Chinese banking regulators received a top award from Global Association of Risk Professionals (GARP) at New York  in February this year.

Both, the China Banking Regulatory Commission (CBRC) and its chairman Liu Mingkang were jointly bestowed the Risk Manager of the year 2009 by the Global Association of Risk Professionals (GARP) at the association’s 11th annual conference.

The award is presented in recognition of outstanding contributions to the financial risk management profession.

Richard Apostolik, the current president and CEO of GARP lauded the duo: “We are pleased to recognize CBRC and Mr. Liu Mingkang for their key role in orchestrating the recapitalization of China’s largest state-owned banks”.

He praised CBRC and Liu for their efforts to implement numerous disciplined risk management practices, regulatory oversight policies and corporate governance initiatives, and for their strong commitment to the importance of prudential banking regulation.

He added that this award, “takes on special meaning at a time when the recent financial crisis left many of the world’s largest banks on the brink of failure”.

It’s the first time that this award has been bagged by Asians.

Liao Min, who received the award on behalf of CBRC and Liu, said the award is a “recognition for the past and encouragement for the future” for CBRC.

He reiterated that China will continue to implement risk management principles and further improve its banking risk management.