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ISSUE 32 | August 2017

NUS RMI Enterprise Wide Risk Management Workshop
3 & 4 July 2017

On 3 & 4 July 2017, RMI conducted a training course on Enterprise Wide Risk Management, for the first time. This course aims to provide a comprehensive coverage of key elements the enterprise-wide risk management that are vital for every financial organization to develop and maintain a robust risk management protection in the fast changing modern world.

This two-day interactive in-depth and highly hands-on course, conducted by Dr. Evgueni Ivantsov, Chairman of the European Risk Management Council, provided a practical knowledge of how to build enterprise-wide risk protection and holistically covered various risk types including credit, market, operational, business and other risks.

A unique element and distinctive feature of the course was a dynamic simulation game where course attendees gained hands-on experience by going through “virtual” business situations. The dynamic simulation technique helped attendees learn how to make right strategic risk management decisions to mitigate various risks. This simulation acts as a "flight simulator" for course participants and allows them to better connect their knowledge with practical skills of making decisions in risk management.

MFE Graduation and Luncheon
9 July 2017

On 9 July 2017, RMI hosted a graduation luncheon for 75 guests at the University Club, including Master of Science in Financial Engineering (MFE) graduates of 2017, their guests, as well as faculty and staff. The guests enjoyed a scrumptious lunch along with conversations of their MFE journey, shared memories, and future opportunities.

The class of 2017 consisting of 93 graduates, who had their Commencement Ceremony on 9 July, were a mix of local and international, part-time and full-time students. They joined the proud network of over 1000 MFE alumni that currently hold various positions across the financial industry both locally and internationally.

Research Seminar
11 July 2017

On 11 July 2017, RMI hosted a talk by Dr. Yoshio Nozawa, Senior Economist at the Federal Reserve Board. In his talk titled “Options-Based Credit Spreads”, he discussed his research, which presents a novel empirical benchmark for analyzing credit risk using “pseudo firms” that purchase traded assets financed with equity and zero-coupon bonds. Empirically, like corporate spreads, pseudo-bond spreads are large, countercyclical, and predict lower economic growth. Using this framework, Dr. Nozawa’s research finding shows that bond market illiquidity, investors’ over-estimation of default risks, corporate frictions, and constraints on aggregate credit supply do not seem to explain excessive observed credit spreads, but, instead, a risk premium for tail and idiosyncratic asset risks is the primary determinant of corporate spreads.

Yoshio Nozawa is a senior economist at the Federal Reserve Board. His research area is empirical asset pricing focusing on pricing of credit risk and options. He obtained his PhD in finance and economics from the University of Chicago in 2013. Prior to the graduate school, he worked for Development Bank of Japan in Tokyo, trading bonds and derivatives.

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Published quarterly by Risk Management Institute, NUS
Editor: Shivani Nakhare (