Training on securitization, July 2–3

Trainings

Our mission at ACRA is to develop best practices in the Russian financial market providing the basis for its sustainable operation. The Agency has unique professional experience and in-depth understanding of credit risk. Our trainings are aimed at facilitating professional development of financial market participants, and enhanced efficiency of management and investment decisions.

Upcoming trainings

Fundamentals of structured finance deals analysisJuly 2–3, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of structured finance and securitization deals.

Training objective

To help participants develop the following skills with respect to structured finance deals analysis:

  • correct use of structured finance ratings (what a credit rating covers and what it does not)
  • understanding new regulatory framework for domestic and foreign rating agencies
  • understanding key stages of a rating assignment process and its follow-up monitoring
  • asset portfolio analysis
  • cash flow and trancheing analysis
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • impact analysis of macroeconomic factors
  • deal documentation and legal opinion analysis

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the training.

Training program

  • new regulatory regime for activities of rating agencies in Russia and globally
  • the notion of rating
  • key stages of rating assignment process
  • structure of a typical non-synthetic (cash flow) deal
  • types of structured finance deals
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis
  • qualitative analysis
  • legal analysis of a deal

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 60,000 + VAT

Fundamentals of asset management companies reliability analysis and credit analysis of non-state pension fundsSeptember 6–7, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • employees of departments of non-state pension funds (NPFs) involved in the investment process of transferring pension proceeds to asset management companies (AMCs)
  • employees of divisions of NPFs and AMCs dealing with financial risk and counterparty risk management
  • collective investments market analysts

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of AMCs reliability and NPFs creditworthiness.

Training objective

To help participants develop the following basic analytical and practical tools for independent assessment of AMCs reliability and NPFs creditworthiness:

  • applying structured approach to AMCs reliability assessment and NPFs creditworthiness
  • analyzing business standing of AMCs in the collective investments market based on publicly available information
  • analyzing financial standing of NPFs using publicly available financial reporting
  • preparing for an off-site meeting with representatives of AMCs
  • calculating and assessing key financial indicators of NPFs
  • qualitative analysis of AMCs and NPFs business
  • assessing regulatory impact

A structured approach to credit analysis of AMCs and NPFs using actual business case studies will contribute to maximizing usefulness of attending the training.

Training program

  • the role of AMCs reliability ratings and their use
  • legal aspects of AMCs activities regulation
  • general principles of a structured approach to analyzing reliability of AMCs
  • analysis of financial indicators of AMCs
  • AMCs business profile analysis
  • AMCs business processes analysis
  • AMCs risk management system analysis
  • general principles of a structured approach to NPFs creditworthiness analysis
  • analysis of financial indicators of NPFs
  • NPFs asset quality assessment
  • NPFs liabilities quality assessment
  • NPFs business profile analysis
  • NPFs business processes analysis
  • NPFs risk management system analysis
  • business case studies

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT

NEW! Forecasting in credit analysis. Course 2: practical aspects of economic modeling September 10–11, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop entry-level analytical and practical tools for independent forecast modeling. 

To help participants develop the following skills with respect to forecasting economic indicators:

  • Use of econometric instruments for practical forecasting.
  • Constructing a model applicable for forecasting. Assessing model parameters and choosing the functional form (levels vs gains; linear vs non-linear).
  • Model diagnostics and determining its use limitations (maximum forecasting horizon, applicability for developing stress scenarios, etc.)
  • Avoiding common mistakes (spurious regression, overparametrization, underestimation of structural shifts and exceptional points, etc.).

Forecasting in credit analysis. Training program:
Course 2: practical aspects of economic modeling

  • Necessary stages of modeling time series of an indicator. Input data. Intuitive understanding of regression.
  • Assessment of coefficients, their importance, robustness of model parameters, intra-sample and out-of-sample qualities.
  • Practical task: a forecasting model for interest rates.
  • Selecting explanatory variables.
  • Mini-test based on previous day materials.
  • Choosing functional form of the equation. Error correction model.
  • Residuals diagnostics. How to improve the resulting model?
  • Practical task: foreign exchange rate model.
  • Seasonal smoothing.
  • Review of useful methods in practical econometrics.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT

Fundamentals of credit analysis of banks and non-banking credit institutionsSeptember 25–26, 2018. Open for enrollmentTwo full days (16 academic hours)

This training is suitable for you if you:

  • assess credit risks of counterparties that are financial institutions; do debt market analysis; are involved into industry-specific academic research;
  • want to understand, what factors are the most relevant for analysis; what do bankers hide in financial reporting; and how to compile a simple and comprehensive analysis structure using the variety of available indicators;
  • are curious about the reasons why banks fail, and want to know if Lehman Brothers and Vneshprombank cases have anything in common;
  • want to do risk management but have no idea what industry specialization to choose;
  • have optimization of the methodology base with respect to counterparty risk analysis as your objective.

An ideal participant is

A higher education professional majoring in economics or finance with a minimum work experience in assessing credit risks of financial institutions.

What you ought to know already to gain the maximum benefits from the training:

  • basics of economic performance and the role of banks in its structure
  • major banking products and services
  • what is the purpose of a central bank and what are its functions
  • what is credit risk and why it is important for financial market activities.

After completing the training, we want you to:

  • be able to independently analyze banks, leasing and micro-finance companies;
  • know what information is important for analyzing various risk factors and where to find it;
  • know how to calculate key ratios and interpret their values;
  • understand what the analysis structure should look like; what factors and in what manner effect each other;
  • know what factors shall be assessed in addition to risks of the bank/company itself;
  • know why risks related to various debt financial instruments are substantially different depending on their class;
  • be aware of the reasons behind the most high-profile bankruptcies in the Russian and global financial markets.

What we offer:

  • practical tasks after each training section and a major homework assignment (using actual case studies);
  • lecturers with extensive and diverse experience in credit analysis of Russian and international financial institutions;
  • maximum interaction during the training sessions (materials can be discussed in the online mode);
  • convenient handouts for detailed studying.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 + VAT

Fundamentals of credit analysis of insurance companiesOctober 11–12, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • employees of divisions involved in credit risk assessment of insurance and reinsurance companies;
  • employees of divisions involved in insurance risk management
  • debt market analysts (sell-side/buy-side)

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of insurance companies.

Training objective

To help participants develop the following skills with respect to creditworthiness assessment of insurance companies:

  • application of structured approach to assessing creditworthiness
  • financial standing analysis based on publicly available financial reporting
  • calculation and assessment of key financial indicators
  • qualitative analysis of business
  • regulatory impact analysis
  • company’s operational environment assessment
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the practical training.

Training program

  • general principles of credit analysis
  • information sources for credit analysis of insurance companies
  • general principles of a structured approach to creditworthiness analysis of insurance companies
  • types and specifics of insurance business
  • operational environment analysis
  • analysis of business indicators
  • presentation and discussion of a business case solved as homework assignment
  • analysis of financial indicators of insurance companies
  • qualitative analysis of managing an insurance company
  • credit risk assessment of debt financial instruments

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT

Fundamentals of sovereign risk credit analysis October 15–16, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • employees of divisions involved in credit risk assessment
  • debt market analysts (sell-side/buy-side)
  • employees of asset management companies

Training goal

To help participants acquire basic analytical and practical tools for making independent creditworthiness assessment of sovereign governments.

Training objective

To help participants develop the following skills with respect to creditworthiness analysis of sovereign governments:

  • applying structured approach to creditworthiness assessment
  • analyzing financial standing based on system of national accounts, macroeconomic data, budget and debt book
  • calculating and evaluating key economic and financial indicators
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using case studies from actual business practice of our coaches will contribute to maximizing usefulness of participating in the seminar.

Training program

  • general principles of credit analysis
  • sovereign borrowers as financial market participants
  • credit analysis factors
  • data sources for credit analysis of sovereign borrowers
  • quantitative indicators of credit analysis
  • qualitative indicators of credit analysis

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 plus VAT

NEW! Change management hosted and presented by Ekaterina Trofimova, ACRA CEOOctober 24, 2018. Open for enrollmentOne day (8 academic hours)

Target audience

Top / middle / project managers who oversee and implement changes in their organizations.

Training goal

To help participants master the structured approach to evolving projects, teams and organizations

Training objective

To help participants develop the following change management skills:

  • Integrated approach to change management
  • Understanding formal and informal roles and behavior models in change management
  • Internal and external communications of the change management team
  • Sustaining changes and formation of “new habits” in the team

Training program

  • Key success factors in change management
  • How to involve personnel into the change process?
  • Formation and management of the ecosystem of changes
  • Change management at different lifecycle stages of a project/organization
  • Curve of changes
  • Key change management models (ADKAR, AIM (Accelerated Implementation Methodology), Beckhard-Harris change model, William Bridges transition model, John Kotter’s change model, Kübler-Ross model, Kurt Lewin model)
  • Signal recognition system in change management
  • Inertia trap and proportionality trap
  • Four approaches to ambidexterity depending on the variety and volatility of business environment

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 25,000 plus VAT

NEW! Advanced analysis of structured finance deals October 30–31, 2018. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)

Hands-on training objectives

To further understanding of less evident aspects of structured finance and securitization deals. To develop instrument skills for quantitative analysis and risk modeling exemplified by actual case studies.

ACRA sees as its key objective to share the following knowledge and skills with the trainees with regard to structured finance deals analysis:

  • using model approaches by reference to specifics of various structured finance deals
  • regulatory environment subtleties for structured finance deals in Russian and globally
  • Basel framework and risk assessment in structured finance deals
  • aspects of in-depth asset portfolio analysis
  • cash flow and trancheing analysis in structured finance: constucting and using waterfall payment models
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • understanding macro risks and twists and turns of country ceilings;
  • legal opinions: how to tell the differences in the shadows of gray.

Hands-on training program

  • Intro: review of some basic definitions
  • calculating risks under Basel standards in Russia and globally
  • customizing model approaches in structured finance deals
  • in-depth portfolio analysis
  • quantitative analysis: the probability of default
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis: recovery rates
  • quantitative analysis: correlation
  • in-depth analysis of waterfall payments
  • in-depth analysis of documentation and legal opinions.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 60,000 plus VAT

Corporate credit analysis fundamentalsNovember 13–14, 2018. Open for enrollmentTwo full days (18 academic hours in total)

The training will be useful if you or your employees:

  • work in divisions of financial institutions involved into credit risk assessment and credit analysis (of banks, investment companies, asset management companies, non-state pension funds, leasing companies);
  • are debt market analysts (sell-side/buy-side);
  • work in divisions of non-financial companies focused on raising debt financing.

Training goal

Introducing participants to the most up-to-date methods frequently used by professionals to assess creditworthiness of non-financial companies. Only the most useful and powerful analysis tools; subtleties of assessing companies from various industries.

The training can help you find answers to the following questions

  • Why should the approach to creditworthiness assessment of all non-financial companies be unified for all and individual for each specific industry?
  • What information is critically important for assessment of the company’s creditworthiness and where to seek such information?
  • Why can IFRS reporting be misleading without taking into account notes and additional information sources?
  • What financial indicators are really valuable when calculated and analyzed, and which of them are long-outdated and used automatically?
  • How to generate a financial model without losing track of key specifics of the company and being bogged down in details at the same time?
  • Why is the credit risk of an issue not equal to the credit risk of the issuer?

The following subjects will be reviewed during the training:

  • credit risk and its assessment specifics;
  • creditworthiness assessment specifics in the corporate sector, and analysis structure;
  • industry risk analysis and reference to industry specifics;
  • assessment of company’s operational profile and its components;
  • assessment of financial indicators;
  • principle of construction of a cash flow model for credit analysis, consideration of actual and forecast values;
  • application of macroeconomic indicators in credit analysis;
  • consideration of outside support;
  • security issues ratings.

By developing in-depth understanding of corporate creditworthiness fundamentals based on the most up-to-date theory and using multiple real-world examples supporting this theory, trainees would be able to significantly improve their credit analysis skills with respect to non-financial companies.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 plus VAT

Rating modelling fundamentalsNovember 22–23, 2018. Open for enrollmentTwo full days (18 academic hours)

Target audience

Employees of banks, insurance and leasing companies who are involved in credit risk modelling.

Training goal

To help participants acquire basic analytical and practical tools for independent development of rating models and their further implementation and validation.

Training objective

To help participants develop the following rating modelling skills:

  • understanding structure and application principles of rating systems
  • knowledge of information scope and sources required to develop rating systems
  • knowledge and skills for developing rating systems
  • knowledge of rating system validation and stress testing methods

Training program

  • methods for building rating models
  • application of rating models
  • model development stages with Python programming examples
  • implementation, validation and stress testing of rating models

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 50,000 plus VAT

Fundamentals of credit analysis of regional and municipal authoritiesDecember 3–4, 2018. Open for enrollmentTwo full days (16 academic hours)

You need to attend this training if you:

  • Assess risks of lending to regional and municipal authorities;
  • Invest in regional and municipal bonds;
  • Deal with counterparties that are object of government guarantees;
  • Lease equipment to regional public entities.

This training would allow you to:

  • Understand what defines the financial stability of a regional government;
  • Assess sensitivity of the regional budget to various risk types;
  • Interpret budget reporting indicators and calculate financial stability indicators;
  • Develop financial assessment model for a regional or municipal budget.

During the training you will be able to:

  • Study strategies regions follow in debt markets and fiscal behavior patterns;
  • Gain practical experience in analyzing creditworthiness of regional and municipal administrations;
  • Learn to transform budgetary reporting into financial indicators similar to corporate equivalents;
  • Get familiar with the regulatory application of the credit ratings.

At the training we will examine:

  • The principles of credit analysis with respect to regional authorities;
  • Qualitative and quantitative indicators;
  • Data sources for analyzing regional economy and the public sector;
  • Communication between different levels of authority as to supporting financial stability.

At the training, you will be offered to solve cases that would allow you to apply the knowledge gained and to develop practical tools for creditworthiness assessment of regional and municipal authorities.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT

The art of presentation in credit analysis hosted and presented by Ekaterina Trofimova, ACRA CEOFebruary 27–28, 2019 Open for enrollmentTwo full days (16 academic hours)

Target audience

  • employees and top managers of banks, insurance companies, non-state pension funds, asset management companies involved in credit analysis
  • employees and top managers of companies and other institutions involved in credit analysis
  • retail investors and representatives of institutional investors

Training goal

To help participants acquire basic analytical and practical tools for developing management and personal performance skills useful in presenting credit analysis results verbally and visually.

Training objective

To help participants develop the following skills in presenting credit analysis results:

  • applying structured approach to presentations
  • understanding information scope and sources necessary to prepare and make a presentation
  • analyzing target audience
  • maintaining an optimum balance of logical and emotional elements in a presentation
  • making personal and professional image of the speaker
  • developing a line of reasoning

A structured approach to credit analysis presentations as illustrated by business case studies will contribute to maximizing usefulness of taking part in the seminar.

Training program

  • specifics of credit analysis presentations
  • visual presentation of credit analysis results
  • verbal presentation of credit analysis results
  • practical exercise in presenting credit analysis results verbally and visually
  • presentation and discussion of the business case solved as homework assignment
  • communication with mass media
  • practical exercise in making a presentation

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 40,000 plus VAT

Forecasting in credit analysis. Course 1: macroeconomic and industry forecasting fundamentalsMay 14–15, 2019. Open for enrollmentTwo full days (16 academic hours)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop basic analytical and practical tools for independent forecasting.

To help participants develop the following skills with respect to analysis of economic situation and forecasting:

  • How to use macroeconomic and industry forecasts in credit analysis?
  • What approaches are required for use in forecasting key macroeconomic indicators (inflation, FX rate, GDP, interest rates)?
  • What approaches are required for use in forecasting demand, supply and prices in various industries?

Forecasting in credit analysis. Training program:
Course 1: macroeconomic and industry forecasting fundamentals

  • Sources of information about the future. Universal and unique social and economic processes.
  • Practical task: using universal patterns in the economic forecast. 
  • Approaches to forecasting key macroeconomic indicators.
  • Practical task: forecasting interest rates.
  • Algorithm of an industry forecast. Industry types and approaches to forecasting supply and demand in various industries. Government policy effects on industrial markets.
  • Practical task: forecasting demand in an industrial market.
  • Algorithm of an industry forecast. Industry price types and approaches to price forecasting in various industries.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 plus VAT

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