「Risk Management：Then, Now and Tomorrow」
Financial institutions in insurance and banking find themselves in constant search
for a balance between the various stakeholders involved.
In this talk I will mainly look at this "search for balance" between a company and the
relevant regulators. First of all (THEN) I will give a historic overview of ideas in the
realm of finance and insurance that have helped to shape modern financial and
insurance markets. Following this short overview, I will discuss how various
regulatory regimes, like Basel I/II/III and Solvency I/II have until now reacted to
these market developments (NOW).
In particular, I will be critical about some of the shortcomings of the current
regulatory frameworks in place. In a final part I will give my personal view on the
risk management challenges facing the world of insurance and banking going forward
Paul Embrechts is Professor of Mathematics at the ETH Zurich specialising in
actuarial mathematics and quantitative risk management. Previous academic
positions include the Universities of Leuven, Limburg and London (Imperial College).
Dr. Embrechts has held visiting professorships at the University of Strasbourg,
ESSEC Paris, the Scuola Normale in Pisa (Cattedra Galileiana), the London School of
Economics (Centennial Professor of Finance), the University of Vienna, Paris 1
(Pantheon-Sorbonne), the National University of Singapore, Kyoto University, was
Visiting Man Chair 2014 at the Oxford-Man Institute of Oxford University, and has
an Honorary Doctorate from the University of Waterloo, the Heriot-Watt University,
Edinburgh, and the Universite Catholique de Louvain. He is an Elected Fellow of the
Institute of Mathematical Statistics and the American Statistical Association,
Honorary Fellow of the Institute and the Faculty of Actuaries, UK, and Institut des
actuaires, France, Member Honoris Causa of the Belgian Institute of Actuaries,
Corresponding Member of the Italian Institute of Actuaries, Actuary Swiss
Association of Actuaries, and is on the editorial board of numerous scientific journals.
He belongs to various national and international research and academic advisory
committees. He co-authored the influential books "Modelling of Extremal Events for
Insurance and Finance", Springer, 1997 and "Quantitative Risk Management:
Concepts, Techniques and Tools", Princeton University Press, 2005 and 2015. Dr.
Embrechts consults on issues in quantitative risk management for financial
institutions, insurance companies and international regulatory authorities.