Professor Carol Alexander, Chair of Risk Management and Director of Research at the ICMA Centre, has won the Professional Risk Managers' International Association Higher Standard award for her contribution to the practise of risk management globally.

She shares this year's award with Dr Robert Merton, who won the Nobel Prize for Economics in 1997.

David Koenig, Executive Director of PRMIA, said: "In a recent tally, the Board members of the Professional Risk Managers' International Association and the Regional Directors from our sixty chapters around the world selected two international leaders to be honoured as the inaugural recipients of the PRMIA Higher Standard Award.

"The PRMIA Higher Standard award is granted to individuals who have significantly impacted the global practice of risk management, provided a substantial contribution to the Mission of PRMIA and its members, and who show an ongoing commitment to the highest standards of the profession.

"Professor Alexander's selection for this award was made from over one dozen nominees, all of whom you would recognize from their outstanding work.

"Her leadership of the Academic Advisory Council, and in particular, her incredible dedication to the creation of the Professional Risk Managers' Handbook has earned her even greater respect from our leadership, building upon her already well-established reputation in our industry.

"The PRM Handbook is now used in over 105 countries and at nearly every major financial institution. It is no doubt that her work has had a global impact on the advancement of understanding of finance and risk management and has been especially helpful to our association's members."

Professor Alexander said: "I am honoured to accept this award in recognition of my work on setting standards for the financial risk management profession, and helping individuals achieve the required standard. A proper education in risk management is hugely important to development not only of the individual, but of the company and the whole economy. PRMIA's mission is to make such education accessible globally and it is a great pleasure to help them achieve this goal."