MITACS Economic Summit on Systemic Risk

MITACS Economic Summit on Systemic Risk
50 Top Mathematicians and Economists will meet in Toronto to address the role of mathematical modeling in the current and future economic crises

Toronto, ON – March 31, 2009: MITACS, Canada’s leading Centre of Excellence for the mathematical sciences, announced today the Economic Summit on Systemic Risk in the financial sector (Toronto, April 27th to 29th, 2009).  The summit aims to identify systemic risks that were factors in the current economic crisis and the role of mathematical models in predicting and mitigating future crises.

The events of the past year have highlighted the need to reconsider whether assumptions about market correlation, stress testing, scenario testing and liquidity modeling were appropriate and whether some risk measurement and management techniques need further development. Questions to be addressed include: Might better risk management practices have helped some banks avoid serious pitfalls? Did risk managers rely too heavily on the rules, tools, models and credit ratings? Did they fail to see the broader implications of changing systemic market conditions?

The MITACS Economic Summit will bring together approximately 50 mathematicians, economists, statisticians, as well as financial and other experts along with representatives from the Bank of Canada, OSFI, the US Federal Reserve and leading commercial financiers and insurers.

The event will focus on specific research areas around the topic of systemic risk, and understanding longer term questions that must be answered to mitigate future problems. The summit will feature presentations from leading experts in the field including: Paul Beaudry (Professor and Canada Research Chair, UBC, and Fellow Bank of Canada), Phelim Boyle (Professor of Finance, Wilfred Laurier University), Michael Gordy (Senior Economist ‐ Risk Analysis Section, US Federal Reserve), Norma Nielson (Professor in Insurance and Risk Management, University of Calgary) and Paul Glasserman (Professor of Business Decision, Risk and Operations, Columbia University, US).

MITACS ( is a Network of Centres of Excellence (NCE) for the mathematical sciences with offices across Canada. The only Canadian organization of its kind, it focuses on developing mathematical solutions in five of the economy’s fastest growing sectors: biomedical and health, environment and natural resources, information processing, risk and finance and communication, networks and security. Each MITACS research project partners academic scientists and their graduate students from universities across the country with Canadian organizations.

For more information Please contact:
Muriel Austerlitz
Director, Communications




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