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45 years in the financial services industry. Experience as a derivatives pioneer (Citibank/ISDA), risk management expert, Board Director and Risk Committee member. Authored Hedge Fund Risk Transparency: Unraveling the Complex and Controversial Debate and edited Risk Budgeting: Risk Appetite and Governance in the Wake of the Financial Crisis and Risk Budgeting: A New Approach to Investing.

From 2011-2016, Ms. Rahl served on the Board of Directors at Global Risk Institute.

From 2007-2015, Ms. Rahl served on the Board of Directors and member of the Risk Management Committee of the Board at CIBC.

From 2004-2008, Ms. Rahl chaired the Risk Committee of the Board at Fannie Mae.

From 2004-2008, Ms. Rahl served on the Board of Directors at the MIT Investment Management Company, the trustee of a $10B endowment.

From 1986-1991, Ms. Rahl served on the Board of the International Swaps and Derivatives Association (ISDA), the industry trade group that has played a dominant role in the development of the swaps and derivatives markets since 1985. ISDA’s activities are wide-ranging and encompass numerous policy and operational aspects of the markets. One of ISDA’s most important functions has been to create standardized master agreements for use between market participants.

From 1987-1989, Ms. Rahl chaired the ISDA Committee responsible for drafting the original ISDA Master Agreement. She has personally reviewed more than 1,000 ISDA Master Agreements and related schedules, and has been involved in in dozens of terminations of derivative transactions (both consensual and in Events of Default) involving in excess of 50,000 trades.

As a pioneer in the derivatives and structured finance businesses and a long-time advisor to all types of financial services companies, Ms. Rahl has a unique cross-industry perspective. Ms. Rahl is the editor of Risk Budgeting: Risk Appetite and Governance in the Wake of the Financial Crisis, published in September 2012 by Risk Books, author of Hedge Fund Risk Transparency: Unravelling the Complex and Controversial Debate, published in March 2003 by Risk Books, and the editor of Risk Budgeting: A New Approach to Investing, published in November 2000 by Risk Books. Her articles have appeared in a wide range of publications.

Ms. Rahl was named one of the 100 Most Influential People in Finance by Treasury and Risk magazine in June 2010, one of the Top 50 Women in Finance by Euromoney in 1997, and was profiled in both the fifth and tenth anniversary issues of Risk Magazine. She was listed in "Who's Who in Derivatives" by Risk Magazine and was profiled in Fortune's "On the Rise" and Institutional Investor's "The Next Generation of Financial Leaders."

Ms. Rahl is on the Board of Directors of the International Association of Quantitative Finance (IAQF). She was a Director of the International Swaps Dealers Association (ISDA) for five years and is a former Director of the Canadian Imperial Bank of Commerce (CIBC), Fannie Mae, the MIT Investment Management Company, and the Global Risk Institute (GRI) as well as a former Advisory Board Member of the New York State Common Retirement Board. Ms. Rahl is a member of the Economic Club of New York.

Ms. Rahl received her undergraduate degree from MIT in 1971 and an SM/MBA from the Sloan School at MIT in 1972.

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Financial services expert specializing in risk management and litigation support across structured product, equity and fixed income derivatives, RMBS, CLOs and commodities. Recent assignments include valuations, model validation, SEC and internal investigations, repo, damages quantification, complex data analysis, ISDA Auctions, insider trading and market manipulation and advising and negotiating derivative restructurings and terminations.

Since joining CMRA, Mr. Niculescu has been involved in risk advisory and oversight assignments focused on valuation, risk assessment, reporting and management, portfolio strategy, risk appetite, risk governance and risk policies and procedures. His clients include major banks, pension funds, insurance companies, broker-dealers, asset managers and government agencies as well as law firms. He has also consulted on a wide variety of dispute resolution and litigation processes, many of which involved derivatives closeouts under ISDA agreements and/or liquidations and closeouts within the context of disrupted market conditions. Recent engagements have involved fixed income securities, insider trading, market manipulations, repurchase agreements, and a wide range of fixed income, currency, and equity derivatives as well as hard-to-value instruments.

Prior to joining CMRA, Mr. Niculescu was at Fannie Mae, where he was the EVP in charge of the Capital Markets division, responsible for the trading and acquisition of securities and loans on balance sheet, for their hedging and funding, and for capital management. Security holdings included Agency and non-Agency RMBS, CMBS, MRBs, asset-backed securities and corporate bonds. The balance sheet size ranged between $700 billion and $1,000 billion during his time at the company and relied extensively on regular debt issuances and on derivatives and options for hedging.

During the 1990s, Mr. Niculescu was at Goldman Sachs where he was a Managing Director responsible for running Mortgage Research and at various times, Corporate Bond Strategy and the global fixed income strategy effort. The fixed income strategy group encompassed futures, swaps and options trading, government bonds, corporate investment grade and high yield bonds, mortgages, emerging market debt and municipal bonds.

Peter received his undergraduate degree, B.A. (Hons), in Economics from the Victoria University of Wellington in New Zealand in 1979, and his Ph.D. in Economics from Yale University in 1985. Peter is a Chartered Financial Analyst charter-holder and a member of the Economic Club of New York.

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In 2001, as a principal at Capital Market Risk Advisors, Mr. Horwitz managed a project to assist a major public pension plan in selecting a risk management system. This project resulted in the publication of the only comprehensive comparison of risk management systems (Risk Magazine, December 2001) and identified the unmet market requirements of established systems.

Mr. Horwitz began his financial career as a consultant in the financial services practice of Booz Allen and Hamilton, focusing on a combination of business, technology, and operational strategy work. Mr. Horwitz then spent 8 years as an equity analyst at Sanford C. Bernstein. During this period he covered the capital equipment, energy, and consumer growth industries on a global basis. Mr. Horwitz worked very closely with the quantitative team at Bernstein, integrating quantitative insights into his fundamental research.

Mr. Horwitz authored Hedge Fund Risk Fundamentals, Solving the Risk Management and Transparency Challenge, published by Bloomberg Press, Copyright 2004 (Reprinted 2007) and Risk Management for Institutional Investors: Fulfilling Fiduciary and Strategic Responsibilities published by Risk Books (Copyright 2013). He also wrote "Integrating Credit Hedge Funds into a Portfolio of Investments," a chapter in Credit Derivative Strategies: New Thinking on Managing Risk and Return, edited by Rohan Douglas, Bloomberg Press – Copyright 2007. Mr. Horwitz is frequently published in industry periodicals and is a frequent speaker at industry conferences.

Mr. Horwitz received his undergraduate degree in Electrical Engineering from the Massachusetts Institute of Technology and his MBA from the Sloan School of Management of the Massachusetts Institute of Technology.