Bank Enterprise Risk Management

• Develop a deeper understanding of risk, distinguishing between uncertainty and risk balancing risk/reward, avoiding pitfalls and exposing fallacies 
•  Integrate risk management into your firm's strategy and value chain
• Manage regulatory relationships and expectations relative to risk management
• Coordinate risk management activities at every level within the organization and across business units
• Utilize tools useful in assessing and managing risk, including risk maps, risk loops and risk pyramids.

Fundamentals of Bank Credit Analysis

• Make qualitative and quantitative assessments of a financial institution using a CAMELS + Risk Management framework
• Evaluate management actions and their impact on the firm's performance
• Measure the credit risk inherent in the bank's loan book, investment portfolio, and counterparty relationships
• Evaluate the sources and quality of funds underlying key liquidity ratios
• Determine the quality and adequacy of bank capital through capital ratios analysis
• Provide a perspective on the bank regulatory environment and its influence on future performance
• Synthesize your analysis to separate strong institutions from those with deteriorating credit

Fundamentals of Derivatives for Commercial Banks

• Understand the meaning of derivatives, the major products and relationships between them, and their risk/reward profiles
• Grasp the basic types of options and option combinations, developing payoff profiles and pricing options using the Black-Scholes model
• Gain an understanding of futures, swaps and credit derivatives
• Be able to access, interpret and apply information from the major futures and options exchanges
• Learn how banks construct, trade and market derivatives, and the impact that these products have on a bank's financial statements, income, risk profile, as well as their customers
• See how derivatives can be used, both by banks and their customers, for hedging, trading and speculation

Inside Bank Accounting Practices

• Identify questions in bank accounting and analysis that arise from management discretion in reporting and disclosure
• Understand amortized cost accounting vs. fair value accounting and how it affects a bank's exposure
• Know the accounting rules and disclosures associated with the reporting of a bank's credit risks
• Analyze the fair value accounting and disclosures for financial instruments, investment securities, mortgages and other servicing rights
• Understand accounting for derivatives and hedging, and how banks use derivatives to mitigate risk
• OPTIONAL: Identify the major differences between U.S. GAAP and IFRS, specifically related to banks

Understanding the Debt Capital Markets

• Articulate the key drivers, participants, products and features of the debt capital markets
• Describe the full range of debt finance instruments available for funding needs and the related risks of each instrument
• Navigate the corporate lending market - loans and loan commitments, loan pricing, risk, loan syndications
• Understand more complex instruments including securitization, structured finance, asset and mortgage-backed securities

Fundamentals of Bank Valuation

• Navigate bank financial statements, identify key operating levers and evaluate earnings quality
• Learn the fundamental ratios necessary to successfully analyze banks and forecast future earnings
• Model and value banks using an excess equity-based discounted cash flow model
• Perform capacity-to-pay/earnings dilution analysis
• Dissect and interpret a fairness opinion
• Identify best practices for the effective use of peer comparables, transaction premium and discounted cash flow valuation approaches

Valuation in the REIT Sector

Graduate-level specialization that builds on the foundation established at SNL REIT School™. The curriculum combines lectures, case studies and hands-on exercises, including work with Excel-based models. Led by Chris Haley, a top-ranked 20-year veteran REIT equity analyst and long-time instructor at SNL REIT School, REIT Valuation is the premier course on valuation for finance professionals who cover or work in the REIT sector.

• Learn best practices for the effective use of NAV, comparables, DCF and DDM valuation techniques
• Identify key operating levers and evaluate earnings quality
• Build an earnings model and forecast future free cash flows
• Understand the fundamental analysis necessary to successfully interpret REIT financial results
• Get hands-on experience in modeling and valuing REITs in a case study environment
• Gain an objective perspective on sell-side research methodologies and how to better interpret research calls

Fundamentals of P&C Statutory Accounting and Reporting

Comprehensive understanding of the foundations of the financial statements of property and casualty insurers. Understand the components of a P&C company's income statement, balance sheet and cash flow statement. Learn the industry's statutory accounting standards, reserving policies and how changes in external variables can affect a company's financial statements.

• Learn and define the terms used in P&C statutory accounting and reporting
• Distinguish the types, risks and financial impact of the prevalent P&C insurance product lines
• Understand the components of an insurance company's income statement, balance sheet and cash flow statement
• Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements. 

Financial Analysis of P&C Insurers

Whether you're performing analysis as a sell-side or buy-side analyst, investment banker or insurance company practitioner, you'll come away equipped to understand the context and implications of the data you rely on daily.  Through the use of statutory accounting data, you'll come to understand the financial ratios used to analyze the solvency and performance of a P&C insurer.

• Identify risks in the property and casualty environment
• Perform reserve adequacy analysis
• Utilize financial metrics and ratios to make an accurate judgment of insurance company performance
• Evaluate cost of capital
• Carry out an evaluation of returns
• Recognize red flag indicators 

Fundamentals of Life Statutory Accounting and Reporting

Foundational program, designed to enable you to understand the information contained in the financial reports of life insurers by addressing statutory accounting standards, the differences between statutory and GAAP accounting, insurance regulatory concepts, and required financial reporting.

• Understand the life insurance industry: its organization, products, and financial performance
• Explain the rationale and differences between statutory and GAAP accounting for a life company
• Navigate the various financial reports produced by life companies and understand, in detail, the annual statement – including financial statements, supporting schedules and exhibits, and supplementary data
• Define and illustrate each major element of insurance accounting and reporting
• Illustrate loss reserve concepts and terminology 

Financial Analysis of Life Insurance

Assess the financial performance of a life insurance company. Through the use of statutory accounting data and hands-on training, you'll come to understand the financial ratios and methodologies used to generate your analysis.

• Identify risks in the life insurance environment
• Perform reserve adequacy analysis
• Utilize financial metrics and ratios to make an accurate judgment of insurance company performance
• Evaluate cost of capital
• Carry out an evaluation of returns
• Recognize red flag indicators 

Fundamentals of Insurance Company Credit Analysis

Evaluate an insurer's credit risk and financial stability so you can apply that analysis to your fixed income and equity decisions. Learn the time-tested quantitative and qualitative framework you need to examine and assess the relevant risk factors.

• Evaluate key financial results, ratios and trends, and incorporate these into your credit risk analysis
• Analyze the key components of capital – both in the current environment and under stress scenarios
• Understand the role and approach of rating agencies and regulators as well as their impact on company performance and risk profile
• Assess the quality of an insurer's asset portfolio, including the composition of policy reserves
• Gain insight into an institution's liquidity position and what its sources of funding imply about potential events
• Develop a structured and comprehensive opinion of an insurance company's key risks

Insurance Valuation

Understand and overcome the unique challenges inherent in valuing insurance carriers. The course covers revenue streams, key measures of profitability and financial strength, and the variety of valuation techniques available.

• Identify and assess the fundamental measures of an insurer's profitability and financial strength
• Measure and value insurers using an Excel-based dividend discount model
• Effectively apply diverse valuation techniques
• Evaluate actuarial analyses, recognizing potential pitfalls and opportunities
• Assess the impact of regulatory changes on the industry and individual companies 

Fundamentals of P&C Reinsurance

Provides a complete foundation on the mechanics of the property and casualty reinsurance business, including the structures and types of contracts, their uses as a risk and financial management tool and their impact upon insurance organizations.

• Understand the purpose, multiple uses and impact of reinsurance contracts, as well as the risk factors associated with reinsurance for users and providers
• Dissect the structure of a company's reinsurance program
• Gain insight into the credit implications of the reinsurance relationship
• Understand the capital requirements of primary insurers vs. reinsurers
• Learn the regulatory and accounting environment of this international business
   

P&C Reinsurance Accounting

In-depth study of all property and casualty reinsurance transactional accounting techniques. The course covers basic accounts, adjustments, portfolios and aggregates. Risk transfer requirements, special treatments and program distributions are also included.

• Distinguish between proportional reinsurance and non-proportional reinsurance by examining the primary characteristics of each
• Account for premiums, losses, LAE, and adjustments
• Recognize the impacts of reinsurance on annual statements
• Explain reinsurance programs, including layering concepts, premium/loss distribution and potential problems 

Understanding Debt Capital Markets

• Articulate the key drivers, participants, products and features of the debt capital markets
• Describe the full range of debt finance instruments available for funding needs and the related risks of each instrument
• Navigate the corporate lending market - loans and loan commitments, loan pricing, risk, loan syndications

• Understand more complex instruments including securitization, structured finance, asset and mortgage-backed securities 

Essentials of Regulatory Finance

Graduate-level instruction to industry and investment professionals on the theories and toolsets required to understand and apply cost of capital principles in the electric power sector. 

• Gain a thorough understanding of the issues in cost of capital calculations, capital allocation frameworks and alternative capital structures
• Build familiarity with the key metrics for assessing risk and performance
• Learn the advantages, drawbacks and impact of capital-raising instruments common to utilities
• Build knowledge of equity performance measures, including EVA and cash flow ROI
• Learn the ways utilities utilize hedging and other risk management practices
• Gain an understanding of the effects of regulation and rate cases on a company's financial decision-making frameworks and financial outlook

Principles of Power Valuation

Comprehensive introductory program using lectures, discussion and case studies to demonstrate how to value both individual assets and whole companies in the energy sector. 

• Identify the valuation methodologies specific to the U.S. power sector, including DCF, comparables, multiples and real options
• Understand value drivers and capital structure
• Use techniques to find the data used for modeling assumptions
• Value single plants, T&D assets, regulated generation assets and whole companies
• Incorporate revenue drivers, including forward and spot pricing, and implied heat rates
• Assess M&A synergies and regulatory considerations
• Understand the role of power purchase agreements, tolling agreements, steam contracts and other financial arrangements
• Review case studies and receive take-away templates  

Understanding the Debt Capital Markets

Covers the fundamentals of the debt capital markets and instruments. Understand the basics of corporate and bank capital structures through detailed discussions of the instruments in the market and how they are used.

• Articulate the key drivers, participants, products and features of the debt capital markets
• Describe the full range of debt finance instruments available for funding needs and the related risks of each instrument
• Navigate the corporate lending market - loans and loan commitments, loan pricing, risk, loan syndications

• Understand more complex instruments including securitization, structured finance, asset and mortgage-backed securities