer (VoC) techniques to understand customer needs and improve processes. It recommends capturing VoC through existing contact center data, call monitoring, surveys, and focus groups. Customer needs can typically be categorized into desires for simplicity, speed, accessibility, pleasant experiences, and lower costs. Understanding key moments in customers' journeys and identifying opportunities to improve satisfaction at touchpoints is important for aligning processes with customer expectations.
The global corporate and investment banks are gradually shifting towards a client and flow trading business model away from more complex products due to weaker macroeconomic conditions, continued market volatility, and shifts in client demand. Current strategies can involve gradually focusing on more liquid products, reducing capacity in complex products and structured businesses, or exiting certain proprietary trading operations. Key workstreams to enable this transition include client contribution, collateral management, prime brokerage and clearing, and enhancing client services. Providing outstanding client services is seen as key to retaining corporate clients and gaining asset manager clients in the new flow trading business model.
The document discusses customer loyalty challenges facing private banks. As asset under management decreases and acquisition costs rise, banks must focus on retaining existing customers. Customers now expect transparent reporting, online access, and low-risk, simple products. Distribution channels must be efficient and adapt to changing customer expectations in order to strengthen customer relationships and intimacy.
IBM Big Data Analytics - Cognitive Computing and Watson - Findability Day 2014Findwise
1) The document discusses IBM's Watson cognitive computing system and its applications. It provides an overview of IBM's Watson products and solutions for areas like decision making, discovery, customer engagement, and data exploration.
2) Key Watson applications highlighted include solutions for healthcare treatment, mechanical system repair, and airline management. Watson is also being applied to areas like pharmaceutical research, education, and publishing.
3) The document outlines IBM's vision of integrating cognitive computing capabilities like Watson throughout its data and analytics portfolio to enable insights from all types of data.
Deloitte's report and point of view on IBM's Watson. IBM Watson, AI, Cognitive Computing are rapidly evolving technologies that can support and enhance enterprise solutions. Learn about IBM Watson the Why? and the How?
This document summarizes blockchain consortia that have taken a collaborative approach to blockchain implementations and learning. It finds that as of December 2016 there were 25 global consortia, with 13 in financial services and 2 in healthcare. The majority were located in the US and UK and formed in 2016. Financial services dominated the sectors represented. The document provides details on the goals, members and leaders of several representative consortia.
Can Bitcoin be forecasted like any other asset?Patrick Bucquet
Bitcoin raises a lot of interrogations and challenges due to its youth and disruptive technology. This paper starts by giving an overview of bitcoin and blockchain technology. Then, a comparison with other asset classes is presented to identify possible similarities or divergences. The final objective of this document is to propose a pricing model for bitcoin.
Nous nous sommes plongés dans Watson, le programme d'intelligence artificielle cognitive d'IBM, disponible pour tous via une API SaaS.
Cette présentation est un résumé de ce que nous avons appris au travers de 4 cas concrets !
Business Intelligence, Data Analytics, and AIJohnny Jepp
The document discusses business analytics and its importance for businesses. It notes that while analytics was previously seen as only for large businesses, it is now important even for small businesses during the pandemic. The document provides predictions about the growth of machine learning, data management, and the use of prediction markets and data literacy initiatives by organizations. It also discusses trends in analytics like the focus on data strategy and democratizing data access. Finally, it provides a framework called the VIA model for conceptualizing analytics projects and an example of how it can be applied.
Big Data Analytics in light of Financial Industry Capgemini
Big data and analytics have the potential to transform economies and competition by delivering new productivity growth. Effective use of big data can increase operating margins over 60% for retailers and save $300 billion in US healthcare and $250 billion in European public sector. Companies that improve decision making through big data have seen a 26% performance improvement over 3 years on average. Emerging technologies like self-driving cars will rely heavily on analyzing vast amounts of real-time sensor data.
The document discusses the future of underwriting and how talent and technology will transform the role. It notes that underwriters will take on more transformative roles like sales executives, decision makers using predictive analytics, and customer advocates. Technology like sensors, telematics, and automation will change underwriting processes. Those who invest in analytical talent and tools like data management and pricing optimization will be better positioned for the future.
1. Big data has the potential to significantly increase operating margins and productivity for retailers.
2. Retailers are investing in big data to improve merchandising, marketing, e-commerce, supply chain operations, and store operations.
3. Getting started with big data requires determining current maturity, identifying high-value use cases, assessing data and analytics capabilities, establishing data management processes, and anticipating business changes.
What is the impact of Big Data on Analytics from a Data Science perspective.
Presented at the Big Data and Analytics Summit 2014, Nasscom by Mamatha Upadhyaya.
3 Strategies to drive more data driven outcomes in financial servicesTamrMarketing
What are the main obstacles in the way of successful digital transformations within large financial organizations?
Read the blog and watch the full webinar here >> https://www.tamr.com/blog/webinar-3-strategies-to-drive-more-data-driven-outcomes-in-financial-services/
EY + Neo4j: Why graph technology makes sense for fraud detection and customer...Neo4j
Graph databases can help insurance companies address challenges like siloed data systems, identity resolution issues, and an inability to gain a full view of customers. They allow for a unified customer 360 view across different business units. Graph databases perform better than SQL for data that is interconnected, requires optimal querying of relationships, and has an evolving data model. Specifically for insurance, graphs can increase cross-sell/upsell opportunities, retention rates, and customer satisfaction while reducing costs and fraud. EY has experience implementing graph solutions for use cases like fraud detection and customer 360 projects.
You had a strategy. You were executing it. You were then side-swiped by COVID, spending countless cycles blocking and tackling. It is now time to step back onto your path.
CCG is holding a workshop to help you update your roadmap and get your team back on track and review how Microsoft Azure Solutions can be leveraged to build a strong foundation for governed data insights.
Use of Analytics to recover from COVID19 hit economyAmit Parija
The document discusses several topics related to business analytics and optimization. It recommends (1) looking at analytics strategies to re-evaluate business strategies and gain insights, (2) reducing CAPEX and increasing OPEX to improve cash flow, and (3) adopting ready-to-use frameworks for use cases like predictive maintenance and customer analytics.
Penser Consulting answers the key questions:
- What is big data, and why does it matter?
- How can big data drive business decisions?
- How can you build data analytics capabilities in your organisation?
Data-Analytics-Resource-updated for analysisBhavinGada5
Data analytics is the analysis of large volumes of data to draw insights. It is important for cost reduction, faster decision making, revenue growth, and risk management. There are four main types: descriptive analyzes what happened, diagnostic analyzes why it happened, predictive analyzes what will happen, and prescriptive recommends actions. Data analytics helps financial reporting and auditing through risk understanding, process improvements, and continuous monitoring. Businesses use analytics for insights to transform models and gain deeper customer insights. While investment in analytics is widespread, cultural challenges of people and processes are a larger barrier than technology.
Innovative Data Leveraging for Procurement AnalyticsTejari
This webinar will explore the types of problems and questions faced by procurement executives that can benefit most through the application of analytical solutions (e.g. innovation, strategic cost management, risk mitigation, etc.). In addition, we will cover the different forms of cognitive solutions that are emerging to drive real-time decision-making and predictive sourcing capabilities.
The company provides advanced analytics and data-driven decision making services. It has deep analytical capabilities across various industries, developed custom products, and has an expert team of data scientists, analysts, architects and programmers. The vision is to be a world leader in advanced analytics and enabling technology. Services include marketing, operations, supply chain and risk analytics. The company uses big data technologies like Hadoop and advanced tools to deliver solutions focused on customers across industries.
EY + Neo4j: Why graph technology makes sense for fraud detection and customer...Neo4j
This document discusses how graph technology can help with fraud detection and customer 360 projects in the insurance industry. It notes that insurers today struggle with identity resolution, siloed data, and reactive policies. This leads to an inability to get a full customer view or recommend next best actions. Graph databases provide a unified customer view by linking different data sources and modeling relationships. This enables capabilities like predictive analytics, personalization, and improved fraud identification. The document outlines how to build a customer golden profile with a graph database and provides examples of insights that can be gained. It also discusses proving the value of the graph approach and making graphs a long-term, sustainable solution.
HR / Talent Analytics orientation given as a guest lecture at Management Institute for Leadership and Excellence (MILE), Pune. This presentation covers aspects like:
1. Core concepts, terminologies & buzzwords
- Business Intelligence, Analytics
- Big Data, Cloud, SaaS
2. Analytics
- Types, Domains, Tools…
3. HR Analytics
- Why? What is measured?
- How? Predictive possibilities…
4. Case studies
5. HR Analytics org structure & delivery model
This presentation was given at the festival of marketing 2014. How grown up is your analytics? This slide deck will help you understand what you need to achieve optimum business benefit from your data analytics.
The document provides an overview of data science applications and use cases. It defines data science as using computer science, statistics, machine learning and other techniques to analyze data and create data products to help businesses make better decisions. It discusses big data challenges, the differences between data science and software engineering, and key areas of data science competence including data analytics, engineering, domain expertise and data management. Finally, it outlines several common data science applications and use cases such as recommender systems, credit scoring, dynamic pricing, customer churn analysis and fraud detection with examples of how each works and real world cases.
I presented this at ICT Spring Europe 2015 in Luxembourg. The presentation highlights the way in which big data investments are not always delivering on their promise and why brands should consider taking a 'human-centred' approach to big data analytics.
Similar to Data Science by Chappuis Halder & Co. (20)
The document proposes 7 principles to integrate climate risk into bank capital requirements from Basel III to Basel IV. It argues that climate risk is currently undercapitalized and that banks are not incentivized to accelerate their transition to green financing. The principles aim to make climate risk a pillar 1 risk, create a climate stability fund financed by banks, use the fund to absorb unexpected losses from green loans, gradually increase capital requirements for transition risk aligned with IPCC scenarios, and implement a variable capital ratio based on the color of bank assets. It also suggests isolating climate effects on credit risk and reviewing the ASRF model to better anticipate climate crisis impacts.
Basel II IRB Risk Weight Functions : Demonstration and AnalysisGenest Benoit
This paper introduces Basel II, the construction of risk weight functions and their limits in two sections:
In the first, basic fundamentals are presented to better understand these prerequisites: the likelihood of losses, expected and unexpected loss, Value at Risk, and regulatory capital.
Then we discuss the founding principles of the regulatory formula for risk weight functions and how it works.
The latter section is dedicated to studying the different parameters of risk weight
functions, in order to discuss their limits, modifications and impacts on the regulatory capital charge coefficient.
Model Risk Management | How to measure and quantify model risk?Genest Benoit
The aim of this paper is to present model risk situations and a methodology to measure and quantify the associated risk at model level, with different types of assumptions. Then, considering that in practice, a model risk management at model level is hardly feasible, this paper also outlines a method to measure and quantify model risk at risk category level (ex: Credit Risk).
In fact, one of the overarching drivers of this paper is to provide a model risk “value” which will enable you to analyse if the model risk is sufficiently covered. Indeed, although banks already allocate funds regarding this risk (portion of RWA attributed to conservative margins for credit risk, portion of Op risk Value at Risk, etc.), assessing the appropriateness of those funds remain complicated
EAD Parameter : A stochastic way to model the Credit Conversion FactorGenest Benoit
This white paper aims at estimating credit risk by modelling the Credit Conversion Factor (CCF) parameter related to the Exposure-at-Default (EAD). It has been decided to perform the estimation thanks to stochastic processes instead of usual statistical methodologies (such as classification tree or GLM).
Our paper will focus on two types of model: the Ornstein Uhlenbeck (OU) model – part of ARMA model types – and the Geometric Brownian Movement (GBM) model. First, we will describe, then implement and calibrate each model to ensure relevance and robustness of our results. Then, we will focus on GBM model to model CCF.
This document summarizes challenges and methodologies for back-testing expected shortfall (ES), an alternative risk measure to value-at-risk (VaR) that is gaining regulatory support. It first reviews the context of VaR and ES definitions, calculations, and regulations. It then examines existing ES back-testing methods from academic literature, noting their reliance on strong assumptions. Alternative methods developed by the author are also presented, including ES benchmarking, bootstrap, and quantile approaches. The paper applies various ES simulation and back-testing techniques to evaluate their effectiveness. It concludes that accurately back-testing ES remains difficult due to its non-elicitability, though further research on new methodologies may help address this challenge.
The document discusses the evolution of the standardized approach for determining counterparty exposure at default (EAD) under regulatory capital requirements. It provides context on counterparty credit risk and the need for a standardized EAD methodology. It then summarizes the key aspects of the new standardized approach for measuring counterparty credit risk exposures (SA-CCR), including how it calculates the replacement cost and potential future exposure in a more risk-sensitive manner compared to previous standard approaches. The document aims to concisely outline the main components and calculations of the SA-CCR as defined by the Basel Committee on Banking Supervision.
Comments on Basel Op Risk proposal finally published ...Genest Benoit
The Basel Committee finally decided to publish comments to its (controversial) consultation about "Standardised Measurement Approach for operational risk". Hereafter, our detailed answer
This document discusses 5 major challenges facing financial services modelling functions in Europe: 1) The modelling scope is expanding with more models required, 2) Fully harmonized methodologies across institutions and business units are imperative for transparency and cost reduction, 3) Modelling structures need to become more efficient to reduce costs, 4) Modelling governance needs to be broadened, and 5) Emerging data and techniques allow for model innovations. It provides implications for banks, outlining a 5-point plan for banks to develop a comprehensive model review, harmonize methodologies, redesign validation processes, rethink governance, and build new expertise in data science to address these challenges. The plan aims to reduce total model count by 15% and associated
The document summarizes a paper on optimizing post-scoring classification and analyzing its impact on regulatory capital for low default portfolios. It begins by introducing classification techniques like decision trees that are commonly used to group credit scoring models' risk scores into rating classes. It then outlines building rating scales on a real mortgage portfolio using different techniques, analyzing rating stability and relationship between number of classes and regulatory capital impact. The goal is to identify techniques providing best results for low default portfolios and opportunities to optimize risk-weighted assets.
Because the VaR starts to be « old fashioned » and not so "Normal" - :) - , CH&Co. and its GRA team wanted to pay a last tribute to this world famous Market Risk Method.
This paper comes together with a free excel tool
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...Social Samosa
The Modern Marketing Reckoner (MMR) is a comprehensive resource packed with POVs from 60+ industry leaders on how AI is transforming the 4 key pillars of marketing – product, place, price and promotions.
Analysis insight about a Flyball dog competition team's performanceroli9797
Insight of my analysis about a Flyball dog competition team's last year performance. Find more: https://github.com/rolandnagy-ds/flyball_race_analysis/tree/main
End-to-end pipeline agility - Berlin Buzzwords 2024Lars Albertsson
We describe how we achieve high change agility in data engineering by eliminating the fear of breaking downstream data pipelines through end-to-end pipeline testing, and by using schema metaprogramming to safely eliminate boilerplate involved in changes that affect whole pipelines.
A quick poll on agility in changing pipelines from end to end indicated a huge span in capabilities. For the question "How long time does it take for all downstream pipelines to be adapted to an upstream change," the median response was 6 months, but some respondents could do it in less than a day. When quantitative data engineering differences between the best and worst are measured, the span is often 100x-1000x, sometimes even more.
A long time ago, we suffered at Spotify from fear of changing pipelines due to not knowing what the impact might be downstream. We made plans for a technical solution to test pipelines end-to-end to mitigate that fear, but the effort failed for cultural reasons. We eventually solved this challenge, but in a different context. In this presentation we will describe how we test full pipelines effectively by manipulating workflow orchestration, which enables us to make changes in pipelines without fear of breaking downstream.
Making schema changes that affect many jobs also involves a lot of toil and boilerplate. Using schema-on-read mitigates some of it, but has drawbacks since it makes it more difficult to detect errors early. We will describe how we have rejected this tradeoff by applying schema metaprogramming, eliminating boilerplate but keeping the protection of static typing, thereby further improving agility to quickly modify data pipelines without fear.
Learn SQL from basic queries to Advance queriesmanishkhaire30
Dive into the world of data analysis with our comprehensive guide on mastering SQL! This presentation offers a practical approach to learning SQL, focusing on real-world applications and hands-on practice. Whether you're a beginner or looking to sharpen your skills, this guide provides the tools you need to extract, analyze, and interpret data effectively.
Key Highlights:
Foundations of SQL: Understand the basics of SQL, including data retrieval, filtering, and aggregation.
Advanced Queries: Learn to craft complex queries to uncover deep insights from your data.
Data Trends and Patterns: Discover how to identify and interpret trends and patterns in your datasets.
Practical Examples: Follow step-by-step examples to apply SQL techniques in real-world scenarios.
Actionable Insights: Gain the skills to derive actionable insights that drive informed decision-making.
Join us on this journey to enhance your data analysis capabilities and unlock the full potential of SQL. Perfect for data enthusiasts, analysts, and anyone eager to harness the power of data!
#DataAnalysis #SQL #LearningSQL #DataInsights #DataScience #Analytics
Beyond the Basics of A/B Tests: Highly Innovative Experimentation Tactics You...Aggregage
This webinar will explore cutting-edge, less familiar but powerful experimentation methodologies which address well-known limitations of standard A/B Testing. Designed for data and product leaders, this session aims to inspire the embrace of innovative approaches and provide insights into the frontiers of experimentation!
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...sameer shah
"Join us for STATATHON, a dynamic 2-day event dedicated to exploring statistical knowledge and its real-world applications. From theory to practice, participants engage in intensive learning sessions, workshops, and challenges, fostering a deeper understanding of statistical methodologies and their significance in various fields."
The Ipsos - AI - Monitor 2024 Report.pdfSocial Samosa
According to Ipsos AI Monitor's 2024 report, 65% Indians said that products and services using AI have profoundly changed their daily life in the past 3-5 years.
ViewShift: Hassle-free Dynamic Policy Enforcement for Every Data LakeWalaa Eldin Moustafa
Dynamic policy enforcement is becoming an increasingly important topic in today’s world where data privacy and compliance is a top priority for companies, individuals, and regulators alike. In these slides, we discuss how LinkedIn implements a powerful dynamic policy enforcement engine, called ViewShift, and integrates it within its data lake. We show the query engine architecture and how catalog implementations can automatically route table resolutions to compliance-enforcing SQL views. Such views have a set of very interesting properties: (1) They are auto-generated from declarative data annotations. (2) They respect user-level consent and preferences (3) They are context-aware, encoding a different set of transformations for different use cases (4) They are portable; while the SQL logic is only implemented in one SQL dialect, it is accessible in all engines.
#SQL #Views #Privacy #Compliance #DataLake
Codeless Generative AI Pipelines
(GenAI with Milvus)
https://ml.dssconf.pl/user.html#!/lecture/DSSML24-041a/rate
Discover the potential of real-time streaming in the context of GenAI as we delve into the intricacies of Apache NiFi and its capabilities. Learn how this tool can significantly simplify the data engineering workflow for GenAI applications, allowing you to focus on the creative aspects rather than the technical complexities. I will guide you through practical examples and use cases, showing the impact of automation on prompt building. From data ingestion to transformation and delivery, witness how Apache NiFi streamlines the entire pipeline, ensuring a smooth and hassle-free experience.
Timothy Spann
https://www.youtube.com/@FLaNK-Stack
https://medium.com/@tspann
https://www.datainmotion.dev/
milvus, unstructured data, vector database, zilliz, cloud, vectors, python, deep learning, generative ai, genai, nifi, kafka, flink, streaming, iot, edge
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Round table discussion of vector databases, unstructured data, ai, big data, real-time, robots and Milvus.
A lively discussion with NJ Gen AI Meetup Lead, Prasad and Procure.FYI's Co-Found
32. CHAPPUIS HALDER & CO.
MONTREAL
1501 McGill College
avenue – Suite 2920
Montreal H3A 3MB,
Quebec
PARIS
20, rue de la Michodière
75002, Paris, France
NIORT
19 avenue Bujault
79000 Niort, France
NEW YORK
1441, Broadway
Suite 3015, New York
NY 10018, USA
SINGAPORE
60 Tras Street,
#03-01
Singapore 078999
HONG KONG
1205-06, 12/F,
Kinwick Centre
32 Hollywood Road,
Central, Hong Kong
LONDON
50 Great Portland Street
London W1W 7ND, UK
GENEVA
Rue de Lausanne 80
CH 1202 Genève, Suisse
bbillon@chappuishalder.com
Benoit Genest| Partner | London
bgenest@chappuishalder.com
Ziad Fares | Head of R&D | Paris
zfares@chappuishalder.com
Patrick Bucquet | Partner | New York
pbucquet@chppuishalder.com
CONTACTS