Carol Alexander is Professor of Risk Management and Director of Research at the ISMA Centre, UK and Chair of the Academic Advisory Council of PRMIA. She is well known for her interest in bridging the academic-practitioner divide, bringing relevant research in quantitative finance to a broad practitioner audience. She is the editor and author of 14 books on mathematics and finance, including: 'Market Models' (Wileys, 2001) and 'Operational Risk: Regulation, Analysis and Management' (FT-Prentice Hall, 2003). Carol is well known for her research on cointegration strategies for fund management and for her innovative approach to volatility analysis, recently specializing in normal mixture models. The main focus of her current research is the unified theory of volatility in discrete and continuous time. She also consults on the design and development of commercial software for hedge funds, operational risk, high frequency pricing and so forth.

Dr. Andrew Aziz is Vice President of Products at Algorithmics Incorporated, responsible for leading the product direction of Algorithmics' suite of enterprise risk management solutions. Prior to this, he was VP Professional Services and Executive Director of Financial Engineering. Since joining in 1994, he has led the design, positioning, implementation and consulting of numerous risk management solutions and client driven initiatives. Prior to joining Algorithmics, he lectured at York University and Wilfrid Laurier University, and held positions in Corporate Banking at Bank of Nova Scotia and Corporate and Government Banking at the Bank of Montreal. Dr. Aziz holds a Ph.D. in Finance from York University, an MBA from Queens University.

Dr Steven Bishop is management consultant and educator. His experience and interest revolves around the application of financial economics to business decisions. This involves corporate and business unit strategy development and implementation, strategic issue resolution, capital expenditure evaluation and approval processes, valuation, cost of capital estimation, capital structure assessment, performance management systems design and particularly the design and implementation of "value-based management" in organisations. Steve worked with LEK Consulting, Marakon Associates and Anderson Consulting after spending 15 years as an academic in the field of corporate finance. He taught at University of NSW, AGSM and Monash University and continues to teach with the Macquarie University Centre for Applied Finance.

Deborah Cernauskas has taught time series analysis, risk management, asset valuation, and corporate finance courses at several universities located in the Chicago area. She holds degrees in Applied Probability and Statistics BS, MS; an MBA in Financial Management; and a Ph.D. in Management Science with a concentration in finance. Dr. Cernauskas has over 20 years of industry experience in Decision Support and Finance. Her corporate experience includes: Corporate Development work for a large transportation company; commodities trading research; Research Department head for a market research firm; and operational finance for a large telecommunications firm.

Don M. Chance holds the William H. Wright, Jr. Endowed Chair for Financial Services at the E. J. Ourso College of Business Administration at Louisiana State University. He was formerly the First Union Professor of Financial Risk Management at the Pamplin College of Business at Virginia Tech. Prior to his academic career, he worked for a large southeastern bank. Professor Chance has had numerous articles published in academic and practitioner journals and has authored three books: An Introduction to Derivatives and Risk Management, in its 6th edition, Analysis of Derivatives for the CFA Program, and Essays in Derivatives. He is often quoted in the media on matters related to derivatives and risk management as well as financial markets and the economy in general. He is a frequent consultant to companies, organizations, and law firms and has extensive instructional experience in professional training programs. His current research is focused on executive stock options and Eurodollar futures. He holds a Ph.D. in finance from LSU and is a C.F.A. charterholder.

Moorad Choudhry is Head of Treasury at KBC Financial Products in London. He was previously at JPMorgan Chase Bank, where he was a vice-president in Structured Finance sales and marketing, Hambros Bank Limited, where he was a sterling proprietary bond trader, and ABN Amro Hoare Govett Sterling Bonds Limited, where he was a gilt-edged market maker and also ran the Treasury and money markets desk. Moorad is author of The Bond and Money Markets: Strategy, Trading, Analysis and Structured Credit Products: Credit Derivatives and Synthetic Securitisation. He is also a co-author of various works with Frank Fabozzi, Lionel Martellini and Philippe Priaulet. Moorad holds a PhD in Financial Economics from Birkbeck, University of London. He is a Visiting Professor at the Department of Economics, London Metropolitan University, a Senior Fellow at the Centre for Mathematical Trading and Finance, Cass Business School, and a Fellow of the Securities Institute. He is Editor of the Journal of Bond Trading and Management and a member of the Education Advisory Board at the ISMA Centre, University of Reading.

Dr. Michel Crouhy was until recently Senior Vice President, Business Analytic Solutions, Treasury Balance Sheet and Risk Management Division, at CIBC (Canadian Imperial Bank of Commerce). His responsibilities included the approval of all pricing, balance sheet, risk and capital related models, the development of risk measurement methodologies and models for market, credit (corporate and retail) and economic capital attribution, as well as customer behavior analytics. Prior to this, Michel Crouhy was a Professor of Finance at the HEC School of Management in Paris, where he was also Director of the M.S. HEC in International Finance. He has been a visiting professor at the Wharton School and at UCLA. Dr. Crouhy holds a Ph.D from the Wharton School and is Doctoris Honoris Causa from the University of Montreal. He is co-author of Risk Management (McGraw-Hill) and has published extensively in academic journals in the areas of banking, options and financial markets. He is also associate editor of the Journal of Derivatives, the Journal of Banking and Finance, and is on the editorial board of the Journal of Risk.

Keith Cuthbertson is Professor of Finance at the Cass Business School, London and previously he was at Tanaka Business School at Imperial College, London. He also holds visiting positions at the universities of Bordeaux IV, and Mexico (UNAM). He was the Bundesbank visiting professor at the Freie University Berlin, has worked in H.M. Treasury, the National Institute of Economic Research (London) and as a consultant on financial markets at the Bank of England, the State Bank Vietnam (SBV) and City institutions. He was a visiting scholar at the Board of Governors of the Federal Reserve (Washington), is joint managing editor of the International Journal of Money and Finance and a committee member of the ESRC Money Macro and Finance Group. He has written over 60 articles in refereed journals and authored 7 books in the applied finance area. He recently completed two books on financial markets, Investments: Spot and Derivative Markets and Financial Engineering: Derivatives and Risk Manangement (J. Wiley 2001) see www.ms.ic.ac.uk/kcdnbook ) and a second edition of Quantitative Financial Economics (J. Wiley) is forthcoming in October 2004.

Prof. Elias Demetriades has been teaching Economics, Mathematics and Finance over the past 12 years in several colleges in Europe and the US. He has worked in a management or consulting capacity in the US, Europe and Africa. Elias has been one of the founding members of the Education Committee and the Academic Advisory Council of The Professional Risk Managers' International Association. He has worked with volatility and option arbitrage models. He currently works with Ulysses Partners, a hedge fund and fund of funds firm in Chicago. Elias conducts research on natural gas storage valuation and is also interested in real option applications on intellectual property. Contact: elias@stuart.iit.edu

Kevin Dowd is professor of financial risk management at Nottingham University Business School, and has had previous positions at the University of Sheffield, Sheffield Hallam University, and the Ontario Economic Council in Toronto. He did his PhD on macroeconomics at the University of Sheffield, and his main research interests are in financial risk measurement and management, central banking, monetary economics and political economy. He has published a number of monographs, including Beyond value at risk: the new science of risk management (Wiley, 1998) and Measuring market risk (Wiley 2002), and has published articles in various academic journals. He is currently working on a revision of Measuring market risk and a large-scale project on 'Risk measurement in financial institutions' funded by the UK Economic and Social Research Council.

Dan Galai is the Abe Gray Professor of Finance and Business Administration at the Hebrew University, school of business administration in Jerusalem. He was a visiting professor of finance at INSEAD and at the University of California, Los Angeles and has also taught at the University of Chicago and at the University of California, Berkeley. Dr. Galai holds a Ph.D. from the University of Chicago and undergraduate and graduate degrees from the Hebrew University. He has served as a consultant for the Chicago Board of Options Exchange and the American Stock Exchange as well as for major banks. He has published numerous articles in leading business and finance journals, on options, risk management, financial markets and institutions, and corporate finance. He is a co-author of Risk Management published by McGraw- Hill, July 2000. He was a winner of the first annual Pomeranze Prize for excellence in options research presented by the CBOE. Dr. Galai is a principal in Sigma P.C.M. which is engaged in portfolio management and corporate finance.

Paul Glasserman is the Jack R. Anderson Professor and Senior Vice Dean of Columbia Business School. His teaching and research address risk management and the pricing of derivative securities. Prior to joining Columbia in 1991, he was with Bell Laboratories. He was a visiting professor of financial engineering at Princeton University in 2001. He earned a PhD from Harvard in 1988 and an A.B. from Princeton in 1984. Professor Glasserman is a Research Fellow of the Center for Financial Research of the FDIC. He is a recipient of a US National Young Investigator Award, an IBM University Partnership Award, the TIMS Outstanding Simulation Publication Award and the Erlang Prize in applied probability. He is author of the book Monte Carlo Methods in Financial Engineering (Springer, 2004). Glasserman is a member of the Education and Standards Committee of PRMIA. He serves on the editorial boards of Finance & Stochastics, Mathematical Finance, The Annals of Applied Probability, and the Journal of Computational Finance.

David R. Koenig is the Executive Director and Chair of the Board of Directors of the Professional Risk Managers' International Association (PRMIA). He has nearly twenty years of broad managerial and front-line experience in the financial markets and has led the development of three risk management programs. He most recently served as the Head of Market and Institutional Credit Risk Management for US Bancorp Piper Jaffray and has held lead risk management roles for GMAC/RFC and Principal Residential Mortgage, Inc., a subsidiary of the Principal Financial Group. He began his career with the First National Bank of Chicago. Mr. Koenig has a Masters Degree in Economics from Northwestern University in Evanston, IL and Bachelors Degrees in Mathematics and Economics and a Certificate in Statistics from Miami University in Oxford, OH, where he was a member of the Pi Mu Epsilon Mathematics Honor Society.

James Lam serves as a senior advisor to leading institutions such as The World Bank, Citigroup, GMAC, and the Chicago FHLB. His work is singularly focused on risk management issues. Previously, he was founder and president of ERisk and a partner at Oliver, Wyman & Company. Mr. Lam's industry experience includes chief risk officer positions at Fidelity Investments and GE Capital. He is the author of a best-selling book Enterprise Risk Management published by Wiley Finance. Mr. Lam is a member of the Blue Ribbon Panel of PRMIA, and was named the inaugural Financial Risk Manager of the Year by GARP in 1997. Mr. Lam received a BBA from Baruch College and an MBA from UCLA.

Colin Lawrence is currently managing partner of LA Risk & Financial Ltd, a risk management advisory firm and visiting Professor of Risk Management at the Cass Business School, City University, London. He was formally Associate Professor of Money and Financial Markets, Graduate School of Business, Columbia University, New York. Colin has over 20 years financial services experience, focusing on money and banking, risk management, trading and capital markets. He has held senior executive positions in major institutions including: Executive Vice President and Global Head of Derivatives, Republic National Bank, NY, Chairman of Republic National Bank NY Securities UK Ltd, Managing Director and Global Head of Risk Management, The Barclays Group and Managing Director and Global Head of Fixed Income Derivatives, UBS. He has advised investment banks, universal banks, consulting companies, audit firms and law firms. He has published widely in scholarly and professional journals. He holds a B.A and M.A degree form the Hebrew University, Jerusalem and PH.D in Economics from the University of Chicago.

Catriona March. Since graduating with a Masters in Pure Mathematics from the University of Sydney, Catriona has had nearly twenty years experience in the finance industry, including ten years at Westpac Banking Corporation as a quantitative analyst working on the pricing of exotic foreign exchange options. She has taught a course on Exotics Options in the Masters of Applied Finance program at Macquarie University for the last five years. She is currently a Visiting Fellow at the Macquarie Applied Finance Centre, where she is doing research towards a PhD on the pricing and hedging of exotic options using stochastic volatility and jump-diffusion models.

Dr. Robert M. Mark. is the Chief Executive Officer of Black Diamond which provides corporate governance, risk management consulting and transaction services. He serves on several Boards such as the Fields Institute for Research in Mathematical Sciences, IBM’s Deep Computing Institute, Checkpoint Canada, The Royal Conservatory and is an Advisory Director on Entergy Koch’s Audit Committee of the Board. He is the Chairperson of The Professional Risk Managers’ International Association’s (PRMIA) Blue Ribbon Panel. Prior to his current position, he was the Senior Executive Vice-President and Chief Risk Officer (CRO) at the Canadian Imperial Bank of Commerce (CIBC), and a member of the Management Committee. Dr. Mark’s global responsibility covered all credit, market and operating risks for all of CIBC as well as for its subsidiaries. Prior to his CRO position, he was the Corporate Treasurer at CIBC. Dr. Mark earned his Ph.D., with a dissertation in options pricing, from New York University’s Graduate School of Engineering and Science, graduating first in his class. Subsequently, he received an Advanced Professional Certificate (APC) in accounting from NYU’s Stern Graduate School of Business, and is a graduate of the Harvard Business School Advanced Management Program. He is an Adjunct Professor and co-author of “Risk Management” (McGraw-Hill, October 2000). He also served on the board of ISDA and as the Chairperson of the National Asset/Liability Management Association (NALMA).

Lionel Martellini, PhD, is a professor of finance at Edhec Graduate School of Business and the scientific director of Edhec Risk and Asset Management Research Center. A former member of the faculty at the Marshall School of Business, University of Southern California, he holds Master's Degrees in Business Administration, Economics, Statistics and Mathematics, as well as a PhD in Finance from the Haas School of Business, University of California at Berkeley. He conducts active research in quantitative asset management and derivatives valuation, which has been published in leading academic and practitioner journals. He has also co-authored reference textbooks on topics related to Alternative Investment Strategies and Fixed-Income Securities.

Professor Salih Neftci completed his PhD at the University of Minnesota and subsequently taught at George Washington University. Presently, he teaches at the Graduate School, City University of New York and at the New school University. Professor Neftci is a research Associate associated at FAME, Switzerland and has a visiting appointment at the ISMA Centre, Reading University, UK. Professor Neftci is well known for his book “An Introduction to the Mathematics of Pricing Financial Derivatives” – one of the standard texts in most university derivatives courses. He has several well-quoted academic papers. His current research and teaching is in the areas of financial engineering, risk management of extreme events, in emerging market asset trading strategies and in contingent capital and credit lines. Professor Neftci is also the Head of the FAME Certificate program in Switzerland.

Izzy Nelken is president of Super Computer Consulting, Inc. in Northbrook, Illinois. Super Computer Consulting Inc. specializes in complex derivatives including energy and weather derivatives as well as risk management. Izzy holds a Ph.D. in Computer Science from Rutgers University and was on the faculty at the University of Toronto. His firm has many consulting clients including many in the energy sector. They were one of the first firms to develop a weather derivatives software package: WeatherBox. Izzy teaches numerous courses and seminars around the world on a variety of topics. He is also a lecturer at the prestigious mathematics department at the University of Chicago. Izzy's seminars are known for being non mathematical. Instead they combine cutting edge analytics with real world applications and intuitive examples.

Dr. Dirk Nitzsche is a Senior Lecturer at Cass Business School (City University, London). He is also a visiting lecturer at New York University (in London) - Stern School and has links with the Olin Business School in St Louis. After completing his PhD in 1996 he worked in the economics department at the University of Newcastle before joining City University Business School in 1997 and the Management School at Imperial College in 1998. Dirk has written a number of articles in refereed journals and recently co-authored three textbooks in finance: Investments: Spot and Derivative Markets (2001), Financial Engineering: Derivatives and Risk Management (2001) and Quantitative Financial Economics (2nd edition) (2004). He has presented his work at international conferences in Europe and the US. His research interests included the wider areas of asset pricing as well as fund management and portfolio theory.

Dr. Michael Ong is Professor of Finance and Director of the Finance Program at the Stuart Graduate School of Business, Illinois Institute of Technology. He is also Executive Director of the Center for Financial Markets. Until recently, Dr. Ong was Executive Vice President and Chief Risk Officer for Credit Agricole Indosuez in New York. He had enterprise-wide responsibility for all risk management functions for corporate banking, merchant banking, asset management, capital markets activities, and the Carr Futures Group. He was a member of the Executive Committee and chaired the Risk Management Committee, Credit Committee, Market Risk Committee, Equity Investment Committee, and the Operational Risk Committee. Dr. Ong is author of Internal Credit Risk Models - Capital Allocation and Performance Measurement (RISK Books, April 1999), Credit Ratings - Methodologies, Rationale and Default Risk (RISK Books, November 2002) and The Basel Handbook - A Guide for Financial Practitioners (RISK Books, December 2003). Dr. Ong holds a Ph.D. in applied mathematics from the State University of New York at Stony Brook.

Keith Parramore is a Principal Lecturer and leader of the mathematics section at the University of Brighton, UK. Keith has experience in industry, banking and secondary education. His interests are in optimisation, the mathematics of finance and mathematical education. His book Quantitative Methods in Finance (jointly with Terry Watsham (see below), Thomson Learning, 2004 et al) fuses those interests. Keith is also a consultant lecturer with the Centre for Interactive Finance, London.

Dr. Jacques Pézier is currently Visiting Professor at the University of Reading - ISMA Centre where he is pursuing his main interests in financial risk management, structured products and derivatives. He began his career in academia (Dartmouth College, USA, and HEC/ ISA, Paris). There followed eleven years in management consulting (Stanford Research Institute, Investment Intelligence Systems) and fifteen years in investment banking (Crédit Agricole-Lazard, Mitsubishi Finance and Barclays, de Zoete, Wedd). He studied at Ecole Centrale in Paris and holds a DEA in mathematical physics (Institut Poincar) and a PhD in decision theory (Dartmouth College).

Philippe Priaulet is a fixed-income strategist in charge of derivatives strategies for HSBC. His expertise is related to fixed-income asset management and derivatives pricing and hedging, and his research has been published in leading academic and practitioners' journals. Formerly, he was head of fixed-income research in the Research and Innovation Department of HSBC-CCF. He holds master's degrees in business administration and mathematics as well as a Ph.D. in financial economics from University Paris IX Dauphine. Member of the editorial board of The Journal of Bond Trading and Management, he is also an associate professor in the Department of Mathematics of the University of Evry Val d'Essonne and a lecturer at ENSAE, where he teaches «fixed-income securities» and «interest rate modeling».

Dr. Dan Rosen is Vice President of Strategy ad Business Development at Algorithmics Incorporated, responsible for setting the strategic direction of Algorithmics' solutions, business models for new initiatives and strategic alliances. Prior to this, he was VP of Product Marketing, and VP Research. Since joining in 1995, he has headed up the design, positioning and marketing of various market, credit and operational risk and capital management solutions, advanced simulation and optimization methods, as well as their application to industrial settings. Dr. Rosen is also an Adjunct Professor at the University of Toronto's program in Mathematical Finance. He holds an M.A.Sc. and a Ph.D. in Applied Sciences from the University of Toronto

Michael Rosenberg currently serves as a Manager, Market Assessment, at ISO New England. His major responsibilities include the design, development, and application of analytical methods to identify and control market power; assessment of the impact of market power on the performance of energy markets; and analysis of market competitiveness, efficiency and performance. Prior to his current position Michael served as a Manager of Retail Operations at TXU Energy. In this role he provided a link between Wholesale and Retail parts of the Company, concentrating on option valuations and proper commodity and credit risk management for Trading and Retail affiliates. Michael also implemented a number of financial instruments in the TXU systems. Before joining TXU he was in oil and gas exploration at ExxonMobil. Michael holds Ph.D. from The University of Texas at Austin and Graduate Finance Program diploma from the Cox Business School, SMU. He has a number of publications in industrial and academic journals and is a frequent presenter at industry conferences and training events.

David M. Rowe is Group EVP for Risk Management at SunGard Trading and Risk Systems. In this role he advises operating units on risk management functionality and development priorities in their software applications. He also appears frequently at industry conferences and seminars and writes a monthly column for Risk Magazine. Previous to joining SunGard, David was Senior Vice President in charge of the Risk Management Information group at Bank of America in San Francisco. In that role, he was responsible for the design, deployment, maintenance and operation of market and credit risk systems for the bank's global FX, derivative and securities trading activities. Dr. Rowe holds a Ph.D. in econometrics and finance from the University of Pennsylvania, an MBA in finance with a concentration in money and banking from the Wharton Graduate School of Business Administration and a BA in economics with distinction from Carleton College.

Barry Schachter is Chief Risk Officer of Balyasny Asset Management, a large hedge fund. He created GloriaMundi.org, a non-commercial website for risk management. Barry is a Fellow of the Program in Mathematics in Finance at the Courant Institute of NYU, a member of the Blue Ribbon Advisory Panel of PRMIA, and a member of the Advisory Board of IAFE. He serves on the editorial board of the Journal of Derivatives. His research is published in academic and practitioner journals, and he has recently edited a book, "Intelligent Hedge Fund Investing." He is also a frequent conference speaker. He received his Ph.D. from Cornell University.

Elizabeth Sheedy is an Associate Professor at the Macquarie Applied Finance Centre in Sydney, home of the popular Master of Applied Finance degree program. She teaches courses in "Financial Risk Management" and "Modelling Financial Risk" and conducts research in these areas. Her research has included the use of GARCH models for measuring risk in the funds management industry. She is also on PRMIA's Academic Advisory Committee. Prior to joining the university in 1993, Elizabeth worked in the finance industry for institutions including Macquarie Bank and Westpac. Her past experience in structuring derivative products, funds management and corporate risk management has guided her research and teaching interests. She chose to be involved in the PRMIA Handbook because she is passionate about the importance of clearly explaining the complex concepts of financial risk management to practitioner audiences.

Dr. Andrew Street is the Managing Director of Value Consultants Ltd (VC Ltd), the trading, risk management and regulation consultancy. Andrew was formerly Executive Director - Head of Arbitrage and prior to that Director - Head of Equity and Commodity Derivatives at Mitsubishi Finance Intl (now Bank of Tokyo-Mitsubishi). Before moving to Mitsubishi he was Head of Equity Derivative Trading at Nomura International and Senior Equity Derivatives Trader at Paribas Capital Markets. Andrew has also been a senior financial regulator including Head of Traded Risk at the Financial Services Authority (FSA) and Assistant Director - Head of Market Risk at the Securities and Futures Authority (SFA). Andrew has also authored a number of articles/books on mathematical and structured finance, including contributions to Over The Rainbow (Risk Magazine) and The Handbook Of Risk Management (Wiley). He is a member of the advisory council to New York University Courant Institute Masters Program in Mathematics in Finance. He holds advanced degrees in theoretical physics from the Universities of Durham and Oxford.

Dr Paul Wilmott has been described by the Financial Times as the cult derivatives lecturer. He has for many years been a financial consultant specializing in derivatives, risk management and quantitative finance. Dr Wilmott received his D.Phil. from Oxford University in 1985. He is the author of Paul Wilmott Introduces Quantitative Finance (Wiley 2000) and Paul Wilmott on Quantitative Finance (Wiley 2001). He has written over 100 research articles on finance and mathematics. Dr Wilmott runs www.wilmott.com, the popular quantitative finance community website, the quant magazine Wilmott and is the Course Director for the Certificate in Quantitative Finance, www.7city.com/cqf. Paul Wilmott is a partner in the volatility arbitrage hedge fund Caissa Capital.