FNA Broadcasts

Dr Kimmo Soramäki and Dr Carlos León joined host Will Towning to explain how central banks, commercial banks and other organisations can use simulation technology to understand the impacts of introducing a CBDC? The presentations covered:

Adrian Waddy, Data Consultant at Australian Prudential Regulation Authority and Developer at the Bank of England, joins host Adam Csabay to discuss his contribution to the Risk books publication, Data Science in Economics and Finance for Decision-makers.

Adrian's chapter, Implementing Big Data Solutions, provides an insight into implementing Big Data platforms and the decisions that must be made along the way to ensure the platform is efficient, effective and user-friendly.

The book, published in March this year, edited by the ECB's Per Nymand-Andersen, provides an overview of how digital transformation and Data Science can support decision making. It offers a variety of perspectives, from over 20 contributors to manage digital data.

FNA'ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tomas Takko and Adam Csabay and David Bolder from Nordic Investment Bank also feature in the publication. The latter also discusses his chapter in a previous FNA Talks episode.

Episode breakdown:

In this latest episode of the FNA Talks podcast series, David Bolder, Director of Model Development and Economic Capital and FNA’s Central Bank and Academia Programme Manager, Will Towning, discuss one of the most awaited Fintech publications of 2021: Data Science in Economics and Finance for Decision Makers, edited and co-authored by the ECB’s Per Nymand-Andersen.

David – who co-authored the book – and Will review the key themes of David’s contributions, highlighting the practical implications and demystifying common disillusions of where data science fits into a decision maker’s tool kit.

The book, published in March this year, provides an overview of how digital transformation and data science can support decision making and offers a variety of perspectives on managing digital data.

Contributions from FNA’ers Kimmo Soramäki, Ivana Ruffini, Mikhail Oet, Tuomas Takko and Adam Csabay also featured in the book. The chapter FNA authored, Prudential Stress Testing in Financial Networks, provides a taxonomy of organizational problems facing firms operating in financial markets, and offers a comprehensive approach to information system design that addresses stress testing in networks.

The FNA Team’s work sits amongst contributions from over 20 global experts from both the private and public sectors.

The book can be purchased here: https://riskbooks.com/data-science-in-economics-and-finance

0:00 – Introductions

It's the one topic that's been on everyone's mind since the start of 2020, Covid-19. But what impact have Covid-19 disruptions had on the financial sector, and what technological innovations have arisen as a result?

In this episode of FNA Talks, Kevin Gardiner, Managing Director and Global Investment Strategist at Rothschild & Co joins host Adam Csabay to highlight the key lessons from the Covid-19 crisis, assess its impact on the future of Fintech and explore the implications of CBDCs on the roles and responsibilities of Central Banks and Financial Services providers.

00:00: Introduction

01:19: To what extent has your business been affected by the COVID-19 crisis, and what key lessons would you highlight for our listeners?

04:05: Has Fintech- or innovative technology in general- provided any useful tools for tackling these disruptions?

05:13: Which key areas should fintech innovation focus on going forward?

08:12: In what ways will the financial industry be affected by developments related to CBDCs and the rise of digital money in general?

11:04: Can the Libras- or digital money issued by BigTechs- challenge Central Banks’ monopoly over monetary policy?

Together, Clair and Bella, discuss Clair’s diverse career leading up to her current role as Chief Operating Officer for the Prudential Regulation Authority within the Bank of England, her experience of gender diversity and advice to women interested in a career in finance and technology.

Clair Mills is currently, the Chief Operating Officer for the Prudential Regulation Authority (PRA), within the Bank of England. Clair is responsible for the PRA operations, this includes the delivery of the PRA’s Operating Strategy, Budget, Internal Communications and Investment Portfolio. Other areas of responsibility include managing Data innovation, Regulatory and Business Change, Workforce planning and Diversity and Inclusion.

Clair has over 20 years’ expensive financial services experience, operating at board level and leading successful strategic and transformational change in a number of complex organisations, having started her career in the Building Society and Retail Banking sector, before moving into Operational and Technological Change Management Consultancy.

Clair joined the Financial Services Authority in 2011 to lead the Internal Twin Peaks programme to transition to the PRA and FCA regulatory model, moving across to the Bank of England with the PRA.

In her current role, as well as providing the leadership, management and vision necessary to support the business and to ensure that the proper operational controls are in place. Clair is also responsible for driving a demand-led data approach for the PRA, this includes giving keynote speeches both in the UK and internationally on topics such as Regulatory Technology (RegTech) and how regulators can take advantage of the advances in technology in the work we do. Clair is one of the few senior women in Central Banking and Regulation that work in the sphere.

Alongside this role, Clair is a trustee for two charitable organisations, the Addington Fund and the Chartered Institute of Securities and Investments, where she also sits on the Audit and Risk Committee.

Clair’s home is a working farm in rural Devon, which she shares with her husband and son. Her passion since childhood is horses, together with helping out on the farm, this provides a great way to recharge batteries and is a very different challenge.

00:16: What is your background and how did you come to work in your current role?

Julapa Jagtiani, Senior Economic and Economist at the FRB Philadelphia, joins Bella to discuss Julapa’s career and her experience of gender diversity in finance and the steps we can take to increase diversity in the finance and technology sector.

As well as a Senior Economic Advisor and Economist at the FRB Philadelphia, Julapa Jagtiani, is also a Fellow member of the Wharton Financial Institutions Centre, and a Central Bank Research Fellow at the Bank for International Settlements (BIS). At the Federal Reserve, Julapa has conducted research and participated in several supervisory policies and implementation projects, including Basel capital requirements for banks, CCAR bank stress testing, and more recently Fintech innovations and regulatory policies. She is a member of the Fintech Subgroup of the Risk Council. Julapa has published influential research articles in top finance journals. Her recent research has focused on issues relating to Fintech innovations, the roles of alternative data and AI/ML in the new financial landscape, small business lending, and various consumer finance issues. Jagtiani has a PhD in finance and an MBA from New York University’s Stern School of Business, where she held the Rockefeller Foundation Fellowship.

00:17: What is your current role and how did you start working in it?

Stacey Cunningham, President of the New York Stock Exchange joins host, Bella for the third instalment of FNA’s podcast mini-series, Women in Fintech & Suptech.

Stacey Cunningham joins host, FNA’s Isabella Ivanov, to discuss Stacey’s role at the New York Stock Exchange and her experience as a woman in a traditionally male-dominated sector.

Stacey Cunningham is President of the NYSE Group and a member of the executive management committee of the parent company, Intercontinental Exchange (NYSE: ICE). NYSE Group includes the New York Stock Exchange, the world’s largest equity exchange and premier venue for capital raising, as well as a diverse range of equity and equity options exchanges.

Prior to being named NYSE President, Cunningham served as NYSE Chief Operating Officer and has held several senior positions at global exchanges. Cunningham has a degree in Industrial Engineering from Lehigh University and currently sits on the Board of Directors for Catalyst, and the Partnership of New York City.

00:00:21: Stacey’s Background and Role

Carlos León at Banco de la República and Gilberto Chavez-Velazquez at Deutsche Bank join FNA's Mohesen Namazi and Kimmo Soramäki to share their perspectives on approaches to Intraday Liquidity stress testing.

00:00:00: Introduction