The BTRM Faculty is an acclaimed team of instructors combining respected academics and renowned practitioners, all specialists in the field of bank ALM and Treasury risk management
BTRM Designer and Founder
Moorad Choudhry is an independent non-executive director at Recognise Bank Limited in London, a non-executive director at the Loughborough Building Society and a non-executive director at Wandle Housing Association. He is Honorary Professor at University of Kent Business School. He was latterly Treasurer, Corporate Banking Division at The Royal Bank of Scotland. He began his career at the London Stock Exchange in 1989.
Moorad is a Fellow of the Chartered Institute for Securities & Investment, a Fellow of the London Institute of Banking and Finance, a Fellow of the Global Association of Risk Professionals, a Fellow of the Institute of Directors and a Freeman of The Worshipful Company of International Bankers. He is author of The Principles of Banking (John Wiley & Sons 2012).
Moorad was born in Bangladesh and lives in Surrey, England. He was educated at Claremont Fan Court school, the University of Westminster and the University of Reading. He obtained his MBA from Henley Business School and his PhD from Birkbeck, University of London.
Head of BTRM Faculty
Chris Westcott has over 30 years of experience in the banking industry, with the majority of time spent in the field of Treasury management. He has held a range of senior positions in the Treasury functions of both Nat West and Royal Bank of Scotland in the UK. These have included divisional Treasurer roles and various project assignments, such as leading the development of an in-house securitisation capability and the integration of the ABN AMRO Treasury function post-acquisition.
In the lead-up to the implementation of CRD IV, Chris was the Basel 3 Programme Director for RBS, accountable for over-seeing the group-wide set of projects to achieve compliance with the new regulations.
Chris joined the BTRM Faculty in 2014
Deputy Head of Faculty
Dr Edward Bace is a finance professional specialising in credit and liquidity risk. He is an advisor to the Chartered Institute for Securities & Investment (CISI), where he is involved in professional finance qualifications. He lectures at Middlesex University Business School’s Accounting & Finance Department, teaching graduate and undergraduate finance, banking and economics programmes.
Dr. Bace has been a banking and credit risk professional for many years in New York and London, and served as Head of Education for the CFA Institute in Europe, Middle East and Africa. He serves on Academic Editorial Panels for the CISI and IISES, and on PRMIA’s Ethics & Professional Standards Committee.
Edward has a University of Michigan PhD and a New York University Business School MBA. He is a CFA and a Charter Member of the CISI.
Khaliq M. Ali
Khaliq Ali is Head of Group Strategic and Corporate Planning Unit at First Citizen’s Bank in Trinidad & Tobago. Khaliq holds a BSc. in Management with Finance and Economics from the University of the West Indies (Honors); BSc. Computing and Information Systems from the University of Greenwich (Honors); MSc. In Information Systems Management from the University of Greenwich (Distinction); and MSc. in Financial Economics (Distinction) from the University of the West Indies.
Dr. Joseph L. Breeden
Dr. Joe Breeden is CEO of Prescient Models LLC, CEO of Deep Future Analytics, and a member of the board of directors of Upgrade, Inc., a consumer loan fintech. He is an Associate Editor for the Journal of Credit Risk, the Journal of Risk Model Validation, and the Journal of Risk and Financial Management. He is a founding board member and President of the Model Risk Management International Association (mrmia.org).
Dr. Breeden has published over 90 academic articles and 8 patents in nuclear physics, astrophysics, chaos theory, machine learning, AI ethics, wine economics, and lending analytics. The second edition of his book Reinventing Retail Lending Analytics: Forecasting, Stress Testing, Capital, and Scoring for a World of Crises was published by Riskbooks in 2014. His books, Living with CECL: Mortgage Modeling Alternatives, and Living with CECL: The CECL Modeling Dictionary were published in April and May 2018.
Dr. Breeden received separate BS degrees in mathematics and physics in 1987 from Indiana University. He earned a Ph.D. in physics in 1991 from the University of Illinois.
Dr Polina Bardaeva graduated from Lomonosov Moscow State University, Department of Economics in 2007 with a Masters degree and obtained her PhD from the same institution in 2010.
During 2011-2014 she was Head of Internal Treasury at MTS Bank in Moscow, currently she is Head of Group FTP at Sberbank.
Polina is on the faculty of Moscow State University (for its Masters program) and has authored 16 publications on finance and economics.
Natasha is a Senior Manager in the Credit Risk Analytics team within Deloitte’s Audit and Assurance practice. She is a Chartered Accountant with significant experience in the audit of IFRS 9 and credit risk models. At Deloitte she delivers assurance services across credit risk controls, governance and reporting, along with supporting the audits of banks and lending institutions.
Natasha holds a BA (Hons) in Natural Sciences from the University of Cambridge.
Patrick Carey has worked at all levels of market risk management from executive-level policy and governance to quantitative modelling and the hands-on management of complex positions. A former Head of Group Market Risk for the Bank of Ireland, he was responsible for ensuring that the bank identified, measured, managed and controlled the full range of market risks – trading, IRRBB and structural – to which it was exposed.
He was a member of Bank of Ireland’s executive Asset and Liability Committee and chair of the Bank’s Market Risk Committee and Structural Risk Committee.
He is a specialist in Interest Rate Risk in the Banking Book (IRRBB). Up to December 2017, he was a member of the European Banking Federation’s Committee on Interest Rate Risk in the Banking Book (IRRBB) and chairperson of the Banking and Payments Federation of Ireland’s working group on IRRBB.
Dean Carter has over 40 years experience in Treasury and money markets in the City of London and Paris, most recently as Group Treasurer at Recognise Bank Limited.
His work as Director of Treasury Solutions at King & Shaxson Ltd includes providing advice and guidance on all things treasury and ILAAPs to 28 UK building societies. He has provided Treasury training to the Building Societies Association since 2012.
Andrea is responsible for the Capital Optimisation team in the Capital Management unit at UniCredit.
Further to a Ph.D in Managerial Engineering, he entered the investment banking arm of UniCredit, moving to CFO and then to CRO Departments where he took the role of ICAAP coordinator. Then, within the Supervisory Affairs team, he held the position of relationship manager with Supervisory Authorities regarding risk and finance and SREP topics.
He is Member of Committiees on banking supervision, risk management and finance at European level.
Michael is a Managing Director at Credit Suisse with over 20 years risk management experience, working both as a practitioner and in academia. Since 2014, he is working as the Global Head of Treasury & Liquidity Risk at Credit Suisse. Before that he worked for eight years at RBS, inter alia as the Group Treasury CRO and Global Head of Market Risk, Wealth Management Division. Michael holds a Ph.D. in Business Administration from the University of Lueneburg, Germany. He is an honorary professor at Harz University, Germany and a visiting lecturer at Swiss Federal Institute of Technology, Zurich. He has (co-)authored more than 50 publications covering Treasury, Risk and Change Management topics.
Peter Eisenhardt is Secretary General of the International Council of Securities Associations. He has worked in treasury, money market trading, bond options trading, repo, credit, and debt origination in New York, London, and Tokyo over a 30-year career at Bank of America Merrill Lynch and J.P. Morgan.
Peter was voted by industry peers to Euroweek’s “Dream Team of the Global Capital Markets” in 2004. He is past chairman of the International Capital Markets Association Euro Commercial Paper Committee.
Peter holds a BA from Wesleyan University and an MBA from New York University.
Jonathan Farnan is a Director in the Treasury Markets team at Standard Chartered. Jonathan joined Standard Chartered in 2016 from Goldman Sachs, where he was a member of their Treasury team. He has held various liquidity management positions since beginning his career in 2009.
Jonathan holds a BSc Hons in Mathematics from the University of Bath, and he is a proud alumnus of the BTRM, having passed ‘with distinction’ in the summer of 2018.
Patricia Geraghty has over 30 years experience in banking and was most recently a Director in Treasury Internal Audit at TSB in London. She was previously employed at Citibank and also worked alongside Moorad Choudhry in the “Project Bluebird” Treasury team at Royal Bank of Scotland. Patricia graduated in 1981 from University College Dublin and qualified as an ACA with PWC in 1984. She was awarded MCT status of the Association of Corporate Treasurers in 1994.
Graham Hillier worked within the RBS and NatWest group for nearly 40 years. He joined a West Sussex branch of NatWest aged 16, prior to transferring to London two years later. During his career he gained experience in customer-facing functions across the retail, mid-corporate, large corporate and financial institutions sectors and subsequently in various Risk departments. Graham’s principal area of expertise is in credit risk management, across a diverse customer and product range. In addition to sanctioning risk limits under his discretionary power and providing advice on structuring, Graham has served on a number of Risk related committees. He holds the ACIB banking diploma qualification.
Jan Willem Jagtenberg
Jan-Willem Jagtenberg is Head of ALM at the Dutch bank de Volksbank, in Utrecht. Previously he was a VP in ALM at Deutsche Bank and consultant at PwC UK. He holds an MSc in Economics.
Professor Jessica James
Jessica James is a Senior Quantitative Researcher at Commerzbank AG in London. Prior to this she was Global Head of the Quantitative Investor Solutions Group at Citigroup and Head of Risk Advisory and Currency Overlay Team at Bank One. Before joining the City she lectured in physics at Trinity College, Oxford. Jessica is also a Visiting Professor at UCL and at The Business School, University of London. She holds a BSc in Physics from Manchester University and a D. Phil. in atomic and nuclear physics from Oxford University.
Professor James is author of a number of textbooks including Handbook of Foreign Exchange (Wiley), Interest Rate Modelling (Wiley), Currency Management (Risk books) and Random Walks in Fixed Income and Foreign Exchange (de Gruyter).
Colin Johnson is Treasurer at Chetwood Financial, a digital bank established in 2018. Previously he worked in the Treasury ALM and Prudential Risk departments at Charter Court Financial Services, Santander UK, Lloyds Bank Group and Birmingham Mid-Shires Building Society. He is a former Chair of the UK Asset Liability Management Association (ALMA).
Kevin Liddy is a consultant with Solum Financial and has 30 years of experience in investment bank trading and risk management. Prior to joining Solum Financial he held trading positions at Chase Manhattan, Bear Stearns, Nat West and Royal Bank of Scotland. At Royal Bank of Scotland he was Global Co-Head of Counterparty Exposure Management responsible for the pricing, management and trading of all counterparty risk activities; in addition Kevin was Deputy Head of Delta Trading and Global Head of STIRT, responsible for all Delta trading products. Kevin holds a BSc. Hons in Applied Science from Kingston University.
Miranda Love is Head of UK Capital Management, Global Treasury at State Street in London. She is also a Board Director at one of State Street’s UK parent holding companies, with subsidiaries in Ireland and the Caymans. Prior to joining Global Treasury in 2018, Miranda worked in State Street’s Operational Risk department in Ireland and UK, and in the bank’s Corporate Audit division in Boston and London.
Miranda is a BTRM Alumnus with Distinction. She obtained a Bachelor’s degree in Business Administration from University of Southern California, and a Graduate Diploma in Accounting from Suffolk University.
Dr Beata Lubinska is Head of Market Risk at MeDirect Group in London, where her focus is on IRRBB, Market Risk and Balance Sheet Management. She has over 15 years of experience in this space gained at GE Capital, Deloitte and Standard Chartered Bank both in Milan and London.
Engelbert Plassmann is Director at Commerzbank’s Treasury ALM department in Frankfurt. The department is responsible for controlling structural liquidity risk including Liquidity FTP and also covers regulatory developments relating to liquidity management.
Previously Dr Plassmann worked in several roles in former Dresdner Bank’s risk department, including market risk modelling and economic capital allocation. Before entering banking in 2001, Engelbert pursued academic interests and earned a doctoral degree in econometrics from University of Constance, Germany
Amitabh Singhania is a Chartered Accountant and a seasoned, multi-disciplinary risk professional having over 20 years’ experience in the financial services industry.
He has been the Head of Risk with Emirates NBD Bank in London (where he held the SMF4/Chief Risk designation), Senior Credit Officer with Standard Chartered Bank in London and has also worked with Royal Bank of Scotland and ICICI Bank. Amitabh holds an Individual Charter membership of the Chartered Institute for Securities & Investment (CISI) and has qualified the Financial Risk Manager (FRM) I program of the Global Association of Risk Professionals (GARP).
Periklis Thivaios is a founding partner of True North Partners LLP, a boutique advisory firm headquartered in London. He was previously lecturing on Counterparty Credit Risk and XVA at the Department of Computational and Applied Mathematics, University of the Witwatersrand in South Africa and is currently an external lecturer and supervisor for the Department of Actuarial Science at the University of Cape Town. He also lectures on “Emerging Topics in Fintech” at the University of Nicosia in Cyprus. Periklis has a doctoral degree in Finance from IE Business School in Spain (with Distinction Cum Laude), a Masters degree from the London School of Economics (with Distinction) and is a Chartered Financial Analyst (CFA), an accredited Financial Risk Manager (FRM) and a holder of the Bank Treasury Risk Management (BTRM) accreditation with distinction.
Claire Trythall is Head of Treasury Risk at Newcastle Building Society. She was previously Head of Asset-Liability Management at Hodge Bank, and has held positions at Barclays Bank, Tesco Bank and Cumberland Building Society, within the fields of ALM and IRRBB.
Claire has a First-class degree in Banking and Finance from the University of Derby, where she earned recognition as the Best International Business Student, and a Higher National Diploma in Business from Staffordshire University.
Malgorzata leads Treasury and Market Risk Advisory at Avantage Reply, in London. She was previously with Santander UK and with the Global Banking & Markets Treasury department at The Royal Bank of Scotland, where she worked alongside Professor Moorad Choudhry. Malgorzata has an MSc from the Warsaw School of Economics, and has been certified by GARP in Sustainability and Climate Risk.
Silke Waterstraat is a lecturer at the Institute for Finance, University of Applied Sciences Northwestern Switzerland. She spent sixteen years in treasury and portfolio management roles at UBS AG and other corporate institutions. Since 2018 she has been a non-executive director on different boards mainly in the area of finance and education.
Silke holds a Master in Psychology (“Diplom-Psychologin”) from RWTH Aachen University, a PhD in Business Administration (Accounting, Controlling, Auditing) from the University of St. Gallen, Switzerland and is a Certified International Investment Analyst (CIIA) charter holder. She is a citizen of Switzerland and Germany.