Upcoming Event
Quantifying the Financial Impacts of Climate Change
September 22, 2022
9 a.m.
The growing threats of extreme weather and climate tipping points create risks to financial markets in the next five to ten years that current climate scenarios do not capture.
We introduce a class of stochastic sector-specific damage functions to capture the probabilities of significant events, notably extreme weather and climate tipping points. Using these models will show material climate-related risks for insurance and pension fund asset allocations in the next five to ten years.
The stochastic character of the damage functions enables the calculations of climate stresses at various percentile levels rather than just a single deterministic path as is currently the case in most regulatory stress tests.
Panelists:
- Bob Brammer, President and CEO, Brammer Technology, Adjunct Professor in the Department of Atmospheric and Oceanic Science
- Matthew Lightwood, Director, Risk Solutions, Conning
- Cliff Rossi, Professor of the Practice, Robert H. Smith School of Business
Moderated by Russ Wermers, Director Center for Financial Policy, Paul J. Cinquegrana ’63 Endowed Chair in Finance
Past Events
Liquidity & Capital Risk Webinar
Hosted by the Smith School and Deloitte
July 20, 2022
As the global economy recovers from the effects of the worst pandemic in a century, financial markets now face major challenges from several sources: the worst inflationary period in 40 years, rapidly rising oil and commodity prices and interest rates, and war in Europe. Against this backdrop, the liquidity and capital positions of financial institutions appear strong. But what are the warning signs of deterioration in firm liquidity and capital if market conditions worsen that risk managers should be monitoring over the next year or so? Our panel of experts will discuss these issues and provide insights into how you can improve the monitoring, measurement, and management of liquidity and capital risk as it relates to the performance of your firm and/or counterparties.
Join Dr. Clifford Rossi (Executive-in-Residence and Professor of the Practice, Robert H. Smith School of Business, University of Maryland), James Depfer (Senior Manager in the Deloitte Transactions and Business Analytics LLP practice), and Greg Young (Director of the Counterparty Risk Analysis Division, Ginnie Mae) discussing these issues.
Risk Leadership Series: Mahesh Aditya, CEO Santander Consumer Bank US
May 5, 2022
A discussion on Risk Leadership with Mahesh Aditya, President and CEO of Santander Consumer, Clifford Rossi, Finance Professor of the Practice, and Robert Iommazzo, co-founder and Managing Partner of SEBA Executive Search.
Risk Leadership Webinar
With Prof. Cliff Rossi & Ryan Zanin, Chief Risk Officer, Fannie Mae
Feb. 17, 2022
SEBA Risk Leadership Series: Unraveling the Circumstances Behind Credit Suisse's Archegos Loss: Lessons for Risk Managers
Maryland Smith Professor of the Practice, Cliff Rossi, and special guest, Yury Dubrovsky, Chief Risk Officer for Lazard Ltd.
SEBA Risk Leadership Series: Fifth Annual Mortgage Risk Summit
October 7, 2021
SEBA Risk Leadership Series: Regulation Risk: Impact to Banking & FinTech
March 31, 2021
SEBA Risk Leadership Series: Digital Mortgage Risk Summit – 2021 Economic Outlook
November 20, 2020
SEBA Risk Leadership Series: Scenario Analysis in the Age of COVID
Sridhar "Subra" Subramanian, Head of US Consumer Risk, BMO Harris Bank
October 16, 2020
SEBA Risk Leadership Series: Digital Mortgage Risk Summit – Chief Risk Officer Panel
October 14, 2020
Consumer and Commercial Loan Risks in the Time of COVID
John Stewart, CRO, Boeing Employees Credit Union
September 11, 2020
Candid conversations with Professor of the Practice Cliff Rossi on how various leaders in risk management are managing the current crisis.
Risk Perspectives in Turbulent Times
July 31, 2020
In our inaugural Risk Leadership Webinar Series, we'll interview Anil Hinduja, chief risk officer for Freddie Mac to gain perspective on topical risk issues. Learn more.
A Scientist's Take on Climate Models and Risk Management Applications
With Dr. Tim Canty
November 17, 2021
Elevating your Cyber Security Risk Management Awareness and Capabilities
With Clifford Rossi and Tim Li
August 17, 2021
Unraveling the Circumstances Behind Credit Suisse's Archegos Loss: Lessons for Risk Managers
Maryland Smith and SEBA International present this webinar as part of the "Risk Leadership Series". We thank Maryland Smith Professor of the Practice, Cliff Rossi, and special guest, Yury Dubrovsky, Chief Risk Officer for Lazard Ltd. for their time and expertise.
Managing Risk During the COVID-19 Pandemic
Sizing the Eventual Economic Damage of COVID-19: A Risk Assessment - VIDEO
Clifford Rossi, Professor of the Practice & Executive-in-Residence
April 1, 2020
Supply Chain Crisis: How Best In Class Organizations Battle Pandemic Risks - VIDEO
Sandor Boyson, Research Professor
March 31, 2020
How Responses to Crisis Create Risk Chain Reactions: The Case of COVID-19 - VIDEO
Clifford Rossi, Professor of the Practice & Executive-in-Residence
March 30, 2020
Research
Climate Change & Risk Management
Considerable meteorological research suggests that the frequency and intensity of North Atlantic hurricanes are on the rise with 2020 expected to be one of the busiest on record. Loans, where a category three, four, or five hurricane was experienced during the loan’s life, were found to be 13-18 percent more likely to become 180 days or 90 days delinquent or more, respectively than other loans in the same locations, controlling for all other risk factors.
If long-term hurricane trends bear out, mortgage default risk in areas with a higher incidence of major hurricanes will likely rise significantly over time. This paper finds that the government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac and the Federal Housing Administration are potentially underpricing hurricane risk effects on default and that the use of catastrophe bonds offer one way to manage these risks.