Objective of the Program
The global financial crisis of 2008-10 emphasized serious gaps in our knowledge in risk management, the banking system, financial regulation, and their interaction with the real economy. The RPRD has been designed to produce graduates who have the latest ideas and techniques to deal with risk management policy and regulation in the financial sector. This program is unique within Canada.
A key purpose of the graduate RPRD program is the integration of material from a wide variety of economic and related fields relevant for risk managers, regulators, supervisors and financial stability. The program trains students to understand the various approaches (including their strengths and weaknesses), as well as the challenges faced by all of these groups.
The program brings together courses in risk management theory and implementation, banking theory and practice, financial regulation, and advanced topics in risk management and regulation. In addition, relevant material from financial management and accounting and behavioural economics will be integrated. As much as possible, there will be integration of the material across courses. All courses will have a heavy reliance on the integration of recent empirical, policy, descriptive, and theoretical literature. This will include empirical evidence on the causes of various types of financial crises, financial network model implementation and stress tests, macro-prudential policy (including the relevant theory and empirical evidence), credit models (exploring limitations of existing models and proposed new approaches), credit and market liquidity modeling and their limitations, regulation and banking practice, and financial institution governance interacting with regulatory regimes.
There will be a considerable amount of new material in the courses. Textbooks and monographs will typically be only used in the first part of each course. Additional material will include case studies, simulations or other application-focused, integrative material. Research output from the Global Research Institute (GRI) may be included as appropriate to the program and individual course content. The rest of the material in all the courses is largely to be drawn from various monographs and papers written since 2007: published academic papers (theoretical and empirical), working papers, studies produced by regulators and central banks, and policies of governments, regulators, and central banks.
The graduate RPRD includes topics provided by resident faculty and seminar-workshops with guest experts. These will be drawn from senior, current and former public sector, private sector and academic experts. While the focus of the program is on Canadian issues, financial risk management and regulation, by its very nature, involves many international aspects. In particular, the mobility of financial flows across borders and the internationalization of regulatory frameworks play a key role.
The RPRD is designed to provide specialized theoretical and applied knowledge in risk management policy and regulation to students who have already completed a master’s degree in economics or financial economics. It will be completed in one semester on a full-time basis and will be directed towards students who are planning to work in the private or public sectors, or who are already doing so. Students who are currently completing their doctorates may also be permitted to take courses as electives.
The program will require students to attend lectures, research seminars and to undertake coursework, tutorial assignments and complete examinations. An important component of the program is the participation of visiting experts who offer their perspectives on the practice of risk management in both the public and private sectors.
The RPRD graduates are highly sought after in the private and public sectors, especially in the rapidly evolving risk management and regulatory areas. Employers include banks, pension funds, and financial regulators.
See a Snapshot of our students