Apprenticeship: Michael Munsch studied business administration and re-ceived his PhD in the field of international finance risk management. Career: Since August 2000, Michael Munsch has been chief executive officer of Creditreform Rating. He was head of the De-partment of Risk Management at Verband der Vereine Creditreform e. V. and member of the management before. After finishing his studies he was consultant for business clients at an international bank. In the following he worked in the Department of Finance of a big international company. Dr. Munsch is honorary professor at the University of Innsbruck, Department of Banking and Finance.