05 November 2009 - As the competition comes to a close, who are the top 5 teams?

Winner - Royal Canucks – Canada

2. BOC Risk – China

3. ACME – Spain

4. SwissRisk – Switzerland

5. KBC-BG - Bulgaria

Details of the final positions are available below. Click on the images to view larger versions.

02 November 2009 - Thanks to all the teams who set their strategies last week.

We are now running forward your new strategies by 18 months…to know the final position at the end of the game, you will need to attend the closing ceremony on Wednesday 04 November.

Individual team performances will be distributed after the closing ceremony. 

23 October 2009 - Observations from the Auditors of Challenge 2009 - Month 43

Having reviewed each of the strategies that have been set by the different Credit Risk Teams, the auditors would like to feed back the observations noted below

Observations:

1. The auditors were pleased to see a greater use of Champion/Challenger. As mentioned in the last update, this means the choice of strategies for the ‘final push’ will be a lot easier.
2. It did not really come as a surprise that a lot of teams increased their fees to be the maximum values allowed by the FSA. There is some concern about whether some teams were doing this ‘blindly’; higher fees will cause more adverse reaction by customers (complaints and lower levels of spend).
3. The Auditors were also quite surprised at the relatively small number of teams that were basing their strategy changes on actual observed performance data; it was felt that some teams were ignoring what was working well or badly, and just setting strategies based on “gut feel”.

Good luck!

21 October 2009 - After the 2nd session of strategies have been set…What are the results?

Thanks to all of you and the work that you are putting into your strategies, 11 teams have moved up in the rankings, 6 moved down, while 3 have kept their position.

And the leading teams are..

In Month 42 these are the top 5 teams (in alphabetical order)

ACME - Spain

Fleet Foxes – UK

Risk it for a biscuit – UK

Royal Canucks - Canada

Swiss Risk – Switzerland

As you will see from the list of top teams in Month 39, one team has moved up into the Top 5 and one team has dropped out from the Top 5.

Congratulations!

We're only a quarter of the way through, (6 months <M36-M42> out of 24 <M36-M60>), so positions could change significantly over the remainder of the challenge. There's everything to play for, and the 3rd session is a crucial one that can possibly change everything!

But be careful! – if you set a bad strategy (or make a mistake) in the next webinar, you will have to suffer from that for 18 months!

Make a note in your diary for the SimRisk Challenge 2009 closing ceremony to be held Wednesday 4 November.

Results will be presented and the winning team will be announced.

The webinar will last approximately 60 minutes, and will be broadcast at:

8am UK / 9am CET / 4pm HK and

10 am NY – Toronto time / 3pm UK / 4pm CET

12 October 2009 - SimRisk Challenge Financial Services Authority upholds ruling about excessive charging of fees.

London, UK (SimRisk Challenge Reuters) – Following the outburst from Jim Connolly of Telephone Men in Black Bank (TMiBB), the SimRisk Financial Services Authority (SFSA) has been in discussion with Consumer Groups over the weekend, and has decided that the ruling about the charging of punitive bank fees is to be upheld.

Jim Nowell, chairman of the SFSA, pointed out that no banks had been picked out for special attention.

There are plenty of opportunities for Banks to charge money to customers, however a line obviously needs to be drawn, or the reputation of the industry as a whole comes under threat. “If we do not do something now to curb these charges”, Mr Nowell continued, “the public could lose all confidence in the banking system. Banks will fail, the economy will collapse, and basically, all manner of bad things will befall us!”.

SFSA would like to insist that one priority for banks now is to restore public trust and the SFSA will make all actions to ensure that lending covers its social role in the economy, while we are aware that we need a profitable financial industry.

“The purpose of this ruling is to protect the image of Banking within the SimRisk Challenge environment”, explained Mr Nowell. “We are already facing one of the most difficult situations in Banking history, with the ‘insane bonuses’ that Mr Connolly alludes to, and this sort of behaviour by banks simply reinforces the image that many people have, of Bankers being ‘the scum of the Universe’”.

With TMiBB’s stated aim of “protecting people”, is this a case of “Gamekeeper turning Poacher”?

9 October 2009 - 10:00am New York Time - Telephone Men in Black Bank Co-Vice Chairman Connolly Fires Back at the SimRisk Challenge Financial Services Authority (SFSA)

New York, NY USA (SimRisk Challenge Reuters) - Telephone Men in Black Bank (TMiBB) Co-Vice Chairman Jim Connolly is angry at the SimRisk Challenge Financial Services Authority (SFSA).  In a ruling handed down by the SimRisk Challenge Financial Services Authority (SFSA); beginning in 'Month 40'', banks competing in the SimRisk Challenge 2009 now have maximum limits imposed on the fees they can levy on Credit Card, Personal Loan and Current Accounts.  While the ruling does not specifically name TMiBB or any other financial institution participating in the SimRisk Challenge 2009, the ruling notes "some banks are charging customers excessive levels of fees".  Industry analysts are quick to point out that TMiBB is notorious for levying stiff fees and penalties on consumers that do not abide by Terms and Services agreement / contract between the bank and consumer and they are most likely one of the banks that the SFSA is targeting by this ruling.

"This is absolutely ridiculous" says Co-Vice Chairman Connolly. "We pride ourselves on our customer service and risk management practices while maintaining our upmost respect for public concerns.  Jim Nowell and the entire SFSA, has overstepped their authority on setting maximum fees and we are in the process of appealing this ruling to the Financial Services and Markets Tribunal.  Our business model is based on the philosophy of rewarding customers that abide by our rules and bridle our customers who sometimes go astray and go into arrears, go over their assigned credit limit, or overdraw their balance.  Our proprietary analysis has proven that a stiff, punitive fee when a customer exhibits such unwanted behaviour, is a deterrent for future said behaviours.  By penalizing the "bad apples" and maintaining exceptional fee and interest rates for our "good apples", we provide an extraordinary portfolio of products to consumers while also awarding our stockholders with outstanding returns and insane bonuses to TMiBB executives.  If we must follow this ruling, you might as well call us Telephone Men in Red."

7 October 2009 – Month 40 – Important information

The SimRisk Challenge Financial Services Authority announces a new law limiting the charging of fees.

For more details click here

6 October 2009 – And the leading teams are.. - On Month 39 these are the top 5 teams (in alphabetical order)

FleetFoxes – UK

Fox Commandos - Czech Republic

Telephon Men in Black - USA

Royal Canucks – Canada

SwissRisk - Switzerland

Congratulations!

Between these 3 teams there is only a 1% difference in results. The positions can change of course, so check this page regularly to find out who's made it to the top 3 after the next session!

Observations from the Auditors of Challenge 2009 - Dated : ‘Month 40’

Having reviewed each of the strategies that have been set by the different Credit Risk Teams, the auditors would like to feed back the observations noted below.

1. ALL teams have made significant improvements compared to the results that would have been achieved with the “Business As Usual” strategy (if no changes had been made).
2. You will have seen the new rules that have been laid down by the FSA regarding the charging of Fees. A number of teams have had to be fined for the strategies that they set in the 1st round. Any breaches of the rules going forward will put a team in risk of disqualification.
3. The auditors were quite surprised at the small number of teams that implemented Champion/Challenger strategies; those teams that did are now in a position to evaluate which strategy was better, to decide whether it should be rolled out. There is still opportunity to implement Challenger Strategies in Round 2, for assessment and possible roll-out in the 3rd & final round.

Good Luck !

5 October 2009 – News Flash - The Challenge 2009 Association of Consumer asks the SimRisk Challenge Financial Services Authority to take actions against excessive charging fees from some banks.

''In the last 3 months we have noticed an unusual increase from hundreds to thousands people of complaints of charging customers excessive levels of fees from some banks.

We ask the SimRisk Challenge Financial Services Authority to take actions in the next 30 days otherwise the Association of Consumer will register a complaint by the court.

In the meantime, we recommended people not to pay these charges until there is a legal decision by the court.''

View headlines below.

28 September 2009 – This week sees the first session where you act on and implement your own strategies in the SimRisk Challenge, good luck!

24 September 2009 –It’s time to play! Get ready for the 1st round. Shortly you should receive in your mailbox the connection details to join the webinar session with your driver.

Note – connection details are different from opening ceremony

23 September 2009 – Note from the Expert - In preparation for the 1st webinar, teams can use the screen-prints from the Launch presentation to identify potential strategy problems & opportunities.

The 'on demand' recorded version of the opening webinar is now available online.

Click here and go to “Click here for the opening ceremony”  

Access details are the ones used for opening session itself. (contact us in case there is any doubt), before entering the session you have to add your name,email and team name.

22 September 2009 – The SimRisk Challenge is launched! - Be sure to check out the materials for SimRisk Challengers on the Portfolio page, including a another chance to view the presentations from the opening webinar.

17 September 2009 – Find out more about the challenge you will have to face - See here reports that show the performance of the Challenge 2009 Bank portfolio over the last 36 months. For any question linked to the portfolio Ask the Expert here

16 September 2009 – SimRisk Challengers, get prepared for the competition! - You should have received in your mailbox connection details for webinar opening ceremony.

Tue 22 September – (90 minutes) - The session will be repeated twice

10 am (CET) / 9 am (UK) / 4pm (HK)

AND 11 am (US EST) / 4 pm (UK) / 5 pm (CET)

31 August 2009 – Registration to SimRisk Challenge 2009 is now closed! - If you wish to pre-register for next edition, please contact us here