Trainings

Our mission at ACRA is to develop best practices in the Russian financial market providing the basis for its sustainable operation. The Agency has unique professional experience and in-depth understanding of credit risk. Our trainings are aimed at facilitating professional development of financial market participants, and enhanced efficiency of management and investment decisions.

Upcoming trainings

Online training

Fundamentals of credit analysis of insurance companiesDecember 3–4, 2020. Open for enrollment2 days, 8 academic hours (4-4)

Target audience

  • employees of divisions involved in credit risk assessment of insurance and reinsurance companies;
  • employees of divisions involved in insurance risk management
  • debt market analysts (sell-side/buy-side)

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of insurance companies.

Training objective

To help participants develop the following skills with respect to creditworthiness assessment of insurance companies:

  • application of structured approach to assessing creditworthiness
  • financial standing analysis based on publicly available financial reporting
  • calculation and assessment of key financial indicators
  • qualitative analysis of business
  • regulatory impact analysis
  • company’s operational environment assessment
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the practical training.

Training program

  • general principles of credit analysis
  • information sources for credit analysis of insurance companies
  • general principles of a structured approach to creditworthiness analysis of insurance companies
  • types and specifics of insurance business
  • operational environment analysis
  • analysis of business indicators
  • presentation and discussion of a business case solved as homework assignment
  • analysis of financial indicators of insurance companies
  • qualitative analysis of managing an insurance company
  • credit risk assessment of debt financial instruments

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 33,000 plus VAT
Online training

Fundamentals of sovereign risk credit analysis December 10–11, 2020. Open for enrollment2 days, 8 academic hours (4-4)

Target audience

  • employees of divisions involved in credit risk assessment
  • debt market analysts (sell-side/buy-side)
  • employees of asset management companies

Training goal

To help participants acquire basic analytical and practical tools for making independent creditworthiness assessment of sovereign governments.

Training objective

To help participants develop the following skills with respect to creditworthiness analysis of sovereign governments:

  • applying structured approach to creditworthiness assessment
  • analyzing financial standing based on system of national accounts, macroeconomic data, budget and debt book
  • calculating and evaluating key economic and financial indicators
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using case studies from actual business practice of our coaches will contribute to maximizing usefulness of participating in the seminar.

Training program

  • general principles of credit analysis
  • sovereign borrowers as financial market participants
  • credit analysis factors
  • data sources for credit analysis of sovereign borrowers
  • quantitative indicators of credit analysis
  • qualitative indicators of credit analysis

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 20,000 plus VAT
Online training

Corporate credit analysis fundamentalsOnline Training Open Date - Open for enrollment2 days, 10 academic hours (5-5)

The training will be useful if you or your employees:

  • work in divisions of financial institutions involved into credit risk assessment and credit analysis (of banks, investment companies, asset management companies, non-state pension funds, leasing companies);
  • are debt market analysts (sell-side/buy-side);
  • work in divisions of non-financial companies focused on raising debt financing.

Training goal

Introducing participants to the most up-to-date methods frequently used by professionals to assess creditworthiness of non-financial companies. Only the most useful and powerful analysis tools; subtleties of assessing companies from various industries.

The training can help you find answers to the following questions

  • Why should the approach to creditworthiness assessment of all non-financial companies be unified for all and individual for each specific industry?
  • What information is critically important for assessment of the company’s creditworthiness and where to seek such information?
  • Why can IFRS reporting be misleading without taking into account notes and additional information sources?
  • What financial indicators are really valuable when calculated and analyzed, and which of them are long-outdated and used automatically?
  • How to generate a financial model without losing track of key specifics of the company and being bogged down in details at the same time?
  • Why is the credit risk of an issue not equal to the credit risk of the issuer?

The following subjects will be reviewed during the training:

  • credit risk and its assessment specifics;
  • creditworthiness assessment specifics in the corporate sector, and analysis structure;
  • industry risk analysis and reference to industry specifics;
  • assessment of company’s operational profile and its components;
  • assessment of financial indicators;
  • principle of construction of a cash flow model for credit analysis, consideration of actual and forecast values;
  • application of macroeconomic indicators in credit analysis;
  • consideration of outside support;
  • security issues ratings.

By developing in-depth understanding of corporate creditworthiness fundamentals based on the most up-to-date theory and using multiple real-world examples supporting this theory, trainees would be able to significantly improve their credit analysis skills with respect to non-financial companies.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 33,000 plus VAT
Online training

Fundamentals of structured finance deals analysisOnline Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)
  • language: English

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of structured finance and securitization deals.

Training objective

To help participants develop the following skills with respect to structured finance deals analysis:

  • correct use of structured finance ratings (what a credit rating covers and what it does not)
  • understanding new regulatory framework for domestic and foreign rating agencies
  • understanding key stages of a rating assignment process and its follow-up monitoring
  • asset portfolio analysis
  • cash flow and trancheing analysis
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • impact analysis of macroeconomic factors
  • deal documentation and legal opinion analysis

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the training.

Training program

  • new regulatory regime for activities of rating agencies in Russia and globally
  • the notion of rating
  • key stages of rating assignment process
  • structure of a typical non-synthetic (cash flow) deal
  • types of structured finance deals
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis
  • qualitative analysis
  • legal analysis of a deal

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 48,000 plus VAT
Online training

Fundamentals of credit analysis of banksOnline Training Open Date - Open for enrollment2 days, 10 academic hours (5-5)

This training is suitable for you if you:

  • assess credit risks of counterparties that are financial institutions; do debt market analysis; are involved into industry-specific academic research;
  • want to understand, what factors are the most relevant for analysis; what do bankers hide in financial reporting; and how to compile a simple and comprehensive analysis structure using the variety of available indicators;
  • are curious about the reasons why banks fail, and want to know if Lehman Brothers and Vneshprombank cases have anything in common;
  • want to do risk management but have no idea what industry specialization to choose;
  • have optimization of the methodology base with respect to counterparty risk analysis as your objective.

An ideal participant is

A higher education professional majoring in economics or finance with a minimum work experience in assessing credit risks of financial institutions.

What you ought to know already to gain the maximum benefits from the training:

  • basics of economic performance and the role of banks in its structure
  • major banking products and services
  • what is the purpose of a central bank and what are its functions
  • what is credit risk and why it is important for financial market activities.

After completing the training, we want you to:

  • be able to independently analyze banks, leasing and micro-finance companies;
  • know what information is important for analyzing various risk factors and where to find it;
  • know how to calculate key ratios and interpret their values;
  • understand what the analysis structure should look like; what factors and in what manner effect each other;
  • know what factors shall be assessed in addition to risks of the bank/company itself;
  • know why risks related to various debt financial instruments are substantially different depending on their class;
  • be aware of the reasons behind the most high-profile bankruptcies in the Russian and global financial markets.

What we offer:

  • practical tasks after each training section and a major homework assignment (using actual case studies);
  • lecturers with extensive and diverse experience in credit analysis of Russian and international financial institutions;
  • maximum interaction during the training sessions (materials can be discussed in the online mode);
  • convenient handouts for detailed studying.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 33,000 plus VAT
Online training

Fundamentals of project finance and infrastructure analysisOnline Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Goal: Develop basic analytical and practical skills for participants to independently assess credit risk drivers in project financing

Objective: 

Help participants develop the following skills in analyzing project finance transactions:
•    Correct use of project finance ratings (what the credit rating covers and does not cover);
•    Understanding the new regulatory framework for foreign and Russian rating agencies;
•    Understanding the main differences between the construction and operational phases;
•    Analyzing cash flow and expected losses in project financing;
•    Analyzing credit rating support methods;
•    Analyzing counterparty risks and operational risks of projects;
•    Analyzing the impact of macroeconomic factors; 
•    Analyzing transaction documentation and legal opinions.


To get the maximum benefit from the training, we will analyze an example of a structured approach to credit analysis using real Russian business cases on project finance.


Program:

•    New regulatory regime for rating agencies in Russia and abroad;
•    The concept of a credit rating;
•    Key stages of the credit rating process;
•    Typical project financing schemes (concessions, PPFI, etc.);
•    Project companies, SPVs, and various types of issuers;
•    Presentation and discussion of a business case assigned as homework;
•    Risk factor analysis;
•    Qualitative analysis;
•    Legal analysis of the transaction.

Attendance fee per person:
RUB 48,000 plus VAT
Online training

Advanced analysis of structured finance deals Online Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)
  • language: English

Hands-on training objectives

To further understanding of less evident aspects of structured finance and securitization deals. To develop instrument skills for quantitative analysis and risk modeling exemplified by actual case studies.

ACRA sees as its key objective to share the following knowledge and skills with the trainees with regard to structured finance deals analysis:

  • using model approaches by reference to specifics of various structured finance deals
  • regulatory environment subtleties for structured finance deals in Russian and globally
  • Basel framework and risk assessment in structured finance deals
  • aspects of in-depth asset portfolio analysis
  • cash flow and trancheing analysis in structured finance: constucting and using waterfall payment models
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • understanding macro risks and twists and turns of country ceilings;
  • legal opinions: how to tell the differences in the shadows of gray.

Hands-on training program

  • Intro: review of some basic definitions
  • calculating risks under Basel standards in Russia and globally
  • customizing model approaches in structured finance deals
  • in-depth portfolio analysis
  • quantitative analysis: the probability of default
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis: recovery rates
  • quantitative analysis: correlation
  • in-depth analysis of waterfall payments
  • in-depth analysis of documentation and legal opinions.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 48,000 plus VAT

Forecasting in credit analysis. Course 2: practical aspects of economic modeling December 1–2, 2020. Open for enrollmentTwo full days (16 academic hours)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop entry-level analytical and practical tools for independent forecast modeling. 

To help participants develop the following skills with respect to forecasting economic indicators:

  • Use of econometric instruments for practical forecasting.
  • Constructing a model applicable for forecasting. Assessing model parameters and choosing the functional form (levels vs gains; linear vs non-linear).
  • Model diagnostics and determining its use limitations (maximum forecasting horizon, applicability for developing stress scenarios, etc.)
  • Avoiding common mistakes (spurious regression, overparametrization, underestimation of structural shifts and exceptional points, etc.).

Forecasting in credit analysis. Training program:
Course 2: practical aspects of economic modeling

  • Necessary stages of modeling time series of an indicator. Input data. Intuitive understanding of regression.
  • Assessment of coefficients, their importance, robustness of model parameters, intra-sample and out-of-sample qualities.
  • Practical task: a forecasting model for interest rates.
  • Selecting explanatory variables.
  • Mini-test based on previous day materials.
  • Choosing functional form of the equation. Error correction model.
  • Residuals diagnostics. How to improve the resulting model?
  • Practical task: foreign exchange rate model.
  • Seasonal smoothing.
  • Review of useful methods in practical econometrics.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT
Online training

Forecasting in credit analysis. Course 2: practical aspects of economic modeling Online Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop entry-level analytical and practical tools for independent forecast modeling. 

To help participants develop the following skills with respect to forecasting economic indicators:

  • Use of econometric instruments for practical forecasting.
  • Constructing a model applicable for forecasting. Assessing model parameters and choosing the functional form (levels vs gains; linear vs non-linear).
  • Model diagnostics and determining its use limitations (maximum forecasting horizon, applicability for developing stress scenarios, etc.)
  • Avoiding common mistakes (spurious regression, overparametrization, underestimation of structural shifts and exceptional points, etc.).

Forecasting in credit analysis. Training program:
Course 2: practical aspects of economic modeling

  • Necessary stages of modeling time series of an indicator. Input data. Intuitive understanding of regression.
  • Assessment of coefficients, their importance, robustness of model parameters, intra-sample and out-of-sample qualities.
  • Practical task: a forecasting model for interest rates.
  • Selecting explanatory variables.
  • Mini-test based on previous day materials.
  • Choosing functional form of the equation. Error correction model.
  • Residuals diagnostics. How to improve the resulting model?
  • Practical task: foreign exchange rate model.
  • Seasonal smoothing.
  • Review of useful methods in practical econometrics.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 33,000 plus VAT

Fundamentals of credit analysis of banks and non-banking credit institutionsJanuary 28–29, 2021. Open for enrollmentTwo full days (16 academic hours)

This training is suitable for you if you:

  • assess credit risks of counterparties that are financial institutions; do debt market analysis; are involved into industry-specific academic research;
  • want to understand, what factors are the most relevant for analysis; what do bankers hide in financial reporting; and how to compile a simple and comprehensive analysis structure using the variety of available indicators;
  • are curious about the reasons why banks fail, and want to know if Lehman Brothers and Vneshprombank cases have anything in common;
  • want to do risk management but have no idea what industry specialization to choose;
  • have optimization of the methodology base with respect to counterparty risk analysis as your objective.

An ideal participant is

A higher education professional majoring in economics or finance with a minimum work experience in assessing credit risks of financial institutions.

What you ought to know already to gain the maximum benefits from the training:

  • basics of economic performance and the role of banks in its structure
  • major banking products and services
  • what is the purpose of a central bank and what are its functions
  • what is credit risk and why it is important for financial market activities.

After completing the training, we want you to:

  • be able to independently analyze banks, leasing and micro-finance companies;
  • know what information is important for analyzing various risk factors and where to find it;
  • know how to calculate key ratios and interpret their values;
  • understand what the analysis structure should look like; what factors and in what manner effect each other;
  • know what factors shall be assessed in addition to risks of the bank/company itself;
  • know why risks related to various debt financial instruments are substantially different depending on their class;
  • be aware of the reasons behind the most high-profile bankruptcies in the Russian and global financial markets.

What we offer:

  • practical tasks after each training section and a major homework assignment (using actual case studies);
  • lecturers with extensive and diverse experience in credit analysis of Russian and international financial institutions;
  • maximum interaction during the training sessions (materials can be discussed in the online mode);
  • convenient handouts for detailed studying.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 + VAT

Fundamentals of structured finance deals analysisMarch 15–16, 2021. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)
  • language: English

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of structured finance and securitization deals.

Training objective

To help participants develop the following skills with respect to structured finance deals analysis:

  • correct use of structured finance ratings (what a credit rating covers and what it does not)
  • understanding new regulatory framework for domestic and foreign rating agencies
  • understanding key stages of a rating assignment process and its follow-up monitoring
  • asset portfolio analysis
  • cash flow and trancheing analysis
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • impact analysis of macroeconomic factors
  • deal documentation and legal opinion analysis

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the training.

Training program

  • new regulatory regime for activities of rating agencies in Russia and globally
  • the notion of rating
  • key stages of rating assignment process
  • structure of a typical non-synthetic (cash flow) deal
  • types of structured finance deals
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis
  • qualitative analysis
  • legal analysis of a deal

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 60,000 + VAT
Online training

Forecasting in credit analysis. Course 1: macroeconomic and industry forecasting fundamentalsOnline Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop basic analytical and practical tools for independent forecasting.

To help participants develop the following skills with respect to analysis of economic situation and forecasting:

  • How to use macroeconomic and industry forecasts in credit analysis?
  • What approaches are required for use in forecasting key macroeconomic indicators (inflation, FX rate, GDP, interest rates)?
  • What approaches are required for use in forecasting demand, supply and prices in various industries?

Forecasting in credit analysis. Training program:
Course 1: macroeconomic and industry forecasting fundamentals

  • Sources of information about the future. Universal and unique social and economic processes.
  • Practical task: using universal patterns in the economic forecast. 
  • Approaches to forecasting key macroeconomic indicators.
  • Practical task: forecasting interest rates.
  • Algorithm of an industry forecast. Industry types and approaches to forecasting supply and demand in various industries. Government policy effects on industrial markets.
  • Practical task: forecasting demand in an industrial market.
  • Algorithm of an industry forecast. Industry price types and approaches to price forecasting in various industries.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 33,000 plus VAT

Forecasting in credit analysis. Course 1: macroeconomic and industry forecasting fundamentalsApril 7–8, 2021. Open for enrollmentTwo full days (16 academic hours)

Target audience

Employees of banks and other financial institutions, corporate sector companies, consulting companies, employees of public institutions, who face the need to make macroeconomic and industry forecasts.

Training objective

To help participants acquire and develop basic analytical and practical tools for independent forecasting.

To help participants develop the following skills with respect to analysis of economic situation and forecasting:

  • How to use macroeconomic and industry forecasts in credit analysis?
  • What approaches are required for use in forecasting key macroeconomic indicators (inflation, FX rate, GDP, interest rates)?
  • What approaches are required for use in forecasting demand, supply and prices in various industries?

Forecasting in credit analysis. Training program:
Course 1: macroeconomic and industry forecasting fundamentals

  • Sources of information about the future. Universal and unique social and economic processes.
  • Practical task: using universal patterns in the economic forecast. 
  • Approaches to forecasting key macroeconomic indicators.
  • Practical task: forecasting interest rates.
  • Algorithm of an industry forecast. Industry types and approaches to forecasting supply and demand in various industries. Government policy effects on industrial markets.
  • Practical task: forecasting demand in an industrial market.
  • Algorithm of an industry forecast. Industry price types and approaches to price forecasting in various industries.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 plus VAT

Fundamentals of credit analysis of regional and municipal authoritiesApril 13–14, 2021. Open for enrollmentTwo full days (16 academic hours)

You need to attend this training if you:

  • Assess risks of lending to regional and municipal authorities;
  • Invest in regional and municipal bonds;
  • Deal with counterparties that are object of government guarantees;
  • Lease equipment to regional public entities.

This training would allow you to:

  • Understand what defines the financial stability of a regional government;
  • Assess sensitivity of the regional budget to various risk types;
  • Interpret budget reporting indicators and calculate financial stability indicators;
  • Develop financial assessment model for a regional or municipal budget.

During the training you will be able to:

  • Study strategies regions follow in debt markets and fiscal behavior patterns;
  • Gain practical experience in analyzing creditworthiness of regional and municipal administrations;
  • Learn to transform budgetary reporting into financial indicators similar to corporate equivalents;
  • Get familiar with the regulatory application of the credit ratings.

At the training we will:

  • Have an overview of regional and municial debt market;
  • Determine data sources for an analysis of regional economies, their budgets, and debt;
  • Examine the principles of credit analysis with respect to regional authorities;
  • Examine qualitative and quantitative indicators;
  • Examine communication between different levels of authority as to supporting financial stability;
  • Participate in an interactive workshop.

At the training, you will be offered to solve cases that would allow you to apply the knowledge gained and to develop practical tools for creditworthiness assessment of regional and municipal authorities.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT
Online training

Fundamentals of credit analysis of regional and municipal authoritiesOnline Training Open Date - Open for enrollment2 days, 8 academic hours (4-4)

You need to attend this training if you:

  • Assess risks of lending to regional and municipal authorities;
  • Invest in regional and municipal bonds;
  • Deal with counterparties that are object of government guarantees;
  • Lease equipment to regional public entities.

This training would allow you to:

  • Understand what defines the financial stability of a regional government;
  • Assess sensitivity of the regional budget to various risk types;
  • Interpret budget reporting indicators and calculate financial stability indicators;
  • Develop financial assessment model for a regional or municipal budget.

During the training you will be able to:

  • Study strategies regions follow in debt markets and fiscal behavior patterns;
  • Gain practical experience in analyzing creditworthiness of regional and municipal administrations;
  • Learn to transform budgetary reporting into financial indicators similar to corporate equivalents;
  • Get familiar with the regulatory application of the credit ratings.

At the training we will:

  • Have an overview of regional and municial debt market;
  • Determine data sources for an analysis of regional economies, their budgets, and debt;
  • Examine the principles of credit analysis with respect to regional authorities;
  • Examine qualitative and quantitative indicators;
  • Examine communication between different levels of authority as to supporting financial stability;
  • Participate in an interactive workshop.

At the training, you will be offered to solve cases that would allow you to apply the knowledge gained and to develop practical tools for creditworthiness assessment of regional and municipal authorities.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 33,000 plus VAT

Fundamentals of sovereign risk credit analysis April 14, 2021. Open for enrollmentOne full day (8 academic hours)

Target audience

  • employees of divisions involved in credit risk assessment
  • debt market analysts (sell-side/buy-side)
  • employees of asset management companies

Training goal

To help participants acquire basic analytical and practical tools for making independent creditworthiness assessment of sovereign governments.

Training objective

To help participants develop the following skills with respect to creditworthiness analysis of sovereign governments:

  • applying structured approach to creditworthiness assessment
  • analyzing financial standing based on system of national accounts, macroeconomic data, budget and debt book
  • calculating and evaluating key economic and financial indicators
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using case studies from actual business practice of our coaches will contribute to maximizing usefulness of participating in the seminar.

Training program

  • general principles of credit analysis
  • sovereign borrowers as financial market participants
  • credit analysis factors
  • data sources for credit analysis of sovereign borrowers
  • quantitative indicators of credit analysis
  • qualitative indicators of credit analysis

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 25,000 plus VAT

Advanced analysis of structured finance deals April 19–20, 2021. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • decision makers (CEOs, CCOs) and other executive level officials
  • employees of departments involved in credit risk assessment and securitization
  • debt market analysts (sell-side/buy-side)
  • language: English

Hands-on training objectives

To further understanding of less evident aspects of structured finance and securitization deals. To develop instrument skills for quantitative analysis and risk modeling exemplified by actual case studies.

ACRA sees as its key objective to share the following knowledge and skills with the trainees with regard to structured finance deals analysis:

  • using model approaches by reference to specifics of various structured finance deals
  • regulatory environment subtleties for structured finance deals in Russian and globally
  • Basel framework and risk assessment in structured finance deals
  • aspects of in-depth asset portfolio analysis
  • cash flow and trancheing analysis in structured finance: constucting and using waterfall payment models
  • analysis of credit rating support methods
  • counterparty risk and operational risk analysis
  • understanding macro risks and twists and turns of country ceilings;
  • legal opinions: how to tell the differences in the shadows of gray.

Hands-on training program

  • Intro: review of some basic definitions
  • calculating risks under Basel standards in Russia and globally
  • customizing model approaches in structured finance deals
  • in-depth portfolio analysis
  • quantitative analysis: the probability of default
  • presentation and discussion of a business case solved as homework assignment
  • quantitative analysis: recovery rates
  • quantitative analysis: correlation
  • in-depth analysis of waterfall payments
  • in-depth analysis of documentation and legal opinions.

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 60,000 plus VAT

Fundamentals of credit analysis of insurance companiesApril 26–27, 2021. Open for enrollmentTwo full days (16 academic hours)

Target audience

  • employees of divisions involved in credit risk assessment of insurance and reinsurance companies;
  • employees of divisions involved in insurance risk management
  • debt market analysts (sell-side/buy-side)

Training goal

To help participants acquire basic analytical and practical tools for independent assessment of insurance companies.

Training objective

To help participants develop the following skills with respect to creditworthiness assessment of insurance companies:

  • application of structured approach to assessing creditworthiness
  • financial standing analysis based on publicly available financial reporting
  • calculation and assessment of key financial indicators
  • qualitative analysis of business
  • regulatory impact analysis
  • company’s operational environment assessment
  • credit risk analysis of debt financial instruments

A structured approach to credit analysis using actual business case studies will contribute to maximizing usefulness of attending the practical training.

Training program

  • general principles of credit analysis
  • information sources for credit analysis of insurance companies
  • general principles of a structured approach to creditworthiness analysis of insurance companies
  • types and specifics of insurance business
  • operational environment analysis
  • analysis of business indicators
  • presentation and discussion of a business case solved as homework assignment
  • analysis of financial indicators of insurance companies
  • qualitative analysis of managing an insurance company
  • credit risk assessment of debt financial instruments

Please note: all ACRA trainings are held in Russian.

Attendance fee per person:
RUB 45,000 plus VAT

Corporate credit analysis fundamentalsJune 23–24, 2021. Open for enrollmentTwo full days (18 academic hours in total)

The training will be useful if you or your employees:

  • work in divisions of financial institutions involved into credit risk assessment and credit analysis (of banks, investment companies, asset management companies, non-state pension funds, leasing companies);
  • are debt market analysts (sell-side/buy-side);
  • work in divisions of non-financial companies focused on raising debt financing.

Training goal

Introducing participants to the most up-to-date methods frequently used by professionals to assess creditworthiness of non-financial companies. Only the most useful and powerful analysis tools; subtleties of assessing companies from various industries.

The training can help you find answers to the following questions

  • Why should the approach to creditworthiness assessment of all non-financial companies be unified for all and individual for each specific industry?
  • What information is critically important for assessment of the company’s creditworthiness and where to seek such information?
  • Why can IFRS reporting be misleading without taking into account notes and additional information sources?
  • What financial indicators are really valuable when calculated and analyzed, and which of them are long-outdated and used automatically?
  • How to generate a financial model without losing track of key specifics of the company and being bogged down in details at the same time?
  • Why is the credit risk of an issue not equal to the credit risk of the issuer?

The following subjects will be reviewed during the training:

  • credit risk and its assessment specifics;
  • creditworthiness assessment specifics in the corporate sector, and analysis structure;
  • industry risk analysis and reference to industry specifics;
  • assessment of company’s operational profile and its components;
  • assessment of financial indicators;
  • principle of construction of a cash flow model for credit analysis, consideration of actual and forecast values;
  • application of macroeconomic indicators in credit analysis;
  • consideration of outside support;
  • security issues ratings.

By developing in-depth understanding of corporate creditworthiness fundamentals based on the most up-to-date theory and using multiple real-world examples supporting this theory, trainees would be able to significantly improve their credit analysis skills with respect to non-financial companies.

Please note: all ACRA trainings are held in Russian.

Attendance fee (for one person):
RUB 45,000 plus VAT
Online training

Fundamentals of assessing ESG factors of financial/non-financial companies and regions, as well as assessing financial instruments aimed at sustainable developmentOnline Training Open Date - Open for enrollment3 days, 16 academic hours (6-6-4)

Topic:

Fundamentals of assessing ESG factors of financial/non-financial companies and regions, as well as assessing financial instruments aimed at sustainable development

Goal: Develop basic analytical and practical tools for participants to understand the principles of using financial instruments aimed at sustainable development, as well as preparing non-financial reporting and achieving high ESG indicators (environment, social, and corporate governance).


Objective:
Help participants develop the following skills in:

  • Preparation and interpretation of ESG assessments and assessments of financial instruments aimed at sustainable development; 

  • Understanding the most relevant methods used by professionals to assess ESG indicators and financial instruments aimed at achieving sustainable development goals;

  • Understanding the key issues of assessing the environmental and social impact of assessed entities on society, as well as the quality of their management; 

  • Issues with attracting financial instruments aimed at financing projects in the field of sustainable development (“green” and social financial instruments, as well as instruments in the field of sustainable development).

 

The training sessions will cover the following topics:

  • Assessing ESG indicators in the financial and non-financial sectors, as well as for regions and countries;

  • Specifics of assessing environmental indicators and the positive actions of the assessed  entities that can compensate for harm caused to the environment;

  • The concept of best available technologies and the concept of reasonable environmental friendliness;

  • Assessing environmental risks and the ability of the assessed entity to control them;

  • Assessing social indicators and the possible effect of the economy on staff;

  • Assessing social risks and the company’s readiness to take into account the opinions of employees and local communities;

  • Assessing the quality of corporate governance;

  • Corporate governance risks and control mechanisms;

  • Specifics of assessing “green” and social financial instruments and instruments in the field of sustainable development; methods to combat social washing in these areas.

Attendance fee per person:
RUB 33,000 plus VAT

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