Toronto – A team of students fromthe Master of Financial Risk Management (MFRM) program at the University of Toronto’s Rotman School of Management won the international final of the PRMIA Risk Management Challenge for the third year in a row. Two other Rotman MFRM teams also reached the finals.
Team 4th Dimension with members Lawrence Gong, Tina Huang, and Greg Mackasey, all MFRM’23 students, won the competition. They received a $10,000 US prize and as well as scholarships for the Professional Risk Manager (PRM™) Designation. Two other teams of Rotman MFRM students, Team Alea with members Darren Lin, Ru Xi Li, Marco Zheng, and Lucy Sun, and Team Risolver with members Tim Zheng, Steven Cong, Josh Chen, and Albert Xie, also advanced to the finals.
The Professional Risk Managers' International Association Risk Management Challenge (PRMIA) is an annual international competition for students from multiple disciplines to use their critical and creative thinking skills to solve realistic business problems with a risk management focus.
The Rotman MFRM teams competed against teams of students drawn from risk management and business programs. Thirty-six teams representing a total of 136 students competed in this year's Challenge. Eight PRMIA chapters hosted regional round events worldwide to narrow down the field to 10 finalist teams.
This year the students analyzed a case study that addressed a risk scenario involving a Citibank human error that allowed creditors of Revlon to be wired an interest payment of $900 million, instead of $7.8 million. After requesting a return of the funds, ten lenders kept the payment arguing that it was due them. Citibank lost $500 million due to this error.
The final was held online on April 19
An intensive program for recent graduates with solid quantitative skills from undergraduate university programs, the Rotman MFRM is designed to prepare students for careers in risk management. The unique curriculum combines coursework, an applied project with a company in the field, workshops on leadership and communications skills as well as a speaker series featuring practitioners.
The Rotman School of Management is part of the University of Toronto, a global centre of research and teaching excellence at the heart of Canada’s commercial capital. Rotman is a catalyst for transformative learning, insights and public engagement, bringing together diverse views and initiatives around a defining purpose: to create value for business and society. For more information, visit www.rotman.utoronto.ca.
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For more information:
Ken McGuffin
Manager, Media Relations
Rotman School of Management
University of Toronto
Voice 416.946.3818
E-mail mcguffin@rotman.utoronto.ca