Purpose

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, theorists, and financial stability overseers (such as central banks). This allows 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 educational material will include case studies, simulations or other application-focused, integrative material. Also, 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 will largely be drawn from various 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 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.

Program Details