The Global Risk Institute in Financial Services Launches Unique Systemic Risk Hub

- The hub will collate research from a wide variety of sources throughout the world

TORONTO, May 5, 2014 /CNW/ - Working in partnership with a wide range of academic institutions, GRI is proud to announce the launch of a free-to-use Systemic Risk Hub, intended to enable risk professionals, researchers and academics all over the world to transfer knowledge, engage in dialogue and develop improved methodologies to assess systemic risk.

Systemic risk refers to the risk of a disruption to the flow of financial services caused by an impairment of all or parts of the financial system with the potential to have serious negative consequences for the real economy. Systemic risk arises when the failure of a single entity or cluster of entities causes cascading failures due to the size and the interconnectedness of institutions and could potentially bankrupt or bring down the entire financial system.

"The recent Global Financial Crisis has clearly demonstrated the need for the financial industry, policymakers and academics to develop a better understanding of systemic risk and improve macro-prudential regulation. This hub will help researchers and practitioners to benefit from the work of their global peers in systemic risk," said Professor Catherine Lubochinsky, Managing Director, Research at the Global Risk Institute.

Professor Bertrand Maillet, lead researcher on this project, said, "Assessing financial systemic risk is crucial in identifying potentially destabilizing elements in the global financial system. Many research initiatives are currently taking place at various research centers across five continents, and we think it's time to share our views related to a vital topic which concerns, in its various dimensions, financial institutions, central bankers, regulators and, more broadly, everyone who engages with the global financial system at any level."

In addition to Professor Lubochinsky and Professor Maillet, the steering committee for the Systemic Risk Hub also features other globally recognized experts in finance and economics, including: Prof. Monica Billo (University Ca' Foscari, Italy); Prof. Rama Cont, (Imperial College London, UK); Jón Daníelsson (London School of Economics, UK); Prof. Robert Engle (Stern School of Business, New York University, USA); Professor Doyne J. Farmer (University of Oxford and the Santa Fe Institute); Prof. Christian Gouriéroux (University of Toronto, Canada, and CREST, Paris, France); Prof. Thomas R. Hurd (McMaster University, Canada) and Prof. Michael Rockinger (HEC Lausanne, Switzerland). Please visit the Systemic Risk Hub at: http://www.systemic-risk-hub.org/

About the Global Risk Institute in Financial Services (GRI):

Founded by representatives from Canada's private and public sectors, the Global Risk Institute in Financial Services enables financial institutions, policy-makers and regulators to better manage the balance between risk and opportunity. Its mandate is the provision of applied research and education programs that build risk capacity and stimulate evidence-based debate for all those engaged in risk management in the financial services sector around the world. Over the past year, GRI has concluded research agreements with the Universities of Toronto, Waterloo and Calgary; McMaster University, the International Centre for Pensions Management at the Rotman School of Management, Toronto and La Fondation du Risque/Institut Louis Bachelier in Paris, France. Researchers currently working on GRI projects are drawn from around Canada, the United States, the UK and Europe. In Risk Education, GRI works with leading educators and experienced professionals from across Canada and further afield to enhance skills and build risk management capacity. www.globalriskinstitute.org

SOURCE: Global Risk Institute

James Wood, Managing Director, Member Relations and Communications, Telephone: [phone], Mail: [email protected]