The Global Association of Risk Professionals announced new management changes and a return to its non-profit status. Nine members have joined GARP's new Board of Trustees, which will provide input for the future direction of the organization as it refocuses and repositions to improve its representation of risk management professionals. The first act for the board will be to adopt and publish GARP's new bylaws, which will be posted on the association's site, www.garp.com. The board includes Richard Apostolik, who also serves as president and CEO of GARP, Ken Abbott, managing director at Bank of America, Dr. Robert Jarrow, professor of investment management at Cornell University, Glenn Labhart, vice president and chief risk officer at Dynegy, Bill Martin, global head of investment risk for Invesco Asset Management, Dr. David Shimko, founder and principal consultant of Risk Capital Management, Dr. Charles Smithson, manager partner of Rutter Associations, Dr. Peter Tufano, professor of financial management at the Harvard Business School and Dr. Ronald van Deventer, president of Kamakura Corporation.
Wall Street Systems has launched a new interest rate derivatives module. The IRD module extends the functionality of Wall Street Systems' treasury engine to include option pricing, market data capture and analysis, risk management and portfolio management for interest rate derivatives. The module includes option pricing models, trade analysis tools and solvers to analyze and structure trades and set trade and market parameters for user goals. The IRD module interoperates with Excel and XML and also includes reporting capabilities across all products and against all sources of risk.