1. Investment Risk
A practical half-day course for The Investment Association member firms’
employees who wish to understand the nature of
investment risk and how it is managed
20th September 2016
8th December 2016
Key Learning Objectives:
• Understand the major investment risk measures and how they are
relevant to different types of funds and asset classes
• Be able to analyse risk metrics and understand the relationship
between the different values presented
• Consider stress testing and how effective it is at forecasting
returns in extreme situations
• Be aware of the content of investment risk reports and how to
interpret them
• Explore investment risk modelling and oversight, and how this fits
into the risk management process
New Course for 2016

2. Please return completed forms to: The Training Co-ordinator, The Investment Association, 65 Kingsway,
London WC2B 6TD Tel: 020 7831 0898; Fax: 020 7831 9975; E-mail:
training@theinvestmentassociation.org
Background:
Institutional and retail customers, regulators and auditors, as well as the press and consumer
groups, need to be confident that their money is professionally managed. Risk management is a
critical discipline in the investment business.
This course will help more employees, particularly those between an introductory and
intermediate level, to understand the nature and management of investment risk. It will appeal to
those who are not risk experts but need to know how investment risk fits into the broader risk
management processes and the different functions within the business. It will also help attendees
ask appropriate questions regarding investment risk in the context of their own role and to
understand and interpret the reports generated by the investment risk team.
The programme is practical in nature and includes a case study, with examples and exercises
used throughout.
The course has been developed in conjunction with Enterprise Learning, one of The Investment
Association’s preferred training providers and a consultancy which specialises in financial
services risk management. (Voted Best Consultancy 2011 in the annual Thompson Reuter
Compliance Awards
Those who should attend:
All management and supervisory level staff within investment management firms who need to
understand investment risk. This might include managers, supervisors or specialists from the
following activities:
• Marketing/Sales and Business Development
• Investment Management
• Customer Support and Reporting
• Distributor Relationship Management
• Investment Operations and Administration
• Risk, Compliance and Legal
It may also be relevant for specialists from organisations which support and/or supply services to
investment management firms such as:
• Third Party Administrators
• Consultants
• Professional Services Advisers
• Regulators
Lead Course Trainer:
Jane Vessey, Course Director has twenty years’ experience working in the investment industry.
Jane started out as an equity analyst before becoming an investment manager, working for Bank
of America, County NatWest and MeesPierson. Jane is a visiting lecturer at Cass and Cranfield
Business Schools as well as providing short courses at a number of other business schools and
to practitioners in London and overseas.
Expert Speaker:
Ian Davies is a Risk Director at Aviva Investors. He has 21 years of experience in risk
management and speaks at leading events in the UK and Luxembourg and organises the Asset
Management Risk Forum. Before joining Aviva Investors, Ian was Head of Risk, Europe for
Schroders.

3. Please return completed forms to: The Training Co-ordinator, The Investment Association,
65 Kingsway, London WC2B 6TD Tel: 020 7831 0898; Fax: 020 7831 9975; E-mail:
training@theinvestmentassociation.org
Course Programme:
09:15 Introduction: Background to the workshop and introduction to the course
objectives
The nature of investment risk:
• Definition and sources of risk
• Identifying and monitoring investment risk
• How investment risk fits in the risk management process
• Risk controls and mitigation
• Investment risk modelling
• Trade-off between risk and return
Overview of key risk measures:
Understanding the key measures used, which funds they should be used
for and what the metrics tell you
• Standard deviation of total returns and tracking error
• Value at risk (VaR)
10:30 Expert speaker : Ian Davies, a senior risk manager at Aviva Investors and
Chairman of The Investment Association’s Risk & Regulation Committee,
will talk about the practicalities of investment risk oversight from a senior
management/board perspective
11:15 Morning coffee
Overview of key risk measures continued:
• Beta, active share
• Duration, credit risk
• Drawdown
• Leverage, gross method and commitment approach
• Correlation, R _ squared
Stress testing:
• What-if analysis and scenario approach
Case study: To consider and analyse risk reports for different funds
13:15 Course conclusion, lunch and networking

4. Please return completed forms to: The Training Co-ordinator, The Investment Association, 65 Kingsway,
London WC2B 6TD Tel: 020 7831 0898; Fax: 020 7831 9975; E-mail:
training@theinvestmentassociation.org
What previous delegates have said about The Investment Association's
risk courses:
“A very good course. It was useful to refresh and go through the topics.”
“The course was clearly well thought through with a good level of interaction.”
“I would recommend the course to anyone related to risk or investments, especially like me looking to
move into this field.”
“This has been one of the best risk related courses I have been to so far. Very well
structured and understandable by people who do not do risk.”
“A really useful overview, with plenty of food for thought about the difficulties and challenges that
asset managers face.”
In-house Courses:
This course and other programmes from The Investment Association are available as in-house events
and can also be tailored to cover specific training requirements.
For in-house quotations, or further information, please contact David Kanolik at The Investment
Association and see the website at http://www.theinvestmentassociation.org/investment-industry-
information/careers/in-house-training.html
2016 Course Date:
20 Sep at The Investment Association, 23 Camomile Street, London EC3A 7LL
8 Dec at The Investment Association, 23 Camomile Street, London EC3A 7LL
Further courses will be scheduled subject to demand.
Course Price:
This training course has been developed especially for member firms of The Investment
Association. The price is £375 plus VAT and is £450 plus VAT for non-members.
The price includes the delegate pack as well as lunch, tea and coffee on the day. Payment
should be made in full prior to attending the course. A 50% refund will be paid for cancellations
received 10 working days before the course; thereafter no refunds will be made. A full refund will
be made in the event of cancellation by The Investment Association/Enterprise Learning.
An invoice can be requested to facilitate payment. Payment can also be made by cheque (made
payable to ‘The Investment Association Services Ltd’) and sent with the registration form to:
Haneen Ahmed
Training Administrator
The Investment Association, 23 Camomile Street, London EC3A 7LL
Tel: 020 7831 0898 Fax: 020 7831 9975
Email: training@theinvestmentassociation.org
An invoice will be issued upon receipt of payment.