Topic: Valuation – an Art or a Science

Speaker: Rebecca Pang, CFA, CIBC

CCFA has successfully held another lunch-and-learn event on Thursday, November 27^th, 2015. We were honored to have Rebecca Pang, Senior Director of CIBC Channel Strategy and Analytics. Rebecca shared her insights on business valuation and valuation process in Mergers and Acquisitions, Investment Banking and Strategy & Corporate Development areas. 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 Rebecca’s background by Dr. Laurent Wu, the moderator of the lunch and learn event, Rebecca began sharing her thoughts on the importance and applications of business valuation, the arts and science sides of the valuation, and the career option at the end.

Recent days, valuation matters more than ever – valuing a company before make a stock investment, valuing a franchise business for purchase, watching the recent booming of M&A with valuations getting back into the dangerous zone, etc. At first, Rebecca highlighted the importance of valuation in areas of Risk management, PE/ Investing, Tax, Mergers & Acquisition, Business Case, Strategic Planning, Litigation, Investment Decision and Fairness Option.

Then she introduced the Science aspect of valuation such as the Definition of Fair Market Value, Key Valuation Methodologies - Market approach, Income Approach, Cost Approach and Leveraged Buyout including various approaches of Comparable, Precedent, DCF, Discount rate/WACC, Terminal Value. On the other hand, valuation is also considered as an Art. Rebecca explained various valuation approaches – the tools depending on industry differences, Discounts and premiums, Historical F/S adjustments, Inclusion of synergies and Intangibles.

In the last section of the speech, Rebecca provided an introduction of business valuation certification information. Rebecca finished her speech with an overview of different career paths of valuation professionals which actually helps the audiences to have an even clearer idea about future development as a business valuation professional.

From CCFA Communication

2015年11月21日，著名经济学家徐滇庆教授应加中金融协会(CCFA)和多伦多大学中国学生学者联谊会(UTCSSA)的邀请来到多伦多大学带给我们一场关于中国产能过剩问题的讲座。全程由UTCSSA研究生副主席赵阳主持，随后由CCFA主席张文琦以及中国驻多伦多总领馆教育组徐卫亚参赞致辞。

从讲座中我们了解到了产能过剩的含义是供给大于需求，产能过剩是经济市场的不平衡问题，也会给一个国家的经济带来不利影响。讲座中，徐教授带领我们详细分析了当前中国产能过剩的五大行业，探讨了中国人均住房问题，贫富差距增大的问题，以及政府部门对经济政策的影响。徐教授在讲座中多次强调简政放权的意义，并高度评价政府对于恢复宏观经济正常运行秩序的不懈努力。

讲座的最后，徐教授根据不同产能过剩性质对五大行业产能过剩问题提出了相应的应对策略，表达了对中国经济增长持乐观态度。同时徐教授也鼓励学生们好好学习专业知识，学会用数据做理性分析。此次活动座无虚席，感谢大家的到来，也感谢合办单位UTCSSA以及中国驻多伦多总领馆教育组的大力支持。

After the delivery of Enterprise Wide Stress Testing (EWST) on August 12, 2015, CCFA Risk Study group held the fifth study session on December 7, 2015. The topic is on Operational Risk. It was an honour to invite two experienced practitioners in the field of operational risk to lead the round table discussion. They are: Baifang Xing, Manager of Risk Methodologies at RBC, and Shunbai Li, Manager of Internal Rating Management at Scotiabank. Both speakers have extensive experience in the operational risk area. Yicent Chen, Model Risk Specialist from BMO was the facilitator. Other practitioners from leading Canadian financial institutions also joined the discussion.

The session covered Advanced Measurement Approach (AMA) methodology specifications, model challenges and limitations from model development perspective. A high-level overview of the operational risk capital model methodology was provided by the speakers. At first the speakers explained the definition of operational risk from Basel Guideline and in practical terms. Then they moved onto explaining the main factors that are associated with operational risk and operational risk capital calculation. In the end, they shared some of the on-going challenges industry faces from regulators and banks perspective.

Operational risk is defined as the risk of loss resulting from inadequate or failed internal process, people and systems or from external events. In practice, it contains all risk types that can’t be classified under market risk, credit risk, or any of the major risk categories. Basel uses two dimensions to define the characteristics of operational risk: event types and business lines. For operational risk capital modelling, a two dimensional table is created by setting event types as column and business lines as row. Each cell of this table contains a unit of measure which is used for loss severity and loss frequency estimation. There are two fundamental assumptions for the Advanced Measurement Approach: (1) it assumes loss events happen with the frequency they happened before, and (2) the magnitude of the loss, while random, is adequately captured by the past. This approach is being developed on the top of basic indicator approach and the standardised approach which are simpler and more straightforward. Modeller uses four different data inputs: internal data, external data, scenario data and Business Environment and Internal Control Factors (BEICF). Even though the model has been studied for more than ten years globally, significant challenges still exist as followings: internal and external data scarcity, capital volatility from low frequency and high severity loss event, truncated data due to reporting bias, inflation adjustment, foreign exchange adjustment, and common root loss event.

Due to the nature of the operational risk definition and the data used, it is a challenge to compare the operational risk Advanced Measurement Approach among different banks. Each bank used different approach and dataset to solve the problem. 

就企业整体压力测试（EWST）研讨后，CCFA于2015年12月7日迎来了第五次风险管理研讨会，课题是操作风险。我们荣幸地邀请到了在这一领域的两位资深从业者领导为我们主导这次的圆桌讨论，他们是加拿大皇家银行（RBC）的风险方法经理Baifang Xing，以及丰业银行（Scotia bank）的内部评级管理经理Shunbai Li。两位演讲者在操作风险领域都有丰富的经验。担任本次研讨会主持的是满地可银行（BMO）的模型风险专家Yicent Chen。参加讨论的还有来自加拿大各大金融机构的专业人士。

这次的讨论包括高级计量法（AMA）方法规范, 以及从模型发展的角度来看，模型的挑战性和局限性。演讲者对操作风险资本模型方法进行了概述。首先，演讲者们讲解了巴塞尔协议中对于操作风险的定义。之后，他们又对操作风险的主要因素和计算进行了讲解。最后，他们以监管机构和银行的角度，分享了一些产业正持续面临的挑战。

操作风险定义为，由于不适当的或失败的内部流程，人为和系统或外部事件造成损失而带来的风险。在实践中，它包含了不能被归类于市场风险，信用风险，或任何重大风险的其它所有风险类型。巴塞尔使用二维来定义操作风险的特征：事件类型和业务种类。操作风险资本模型，是一个将事件类型设置为列，业务种类设置为行的二维表格，该表格的每一个单元格包含一个用于损失额度和损失频率估计的度量单位。关于高级计量法（AMA）有两个基本假设：①假定损失事件及它的发生频率曾经发生过；②损失大小，过去偶尔会捕捉到。这种方法是建立在基本指标法和标准法上的，也是更简单明确的模范方法。分析员使用了四种不同的输入数据：内部数据，外部数据，场景数据以及商业环境与内部控制因素。即使该模型在全球已经被研究了超过十年，但仍然存在重大的挑战，如下：内部和外部数据不足，低频率和高度损失事件引起的资本波动，由于报告偏差引起的数据损坏，通货膨胀的调整，外汇的调整, 以及常见的根本损失事件。

根据操作风险的定义和使用的数据的性质，比较不同银行的操作风险高级计量法（AMA）也是一个挑战。各银行采用不同的方式和数据集来解决这个问题。

After the delivery of Fundamental Review of the Trading Book (FRTB) Quantitative Impact Study (QIS) in early April, CCFA Risk Study group held the third study session on FTRB on April 16^th, 2015. It was an honour to invite Jun Yuan, Senior Manager from RBC and Lu Lin, Senior Manager from Scotiabank, to have a round table discussion on the topic, together with some practitioners on risk management from Canadian banks and members of the study group. Both speakers have involved in the past FRTB QIS exercise.

The session covered an introduction of FRTB, new regulatory rules on market risk, and FRTB’s Impact on business and industry. An overview of the Basel III’s revised market risk framework was provided by the speakers. There are two approaches can be chosen by a bank in measuring market risk: standardised approach and internal models approach (IMA). Banks must calculate the standardized capital charge for each trading desk, with calculation performed at least monthly.

The IMA requires approval from OSFI, and uses multiple risk factors. Expected shortfall (ES) must be computed on a daily basis, which is used to calculate the tail risk, focusing on the whole tail instead of only a point of the tail, as compared to Value-at-risk (VaR). Consequently, interval estimation instead of point estimation is required. Back-testing ES is a challenge for the financial institutions in terms of testing methods and data requirements. Basically, there will be higher requirement on the quality of the risk data, and all risk factors should be backed by real trades/transactions data.

As a high-level impact of FRTB on business and industry, regulators intend to improve transparency and comparability among banks. Going forward, banks will probably be required to apply both approaches. However, capital differences may be reduced since risk-weighted capital may decrease under the revised standardized approach, or it may increase under the revised IMA.  ES must be calculated on a daily basis for the bank-wide internal model for regulatory capital purposes for each trading desk. In addition, there is an increasing importance of the quality of the data. 

在四月初提交了关于交易账户的基本审查的量化影响学习之后，CCFA风险学习小组在4月16日举行了第三次学习。这次学习的主题是交易账户的基本审查。我们荣幸地邀请到了加拿大皇家银行的高级经理Jun Yuan，以及丰业银行的高级经理Lu Lin,为我们主导这次的圆桌讨论。参加讨论的还有加拿大其他银行风险管理方面的专业人士，以及学习小组的成员。两位演讲者都参加了之前的量化影响学习。

这次的讨论包括对交易账户的基本审查的介绍，市场风险方面新的监管规则，以及交易账户的基本审查对业界的影响。演讲者们对巴塞尔协定三的市场风险框架进行了概述。目前银行可以通过两个方法来测量市场风险：标准法以及内部模型法。对每一个交易专柜，银行需要进行至少每月一次的标准化的资本金计算。

内部模型法采用的是多个风险因子的方法，并必须通过OSFI的审批后进行运用。和风险价值（VaR）相比较而言，期望短缺值 （ES）也需每日计算，但通过对概率分布的整个尾部进行测量，而并非计算尾部上单一的点。因此，需要运用区间估计而并非点估计的方法来计算ES.由于对数据的要求提高，以及各风险因子必须用到真实的交易数据，目前各金融机构的从业者所遇到的挑战是如何运用测量方法以及如何收集处理数据来对ES进行回溯测试。

交易账户的基本审查对业界的影响是，监管人员在意图提高银行的透明度和可比较性。以后银行需要既采用标准法也采用内部模型法来进行资本金计算。但是，由于在修改后的标准法之下风险加权资产可能降低，而在修改后的内部模型法之下的风险加权资本可能上升，所以资本金的差别也可能降低。对每一个交易专柜，需要对ES每日进行计算。同时，数据质量将会变得更为重要。

Official Link

Date:	Thursday February 25, 2016 | 06:00 PM - 07:00 PM
Speaker(s):	Rachel Stanislaus, MFin '12 Treasury Manager, TD
	Richard KC Wong, MFin '12, CFA Vice President, Asset Securitization, TD Securities
	Breanna Brooks Assistant Director, Recruitment & Admissions Master of Finance
Venue:	CPA Offices Founder Hall 25 York Street, 11th floor Downtown Toronto, Ontario
Location:	Toronto
Cost:	Free

Official Link

UofT MMF is inviting CCFA Members to attend their upcoming summit in Feb 4-7, 2016 ! ! !

http://symposium.mmf.utoronto.ca/

Global Perspectives on Financial Innovation 

 The consequences of the crisis of 2008 are still being felt in the financial sector.  

While stock markets are at their all time highs, and interest rates at their all time lows, the changes in regulation are definitely having an impact in the evolution of financial market participants, especially banks. 

On the other hand, the fintech sector, contemporary Davids threatening the empire of Goliath, and shadow banking activity open in the mainstream, one may wonder where the world of quantitative finance is going. 

The MMF Symposium will bring together practitioners and academics to share their vision with all of us and help us determine what the future will bring us.  

There is a competition between innovation and regulation. The winner will redefine the sector.

Come to the MMF Symposium 2016 to check the score.

- Luis Seco, Director MMF

 

 

    CONFERENCE SESSIONS    

          KEYNOTE SPEAKER           

          The Force           

 

Mike Durland Group Head and CEO of Global Banking and Markets // Scotiabank

I first met Mike Durland in 1996, as RiskLab-Toronto was being created. He was instrumental in the creation of Risklab and MMF also; in fact, he served in the industrial advisory board for several years, and a lot of the MMF vision and curriculum was created with his input. To this day we still feel his vision in the program, and I am specially proud and happy that he will be joining us at the Symposium this year. - Luis Seco, Director MMF

 

 

           QUESTIONS & ANSWERS           

 The secrets of the Galactic Empire 

Interview with:

	By
Camilla Sutton Managing Director & Head Global Foreign Exchange // Scotiabank		Megan Vesely        Chief Counsel // Sigma Analysis and Management

 

 

Interview with:

 

	By
Michael Zerbs         Executive Vice President & Co-Head IT & Enterprise Technology // Scotiabank		Dan Rosen         Managing Director of Risk and Analytics // S&P Capital IQ

 

 

 

          TED TALK         

    Obi-Wan’s wisdom    

"From MMF to Audit – Adaptation in an Evolving Regulatory Environment" 

Alyson Bailey-Flynn   Regional Chief Auditor Europe // Scotiabank

It is 1998, and the first class of MMF is sitting in a U-shaped table arrangement, waiting for me to teach them risk management. Amongst them there is one, a graduate from Saint Mary's University, a physicist, whose understated presence did not fool me: I knew she was brilliant. Seventeen years later she has graduated to a higher galaxy, Regional Chief Auditor for Scotiabank in London. Innovation versus regulation? She is the best of both. - Luis Seco, Director MMF

 

 

 

           PRESENTATIONS           

        Reports from the Jedi         

 

	Breakthroughs in distributed ledger technology - A crash course on blockchains and smart contracts. Virgile Rostand Founder & M.D // Coinsquare
	Outlook for the Robo Advisor Industry's Evolution Richard Kang Chief Investment Officer // FTSE Group
	Advanced Portfolio Insurance Techniques for funding ratio management. Adina Grigoriu Founding Partner & CEO // Active Asset Allocation
	Investing in Ontario’s Public Infrastructure: A Prosperity at Risk Perspective Paul Smetanin President and CEO // Canadian Centre for Economic Analysis
	Financial Innovation: The Case of a Hedge Fund Index Replicator Pierre Laroche M.D. - R&D - Derivatives Products // National Bank Financial Products

 

 

 

 

                PANELS             

           Inside the ship      

ASSET ALLOCATION AND HEDGE FUNDS: A GLOBAL PERSPECTIVE

This panel will examine various elements of investing in hedge funds, in addition to the convergence of different worlds (long-only, hedge funds, private equity).  Nuggets of wisdom in Due diligence - investment, operational, and structural will be furnished. Quantitative equity asset management, asset allocation, and risk management will also be discussed.  The impact of investing via managed accounts will be discussed.  This panel will have a global lens.

  

	Ryan Gonzalvez Vice President // The Carlyle Group		Srikanth Iyer M.D., Head of Systematic Strategies // Guardian Capital
	Ranjan Bhaduri Chief Research Officer // Sigma Analysis and Management

 

DEBATE PANEL ON TRADING

Predatory trading, dark pools, high frequency trading, MNPI: do these terms denote a new profession is under development?

 

	Peter Berdeklis Portfolio Manager and Head of Algorithmic Trading // Maple Securities		Rob Almgren M.D. - R&D - Derivatives Products // National Bank Financial Products
	Gloria Tam Portfolio Manager // Cubist Systematic Strategies		Luis Seco Director // MMF

 

Dear CCFA Xmas Party Guests,

Thank you for your strong support. 

Below please find the seating arrangements for those who requested seating upfront. For those who did not get a chance to request the seating arrangement, we encourage you to check the form below to identify your ideal vacant seat and come to the event at 5pm to check in and pick your seat at the site. Please bring your invoice to facilitate the check-in process. Please find your table before 5:45 so we can start the event on time. See you all on Sunday。

Please follow these links to obtain the table arrangement for the CCFA Christmas Party.

Order by Table Number:

Table Arrangement List For Post 20151213001.xlsx

Order by Invoice Number:

Online Registrants' Seatings For Post 20151213001.xlsx

The bird on the tree has flown away!

What’s left on the ground?

 

December 13 is less than two weeks away and the early birds are already flapping their wings! But if you go online, you won’t find any lean and industrial birds, but only a lazier one with more feathers. 

Yes, this is about this year’s Bay Street Chinese Xmas Party.  As previously announced, the online availability for the early bird price of $60 per person was closed at midnight yesterday (November 30). 

But space is still available, that is, if you want to grab one of those remaining seats.  What can you do?  You have two options: take the short cut to go online at http://theccfa.net/event-2069380/Registrationand pay a premium for the convenience of just a few key clicks, or go offline, seeking out one of those ticket reps to get a seat still at the early bird price!  You can find their names here: http://theccfa.net/event-2069380. Either way you choose, hurry up because space is truly limited!

If you do go offline, please thank the ticket rep whole heartedly!  It’s the dedication and generosity of people like them who make this event even possible!

By the way, there has been some slight update on the tables.  Please check below.  If any table appeals to your taste, please forward the receipt or digital ticket to Jinke (xmas.jinke@gmail.com) and reserve your desired tables.  Please note: You need to submit at least three table names and it will be offered as First-Come-First-Served!  Of course you can opt to keep the suspense and find out your table when you check in at the door.

No	Table Name	Head of Table	Company	Main Function
1	Dianna's Table, reserved	Dianna Zhang	VP, Scotia	Economic Capital and Capital Efficiency
2	Houben's Table, reserved	Houben Huang	VP, BMO	Model vetting
3	Media Table, reserved	Media	Media	Media
4	Ian's Table	Ian Michael	Partner, McCarthy Tetrant LLP	Business Law
5	Geff's Table	Geoffrey Rubin	Managing Director, CCPIB	Total Portfolio Management
6	Chris's Table	Chris Gibson	VP, TD Securities	Fixed Income, Currencies, & Metals
7	Eric's Table	Eric Xiao	Partner, Ernst & Young LLP	Transaction Advisory Services
8	Luis's Table	Luis Seco	Professor, UofT	Mathematics and Mathematical Finance
9	John's Table	John Hull	Professor, Rotman	Finance
10	Peter and Susan's Table	Peter and Susan Christoffersen	Professor, Rotman	Finance
11	Judy's Table	Judy Lee	VP, RBC	Commercial Financial Services
12	Xiaobo's Table	Xiaobo Wang	Scotia	Group Liquidity
13	清水涟漪 Lian's Table	Lian Duan	BMO	Internal Audit
14	Yadong's Table	Yadong Wang	Scotia	Model development and Market Risk
15	冬雪红梅 Cathy's Table	Cathy Li	Investment advisor	RBC wealth management RBC dominion securities
16	雨后天晴 Rainbow on the Horizon	Hong Xie	Manulife	Models and Analytics/Variable Annuity Hedging
17	我们还年轻 Cycle to work	Michael Wang	Manulife	Variable annuity hedging system solutions
18	漫步贝街 Random Walk on Bay Street	Jie Chen	TD Securities	Quantitative Engineering and Development
19	大跃进 Quantum Leap	Joe Lu	Consulting	Investment Banking
20	骑行天下 Cycle Mania	Tao Wang	Aon Consulting	Variable annuity hedging system solutions
21	大甩卖 Big Short	Yicent Chen	BMO	Model Vetting
22	审之又审 Internal Audit	Yaping Jiang	TD	Audit
23	慎之又慎Vet Again	Yeqi He	RBC	Model Vetting
24	爱吃•爱美•爱拼 Empower Our Future	Luyang Yan	Scotia	Business Analysis
25	贝街合唱团 Choir on Bay	Rui Pan	CIBC	fixed income analytics and data sales
26	退役摄影爱好者 Snapshots of Bay	Daju Gu	Razor Risk Technologies	TMX Technology Solutions
27	万锦信贷 MoneyBroker.ca	Christine Xu	Mortgage Architects	mortgage services
28	8090后之打酱油 Beat Soy Sauce	Truman Chen	EY	Valuation and Business Modelling
29	金融IT Rock to Gold	James Shen	CPPIB	Portfolio management and Analytics
30	峭壁临风Margin Calls	Alan Xiang	TDAM	Performance Analysis
31	始于足下All about Assumption	Laurent Wu	Scotia	Model Vetting
32	安居乐业Your Home, My Work	Derek Jing	CIBC	Mortgage Origination
33	无债一身轻No Leverage	Jennie Wang	TD	Asset/Liability Management
34	风华正茂We are the One	Owen Ou	CIBC	Capital Markets Risk Management
35	消费者红娘 Enlight	Mia Wang	LoyaltyOne	Consumer engagement strategies/CPAC training
36	背包客之 I love travel	Angela Yang	CIBC	product management
37	Qian's Table	Qian Jin	CIBC	Enterprise Risk Management
38	Rebecca’s Table	Rebecca Pang	CIBC	Channel Strategy and Analytics

You must have experienced this: you come to a party without really knowing who’s who.  You are seated to a table, hoping someone will open the chitchat.  Then you find everyone is doing the same thing, feeling awkward not knowing how to start a conversation.  You look around and notice a few special tables with prominent guests but you have no clue who they are and how to approach them.  You leave feeling a bit of loss: why am I coming to this party in the first place?

Not in this party!  In this year’s Bay Street Chinese Xmas Party, we shall have around 40 named tables, each hosted by the head of that table.  Check them out below.  Would you still feel at loss how to break the ice?

So if you feel you could identify with some “head” of table, if you feel it would be just fun simply to find out what the table is about, or if you feel you now have an urge to table-hop and propose a toast, join us at the party! 

Simply go to http://theccfa.net/event-2069380/Registration to register your name and email address!  Then forward the receipt or digital ticket to Jinke (xmas.jinke@gmail.com) and reserve your desired tables.  You need to submit at least three tables names and it will be offered as First-Come-First-Served!  Of course you can opt to keep the suspense and find out your table when you check in at the door.

Yes, it’s that simple!

No	Table Name	Head of Table	Company	Main Function
1	VIP Table	Dianna Zhang	Scotia	Economic Capital and Capital Efficiency
2	VIP Table	Houben Huang	BMO	Model vetting
3	Media Table	Media	Media	Media
4	Ian's Table	Ian Michael	Partner, McCarthy Tetrant LLP	Business Law
5	Geff's Table	Geoffrey Rubin	Managing Director, CCPIB	Total Portfolio Management
6	Chris's Table	Chris Gibson	TD Securities	Fixed Income, Currencies, & Metals
7	Eric's Table	Eric Xiao	Partner, Ernst & Young LLP	Transaction Advisory Services
8	Luis's Table	Luis Seco	Professor, UofT	Mathematics and Mathematical Finance
9	John's Table	John Hull	Professor, Rotman	Finance
10	Peter and Susan's Table	Peter and Susan Christoffersen	Professor, Rotman	Finance
11	Judy's Table	Judy Lee	VP, RBC	Commercial Financial Services
12	Xiaobo's Table	Xiaobo Wang	Scotia	Group Liquidity
13	清水涟漪 Lian's Table	Lian Duan	BMO	Internal Audit
14	Yadong's Table	Yadong Wang	Scotiabank	Model development and Market Risk
15	冬雪红梅Cathy's Table	Cathy Li	RBC dominion securities, wealth management	Financial advisor
16	雨后天晴Rainbow on the Horizon	Hong Xie	Manulife	Models and Analytics/Variable Annuity Hedging
17	我们还年轻 Cycle to work	Michael Wang	Manulife	Variable annuity hedging system solutions
18	漫步贝街 Random Walk on Bay Street	Jie Chen	TD Securities	Quantitative Engineering and Development
19	大跃进 Quantum Leap	Joe Lu	Consulting	Investment Banking
20	骑行天下 Cycle Mania	Tao Wang	Aon Consulting	Variable annuity hedging system solutions
21	大甩卖 Big Short	Yicent Chen	BMO	Model Vetting
22	审之又审 Internal Audit	Yaping Jiang/Ti Wang	TD/RBC	Audit/Structured finance
23	慎之又慎Vet Again	Yeqi He	RBC	Model Vetting
24	爱吃•爱美•爱拼 Empower Our Future	Luyang Yan	Scotia	Business Analysis
25	贝街合唱团 Choir on Bay	Rui Pan	CIBC	fixed income analytics and data sales
26	退役摄影爱好者 Snapshots of Bay	Duan Qian	Scotia	Financial Engineering
27	万锦信贷  MoneyBroker.ca	Christine Xu	Mortgage Architects	mortgage services
28	8090后之打酱油 Beat Soy Sauce	Truman Chen	EY	Valuation and Business Modelling
29	金融IT Rock to Gold	James Shen	CPPIB	Portfolio management and Analytics
30	峭壁临风Margin Calls	Alan Xiang	TDAM	Performance Analysis
31	始于足下All about Assumption	Laurent Wu	Scotia	Model Vetting
32	安居乐业Your Home, My Work	Derek Jing	CIBC	Mortgage Origination
33	无债一身轻No Leverage	Jennie Wang	TD	Asset/Liability Management
34	风华正茂We are the One	Owen Ou	CIBC	Capital Markets Risk Management
35	消费者红娘 Enlight	Mia Wang	LoyaltyOne	Consumer engagement strategies/CPAC training
36	背包客之 I love travel	Angela Yang	CIBC	Product management
37	Qian's Table	Qian Jin	CIBC	Enterprise Risk Management
38	Rebecca's Table	Rebecca Pang

 

CCFA Lunch & Learn Speaker Series

Title: The Art and Science of Valuation

Time: Friday, 27 November 2015 from 12:00 PM to 1:00 PM (EST)

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

Speaker: Rebecca Pang, Senior Director of Channel Strategy and Analytics, CIBC

Registration link: https://www.eventbrite.ca/e/ccfa-lunch-learn-speaker-series-the-art-and-science-of-valuation-tickets-19427121042

Audience are encouraged to bring their own lunch.

Valuation matters more than ever – valuing a company before you make a stock investment, valuing a franchise business for purchase, watching the recent booming of M&A with valuations getting back into the dangerous zone, etc. This talk will explore the arts and science sides of the valuation and will provide participants with a practical insight into business valuation. You will learn about various valuations tools, business valuation interpretation as well as the mechanics of the valuation process. We will also explore different career paths of valuation professionals.

Speaker’s Bio:

Rebecca Pang is the senior director of channel strategy and analytics for CIBC, where she leads the retail channel analytics team to develop and evaluate strategic programs or initiatives related to integrated channel strategy. Prior to the current role, Pang was working in the mergers and acquisitions, investment banking and Strategy & Corporate Development teams at CIBC. Pang has also worked as a senior manager for T-Mobile USA, an investor relations officer for China Netcom in Beijing and a business analyst for McKinsey and Company in Hong Kong.

Pang earned her honor’s bachelor of business administration from the Chinese University of Hong Kong, and then served as an HSBC scholar at Columbia University. She received her MBA from Stanford University’s Graduate School of Business and later earned her Chartered Financial Analyst and Chartered Business Valuators designations.

Pang currently serves as a member of the Dean’s Advisory Council for the Ted Rogers School of Management of Ryerson University, and a board member for the Toronto chapter of the Multiple Sclerosis Society.