GARP Honors William Martin As Risk Manager of the Year and Richard Sandor With the Life Time Achievement Award

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TO BUSINESS AND ENVIRONMENTAL EDITORS:

GARP Honors William Martin As Risk Manager of the Year and Richard Sandor With the Life Time Achievement Award

NEW YORK, NEW YORK, Feb. 22 -/E-Wire/-- The Global Association of Risk Professionals (GARP) honored William Martin, Head of Group Risk Management for the Royal Bank of Scotland Group, as the Risk Manager of the Year, and Dr. Richard L. Sandor, the principal architect of interest rate derivatives, with the Lifetime Achievement Award.

Martin is the head of group risk management for the Royal Bank of Scotland Group, and this year's recipient of the Risk Manager of the Year award. Dr. Richard Sandor received the Lifetime Achievement Award. The awards were given to both Martin and Dr. Sandor at a banquet that the Global Association of Risk Professionals (GARP) held in their honor on Tuesday, February 13, 2001. The banquet was held in conjunction with GARP's 2nd Annual Risk Management Convention & Exhibition.

Both Bill Martin and Richard Sandor exemplify the transition in risk management from being strictly a cost-center, control function concentrating on mitigating loss to a role focused on pinpointing optimal risk-based capital allocation strategies that maximize shareholder value.

In his current role within the Royal Bank of Scotland Group (RBSG), Martin leads four initiatives: group credit risk, group market risk, group operational risk, risk-adjusted portfolio analysis and economic capital, and the group risk management committee. He was previously the group risk director for the NatWest Group, before it was acquired by the Royal Bank of Scotland in a hostile takeover. He is also leading the way in building a consensus between the industry and regulatory agencies as a member of the FSA Board on Capital Adequacy.

His risk management model deployed at the Royal Bank of Scotland Group helped ignite a 55-percent jump in its share price over the course of the year 2000, in the face of unprecedented global volatility. Martin's team built a risk management framework that eliminated surprises that pose reputational risks, and a capital allocation framework that maximized shareholder value. The institution has now achieved rapid recognition as a world-class institution as the second largest European Bank, and the 10th largest global bank in terms of market capitalization.

Richard Sandor, chairman and chief executive officer of Chicago-based Environmental Financial Products, is widely credited for pioneering futures contracts as a risk management tool. He was honored by the Chicago Board of Trade and the City of Chicago for his contribution to the creation of financial futures and his universal recognition as the "father of financial futures".

Richard Sandor is a non-executive director of the London International Financial Futures Exchange (LIFFE). He has helped LIFFE in its recent launch of futures on individual equities, a topic mentioned during his acceptance speech. He is also a director of American Electric Power Company, Altra Energy Technologies, of Nextera Enterprises Inc., and of patsystems plc. Dr. Sandor also serves as a director of the Zurich-based Sustainable Performance Group and of the Dow Jones Sustainability Group Index GmbH. Richard Sandor is also a Visiting Scholar at the Kellogg Graduate School of Management at Northwestern University. Dr. Sandor also served on the boards of the Chicago Board of Trade and of the Chicago Mercantile Exchange. For more than three years he was Vice President and Chief Economist at the Chicago Board of Trade.

For over a decade, Richard Sandor has worked in the design of risk management and hybrid financial instruments that enhance the interrelationships between the capital, commodity, and environmental markets. He was actively involved in the design and implementation of the sulfur dioxide (SO2) allowance program in the U.S. From 1991 to 1994, Dr. Sandor was Chairman of the CBOT's Clean Air Committee. That committee developed the first spot and futures markets for sulfur dioxide emission allowances and supervised the annual allowance auctions conducted on behalf of the U.S. Environmental Protection Agency. Subsequently, he has been working on the development of a market for trading carbon emissions as a way to address climate change. He is currently the project leader of the Chicago Climate Exchangesm, which is the first U.S. voluntary pilot program for the trading of greenhouse gas emissions, established through a grant from Chicago-based Joyce Foundation to the Kellogg Graduate School of Management at Northwestern University.

Speaking at the award ceremony, Dr. Sandor said. "I am truly honored and privileged to receive the Life Time Achievement award from the GARP. This organization has played a leading role in advancing the professionalization of risk management."

The Global Association of Risk Professionals (GARP) is an independent organization of financial risk management practitioners and researchers. GARP is a diverse international association of 15,000 professionals from a variety of backgrounds and more than 6,000 organizations in 107 countries who share a common interest in the field. GARP's mission is to serve its members by facilitating the exchange of information, developing educational programs, and promoting standards in the area of financial risk management. GARP members discuss current practices and regulation, and help bring forth potential risks in the financial markets to the attention of other members and the public.

Global Association of Risk Professionals

Igor Lamser, RiskCenter.com, (212) 825-1525, (212) 825-1530 fax, [REDACTED-EMAIL]

http://www.garp.com/

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