Clients - Banks & Broker/Dealers

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CMRA has consulted to many banks and brokers/dealers around the world on both proactive projects and investigation/litigation support matters. Projects for banks and broker/dealers have ranged from risk management, to governance, to valuation, to capital market strategy. The breadth of our client base (including hedge funds, money managers, funds of funds, investment banks, commercial banks, derivatives companies, institutional investors) as well as geographic diversity (we have clients on 6 continents) gives us a unique cross industry perspective.

CMRA's principals has been involved on the front line of every facet of the banking and broker/dealer business from trading to risk management to new product development to origination to documentation to legal issues.

Selected Assignments for Banks and Broker/Dealers

• Benchmarked the practices of many investment banks, commercial banks, and derivatives companies

• Vetted many complex pricing models

• Assisted clients in building derivatives businesses, selling and exiting derivatives businesses, the creation of derivatives product companies and on the acquisition of a credit derivatives business

• Advised on all aspects of both OTC and exchange traded derivatives (swaps, options and hybrids)

• Conducted comprehensive reviews and risk diagnostics for a large cross-section of firms

• Advised several clients on Chief Risk Officer (CRO) roles, responsibilities and selection.

• Advised the Board of Directors and Senior Management of several banks on the measurement for all financial transactions including derivatives

• Drafted and reviewed risk management policies and practices for many banks, investment banks and broker/dealers

• Advised several clients on a charter for a Risk Committee of the Board

• Reviewed the CDO and CLO valuation and risk management approaches of several major institutions

• Assisted several firms in formulating "Risk Appetite Statements"

• Evaluated risk management practices of sizeable Korean broker/dealer

• Reviewed the asset/liability management framework and approach of several regional banks

• Evaluated market, credit, operational and liquidity risk management policies, practices and approach for many banks including an emerging market bank

• Evaluated risk measurement, limits, policies and procedures and reporting processes of several large banks.

• Engaged by a Japanese think tank to provide in depth research on risk management practices of major banks and investment banks

• Advised several firms on the structure of their Risk management Governance Committees

• Consulted on best practice for credit derivative swaps (CDS)

• Provided expert testimony on the complex commodity derivatives involved in Sumitomo's trading scandal on behalf of a large bank.

• Provided expert testimony for a large European bank in an arbitration regarding the valuation and profitability of an unusually long term exotic option

• Provided an expert report in a inter-dealer dispute over interpretation of asset swap and repo agreements

• Conducted a comprehensive review of Banker's Trust's derivatives business commissioned by the Federal Reserve, SEC, CFTC and NYS Banking Commission

• Analyzed by the valuations in a litigation relating to margin calls on an MBS hedge fund for a large broker/dealer

• Analyzed the issues in a litigation matter relating to margin calls and liquidation of hedge fund with significant mortgage backed and emerging market exposures for a large European bank

• Analyzed a complex CLO and provided an expert report in a dealer/investor dispute

• Provided valuation and market practice expert report and testimony in Askin/Granite Funds meltdown

Selected CMRA in the Press – Banks and Broker Dealers

Six Women Honored With Outstanding Women in Performance & Risk Measurement Award - The Spaulding Group - June 2018

Risk Inverse - The Journal of Portfolio Management - Spring 2009

In Modeling Risk, the Human Factor Was Left Out - The New York Times - Nov. 2008

VaR Enough? Market turbulence tests the limits of Value at Risk - Institutional Investor - June 2008

Corporate Governance The Great American - Institutional Investor - April 2005