• 11 May 2015 11:39 PM | Yadong Wang (Administrator)

    CCFA calls for volunteers for 2015 Canada China Finance Summit

    CCFA is proud to announce that the association is going to host the Canada China Finance Summit (CCFS) on Thursday, July 9, 2015 in downtown Toronto. This is the biggest professional event in 2015, and also marks the First Canada China Finance Summit held by CCFA since founded in 2001.

    The purpose of the Summit is to promote investment and trade across the two countries by bringing in senior leaders from the public and private sectors in both countries to share visions, discover opportunities and forge business and personal relationships.

    As the committee is actively preparing for the summit, we also need more CCFA members to join us to make this a successful event. Especially, we need volunteers who have experiences in event marketing, and hosting/panel moderator. If you are interested, please send us a short resume and let us know your area of interests. This would be a fantastic chance to show off your talent. You would have lots of chance to network with senior leaders in financial industry in both countries. You can also take the chance to practice your skills and broaden your vision. This experience will certainly enhance your professional profile in your career.

    Please kindly send your interests and resumes to: yadong.wang@scotiabank.com by May 31, 2015, the sooner the better, as we expect a high volume of interests due to this unique and exciting opportunity. We will review the application and get back to you soon as possible.

    The following is the summit agenda ( subject to final approval)

    The 2015 Canada China Finance Summit      2015加中金融投资高峰论坛

    Summit Agenda –

    8:30-9:00              Opening Ceremony

    9:00-9:45              Panel Discussion: Canadian and Chinese Bank Cross Border Strategies

    9:45-10:30           RMB International Settlement and Perspective from the Canadian Banking Supervision

    10:30-11:00         Coffee Break

    11:00-11:45         Outlook of Global Commodities Price – Impact and Opportunities for Canadian and Chinese Companies and Investors

    12:00-1:30           Lunch (buffet)

    1:30-2:15              Canadian fund investment strategies in China

    2:15-3:00              Merger and Acquisition in Canada — Opportunities for Chinese Companies and Investors

    3:00-3:30              Coffee Break

    3:30-4:15              Panel Discussion: Merging Canadian Technologies with Chinese Markets

    4:15-6:00              Networking Session: Cocktail Reception

  • 08 May 2015 11:35 PM | Yadong Wang (Administrator)

    CCFA Lunch & Learn Speaker Series

     Title: Enterprise Risk Management: risk appetite, stress testing and control

    Time: Friday, 15 May 2015 from 12:00 PM to 1:00 PM (EST)

    Location: East York Room, 2nd Floor, 4 King Street West, Toronto, ON, Canada

    Speaker: Mike Donovan, VP, Enterprise Risk Management, CIBC

    Registration link: https://www.eventbrite.ca/e/enterprise-risk-management-risk-appetite-stress-testing-and-control-ccfa-lunch-learn-speaker-series-tickets-16918517742

    Audience are encouraged to bring their own lunch.

    This session will give participants the opportunity to understand what happens in Enterprise Risk, how we use Risk Appetite statements and stress testing. In addition, this session will explain the three lines of defence model, where the frontline, risk and control groups, and audit each have a role to play.

    Presenter: Mike Donovan, VP, Enterprise Risk Management, CIBC.

    Mike Donovan started with CIBC in 1997. He held a number of roles in Finance of increasing responsibility, where his last role was as head of Planning & Analysis.

    Mike joined Risk Management in 2008. His current role includes economic capital, collective allowance, enterprise stress testing and Basel reporting. In addition, Mike is responsible for Credit Portfolio Management, and the roll out of the updated Risk Appetite Statement, as well working closely with Finance on our quarter end risk disclosure.

    Mike has a B.Comm and MBA from Queen’s University.

  • 24 Apr 2015 11:32 PM | Yadong Wang (Administrator)

    CCFA Member Mentorship Plan

    Spring 2015

    As the saying goes, “The whole year’s plan starts with spring.” After saying goodbye to the cold winter, now it is the best time for us to get started to advance our career to the next level. The Canadian-Chinese Financial Association (CCFA) is now pleased to announce a mentorship program to help CCFA members to share, improve, and advance their career by pairing mentee with mentor on a one-on-one basis.

    To make this program successful and benefit our members, we already prepared the program elaborately and found ten strong mentors all with manager level and up (see the mentor list down below). Now all we need is you—a strong and eager candidate, to make the CCFA Mentorship program a complete success

    If you are interested, please read the following details.


    Mentee requirements: CCFA member with 3+ years of industrial experience.


    Mentee Places: 10. (Mentor and mentee are paired on a one-on-one basis)


    Pairing process: We expect a large number of mentee applicants. So far about eight applied. Potential mentees are firstly prescreened by CCFA based on their application materials. Then the program will facilitate the mentors to select mentees.



    Application end: From now to May 15th, 2015. (Extended due to popular demand)

    Program start: Late May, 2015

    Mentorship duration: 1 year.

    Recommend meeting frequency: Once a month but can be adjusted by pairs.

    Meeting format and contents: Mentee should be initiating the meeting. Group meeting with all mentors and mentees will be held quarterly.

    Mentor List

    Daju Gu, President, President Razor Risk.

    Dianna Zhang, Vice-President, Scotia Bank.

    George Liu, Senior Director, CIBC.

    Hong Xie, VP and Head of Models & Analytics, Manulife.

    James Shen, Consultant, CPPIB.

    Jin Wang, Director, Scotia Bank.

    Michael Wang, AVP, Manulife.

    Peter Hefferman, SVP (ret.), Scotia Bank.

    Steven Wang, Portfolio Manager, CPPIB.

    Ti Wang, Director, RBC.


    Application materials:

    Resume and cover letter.

    In the application materials please cover

    1. Your objectives. A more specific objective can help the mentor tailor a better plan for you and help you achieve more from the program.
    2. Your achievements.
    3. Your contribution to the CCFA.


    Please send the application material to membermentorshipccfa@gmail.com

    We look forward to seeing you in the Program!

  • 16 Apr 2015 11:31 PM | Yadong Wang (Administrator)

     Toronto, June 2-4, 2015, Fairmont Royal York

     Attend the First International Model Risk Management Conference and hear from thought leaders and today’s leading practitioners working in the areas of model development, validation, and audit or using models and their outputs. Sessions include discussions of risk topics and challenges across a broad spectrum of industries. The Conference will also support the development of professionalism and best practices among Model Risk Management (MRM) practitioners working in the regulated financial industry across sectors and geographies.

    Through presentations and discussions, the Conference aims to strengthen industry and regulatory MRM practice, grow and develop the current and next generation of MRM practitioners and facilitate the incorporation of best practices across industries. Tailored to address critical issues arising from global financial services regulation as well as emerging issues, the Conference will provide a thorough understanding of regulatory requirements and their impact on the leading MRM practices. The Conference will achieve these outcomes by providing relevant, meaningful and useful content that can be taken away and put into practice. Audience participation and collaboration is encouraged.

    This two day Conference runs from 8:00 a.m. till late afternoon each day including lunch as well as morning and afternoon breaks.

    Conference and Workshop Speakers

     Group 1Group 2


    For more information, please click below attached brochure.

    IMRM SHORT – 4.15.15

  • 24 Mar 2015 11:27 PM | Yadong Wang (Administrator)



    宣讲会免费参加,座位有限,先到先得!请立即登录 https://2015ce.eventbrite.com 注册,预订座位。

    “Insights into China’s strategic moves and investment opportunities” Seminar

    Chinese Professionals Association of Canada

    Saturday, April 11, 2015 from 9:45 AM to 12:00 PM (EDT)

    Toronto, Ontario





    改革与发展研究院副院长、北京师范大学MBA 中心教授。1992 年进入国家发展改革委(计委)工作,主要从事中国宏观经济形势跟踪分析和中国重大发展战略规划研究工作,多次参加中国政治局集体学习讲稿撰写工作,参加过中国国家“九五”计划、“十五”计划、“十一五”规划和“十二五”规划纲要的前期研究和起草工作。参加过中央统一布置的十八大报告起草前期重大课题研究,参加过十八届三中全会《决定》起草专题调研工作。获得省部级优秀成果奖一等奖1 项、二等奖2 项、三等奖4 项。








  • 24 Mar 2015 11:25 PM | Yadong Wang (Administrator)

     Topic: Simplifying the enterprise risk data aggregation challenge – Applying the replicating portfolio techniques to facilitate enterprise risk modeling

     Speaker: Michael Zerbs, Executive Vice President, Scotiabank

    Michale 1

    CCFA has successfully held another lunch-and-learn event on Friday, March 6th 2014. We were honored to have Michael Zerbs, an executive vice president of Scotiabank who is responsible for the development and execution of strategic technology plans to support the key functions and business lines at the enterprise level. Michael introduced the replicating portfolio techniques for facilitating enterprise risk modeling. More than 70 professionals from the financial industry participated in this event. The talk was well received and ended with an animated Q&A session showing very good feedback from the audience.

    Michael 2

    Since the Lehman collapse in 2007, people started realizing that the lack of data aggregation governance, architecture and processes can brought enormous damage to the financial institutions. Financial institutions tried to tackle the risk data aggregation issue through a lineage data flow lifecycle. However, since the lack of risk awareness at the senior level, most of the financial institutions wasn’t able to timely and adequately aggregate the risk data. Hence, the long-term risk aggregation could raise more uncertainty from the process. As we don’t want to fight a complex problem with a complex solution, Michael introduced a different approach – replicating portfolio.

    Michale 3

    Replicating portfolio technique is to use a portfolio with the same risk characteristics to replicate the target portfolio, and perform optimization techniques to implement large scale risk simulations on the replicating portfolio. Michael briefly introduced the replicating portfolio process in insurance industry and how can replicating portfolio optimize asset selection strategically against liability risk profile and address on industry challenges such as the complexity of large insurer profiles and different legacy systems. In more specific, Michael used annual variable annuity cash flow portfolio in insurance as an example, to illustrate replicating portfolio technique’s performance in both in-sample and out-of-sample scenarios, as well as its trading budget efficiency. Michael emphasized that applying replicating portfolio to risk management is as much art as science by its unique characteristics. Michael also introduced a few other use cases of replicating portfolio such as strategic portfolio hedges and black swan hedges. At the end, Michael highlighted that developing awareness for the many judgment calls and modeling decisions would also be essential for enterprise risk management.

  • 17 Mar 2015 11:24 PM | Yadong Wang (Administrator)

    Topic: An Overview of Mergers and Acquisitions Taxation in Canada

    Speaker: Eric Xiao, Partner, Ernst & Young

    Eric Xiao 1

    CCFA has successfully held another lunch-and-learn event on Thursday, February 26th, 2014. We were honored to have Eric Xiao, a tax partner with the Transaction Advisory Services practice of Ernst & Young based in Toronto.  Eric shared his insights on Mergers and Acquisitions Taxation in Canada and his unique career path as the first immigrant from China to become a partner with EY Canada. Around 40 financial practitioners and professionals participated in this event. The talk was well received and ended with an animated Q&A session showing very good feedback from the audience.

    After a warm opening remark about Eric’s background by Dr. Gang Wu, the moderator of the lunch-and learn event, Eric began sharing his thoughts on leadership, career development and his experience of being a partner in a Big-4 accounting firm.  He broke this section into three parts: a typical career path to become a partner; his personal experience and challenges; thoughts and the lessons he has learned.

    Becoming a partner in a Big-4 accounting firm is never easy. It requires the person to have strong leadership skills, in-depth technical knowledge and business development skills.  Eric highlighted people skills and leadership skills as the most important aspects of the skills set of a partner. As an “untypical” partner candidate in EY, Eric had also faced additional challenges such as language barrier. Eric emphasized that staying out of comfort zone is key to his success.  He also shared a tip about shifting in and out of comfort zone to develop new skills and new network while at the same time maintaining self-confidence.  Eric also shared a few lessons that he has learned with young professionals: setting a higher career goal at the early stage of career, seeking challenges and opportunities to grow, volunteering at a charity, and most importantly, networking and getting to know and to be known by people. He also backed up each suggestion with a real life example.

    Eric Xiao 2

    In the second section of the speech, Eric provided an overview of Mergers and Acquisitions Taxation in Canada. Starting with the transaction lifecycle in M&A, Eric discussed the different objectives of vendors and purchasers in both asset deals and share deals. Then, he moved on to cover tax due diligence, planning ideas for the seller/ purchasers. Eric finished his speech with an overview of the Canadian tax system which actually helps the audiences to have an even clearer idea about the different strategies and planning ideas for M&A transactions from a tax perspective.

  • 05 Mar 2015 11:23 PM | Yadong Wang (Administrator)

    After the CCFA Risk Study Group – Session 1: General Discussion on Counter-party Credit Risk on December 9th, 2014, CCFA Risk Study Group extended to cover liquidity risk management on the second session, which was held on February 19th, 2015. The CCFA Risk Study Group session 2 consists of speakers, Wei Zhang and Gavin Jiang, both from Scotiabank model validation group, and some practitioners with years of experiences on risk management from other financial institutions, along with members of the study group.

    Liquidity Risk is the risk that a bank is not able to fulfill all contractually required financial obligations. Liquidity risk has played a key role in historical banking crisis. The financial crisis began in 2007 exposed that many banks fail to build up an adequate framework to satisfactorily account for the liquidity risk posed by individual products and business lines.


    In order to supervise financial institutions with their liquidity risk management, a few regulatory requirements have been implemented or proposed by the Basel Committee. In this study group session, we mainly focused on LCR (Liquidity Coverage Ratio) and NSFR (Net Stable Funding Ratio) in Basel III as well as some other terms in local financial regulators. In specific, we first went through the detailed terms of both LCR and NSFR, e.g., the characteristics, classification, and calculation of high-quality liquid assets; business judgmental issues in LCR and NSFR; then different supplements used by local regulators such as OSFI and FSA were introduced. At the end, we also discussed about the ideal liquidity risk management in banks, which not only requires a sound framework from the supervisory level but also support from each business unit.



    The CCFA risk study group aims to provide a platform for members to share the knowledge and learn from each other, eventually to achieve the success in risk management.

    马蹄腾瑞雪,羊角触红梅。在这新年开泰之际,CCFA Risk Study Group也迎来了它2015年的第一次group meeting。在上一次的研讨会(2014年12月9日)中,我们针对了对手方信用风险进行了广泛的讨论。而在这一次的学习研讨中,我们有幸邀请到了加拿大丰业银行Model Validation部门的Wei Zhang和Gavin Jiang来为我们分享他们在流动性风险管理方面的经验。同时,本次学习小组亦有多名在各种风险管理领域的精英参加,分享及讨论了他们对流动性风险管理的看法。


    2008年的次贷危机及之后引发的全球流动性危机进一步暴露了全球银行流动性风险管理及监管制度中的弊端。巴塞尔委员会在这次金融灾难后,立刻指出了大多商业银行在流动性风险管理框架中的不足,并在巴塞尔协议III中添加了流动性风险管理的指标。在这次的学习小组会议中,我们着重讨论了在巴塞尔协议III(Basel III)中新增的两种流动性风险指标:流动性覆盖率(Liquidity Coverage Ratio,LCR),净稳定资金比例(Net Stable Funding Ratio,NSFR):二种流动性风险指标的定义,衡量,以及衡量过程中可能遇见的难题及挑战。同时,我们介绍了当地金融监管机构中对流动性风险管理的补充条款。最后,各位学习小组成员亦针对如何从公司内部管理层以及各业务单元的不同方向中促进建立一个健全的流动性风险管理系统展开了讨论。

  • 20 Feb 2015 11:19 PM | Yadong Wang (Administrator)

    Title: Simplifying the enterprise risk data aggregation challenge – Applying the replicating portfolio techniques to facilitate enterprise risk modeling

    Time: Friday, 6 March 2015 from 11:50 PM to 1:30 PM (EST)

    Location: Schooner Room, 4th Floor, 44 King Street West, Toronto, ON, Canada


    Speaker: Michael Zerbs, Senior Vice President & Head of RMIT, Scotiabank

    Registration link: https://www.eventbrite.ca/e/simplifying-the-enterprise-risk-data-aggregation-challenge-tickets-15851187328

    Audience are encouraged to bring their own lunch.


    Michael’s presentation will focus on how to use optimization techniques to implement large scale risk simulations. In specific, the following topics would be covered:

    • The typical data flow in typical financial institutions
    • Objectives and major challenges of Solvency II and G-SIFIs
    • What is replication and how it can address these challenges in insurance
    • Replication processes and implementations on both asset and liability portfolios
    • Common issues of replication and how to optimize its efficiency
    • Example: Variable Annuity Portfolio

    If you are interested in any of these topics, please come and join us for lunch and discuss about the optimization technique of risk management!                                  

     Speaker’s Bio:

     Michael is currently working as the Senior Vice President & Head of Risk Management Information Technology (RMIT) at Scotiabank. He is mainly responsible for the development and execution of strategic technology plans to support the key functions and business lines at the enterprise level.

     Prior to joining Scotiabank, Michael was the President and Chief Operating Officer at Algorithmics. He successfully led Algorithmics to become the leading enterprise risk firm for market risk, economic capital calculation, risk dashboard, and collateral management. In 2011, IBM acquired Algorithmics and combined it with IBM OpenPages to create a new pillar of Risk Analytics within the IBM Business Analytics software division. Michael led this new unit until joining Scotiabank in May 2014.

  • 10 Feb 2015 11:16 PM | Yadong Wang (Administrator)

    Title: An Overview of Mergers and Acquisitions Taxation in Canada

    Time: Thursday, 26 February 2015 from 12:00 PM to 1:00 PM (EST)

    Location: East York Room, 2nd Floor, 4 King Street West, Toronto, ON, Canada

     Speaker: Eric Xiao, Partner, Ernst & Young

    Eric Xiao

    Registration link:


     Audience are encouraged to bring their own lunch.

     Eric’s presentation will cover two topics. First, as the first immigrant from China to become a partner with Ernst & Young Canada, Eric will share his thoughts on leadership, career development, and his experience of being a partner in a Big-4 accounting firm. Second, Eric will provide an overview of mergers and acquisitions taxation in Canada. He will discuss the key Canadian tax considerations on purchase and sale of a Canadian business, and share his thoughts and observations on cross-border deals based on his 20 years of experience with Ernst & Young Canada.                                               

    Eric is a tax partner with Ernst & Young’s Transaction Advisory Services practice based in Toronto. He is the Canadian leader of Ernst & Young’s China Overseas Investment Network.

     With over 20 years of experience, Eric has led many significant transactions providing tax advice to multinational companies on mergers and acquisitions, divestitures, restructurings, spin-offs, and tax due diligence.

     Eric graduated from the University of Toronto in 1991 with an MBA degree. He received his Canadian Chartered Accountant designation in 1997. Eric is a frequent speaker on Canadian income tax matters. He is a lecturer for the CICPA Corporate Reorganizations Course and is a member of the Joint Committee on Taxation of the Canadian Bar Association and Chartered Professional Accountants of Canada.

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