11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics

Konferenssit ja työpajat

11th Bank of Finland and European Systemic Risk Board Joint Conference on AI and Systemic Risk Analytics 

3.-4. June 2026 in Helsinki, Finland 

AI (Artificial Intelligence) is a transformative technology that has shown its potential during recent years. The fast development of AI methods and data centricity in finance is providing opportunities, but it is also posing new challenges to our economies. These technologies could change our societies profoundly, and therefore well-planned and targeted policies are key to develop a safe and sustainable society with AI.

Similarly to recent years, this year’s Systemic Risk Analytics conference has a strong focus on AI and systemic risk. The aim of the conference is to present innovative research for financial stability and systemic risk analysis that adopt novel AI methods and techniques or use new data sources. Examples of possible topics include how LLMs can be used to detect systemic risk, how the use of AI can change interdependencies in the financial markets and whether AI, possibly combined with quantum computing, can pose new sources of systemic risks, e.g. operational risks and cyber risks.

Beyond of this, the conference welcomes submissions on more traditional tools of systemic risk analytics and macroprudential policy, such as early-warning indicators, network and contagion analysis, macro stress-testing and tools for big data analytics.

Topics

The themes of the conference cover policy and practitioner-oriented research related to systemic risk analytics, measurement and policy. We solicit contributions covering a broad range of techniques related to systemic risk analytics, particularly related to (but not limited to) the following themes:

  • Use of Large Language Models (LLM) and trustworthy AI
  • AI and changing interdependencies in the financial markets
  • Cyber security and operational risks as sources of systemic risk
  • AI and Quantum Computing as potential source of new systemic risks
  • Use of AI with big data for systemic risk analytics
  • Risks and opportunities stemming from disruptive innovations in financial technology (FinTech)
  • Analysing emerging risks from interconnectedness of the financial system
  • Identifying risks from market-based finance
  • Modelling geopolitical risks
  • Using systemic risk analytics to support macro-prudential policy and regulation
  • Evidence of macroprudential policy measures

Format, Timing And Venue

The conference will be held in a hybrid format, allowing virtual participation. The conference will take place on 3.-4. June 2026 at Bank of Finland in Helsinki. The conference includes keynotes, panel discussions, presentations and poster sessions. The conference is accompanied with a social event for speakers on 3. June, taking place at the Bank of Finland Villa.

Program

Conference Day 1, Wednesday 3 June 2026

8.30–9:00 Registration & coffee

9:00–9:15 Conference opening: Katja Taipalus (Head of Financial Stability and Statistics Department)

Session 1

9:15–9:45 Expert talk: Jukka K. Nurminen (Professor of Computer Science, University of Helsinki) TBA

9:45–10:15 Keynote: Olli Rehn (Governor, Bank of Finland and First Vice-Chair of the European Systemic Risk Board) TBA

Session 2

10:15-10:45 Kim Ristolainen: Quantifying Minsky Cycles

10:45-11:15 Hao Ding: Asset-Based Lending as a Leading Indicator of Systemic Crises

Session 3

11:15–11:45 Antonio Sánchez Serrano: Contagion from equity market shocks: A framework for measuring losses in the European Union?

11:45–12:15 Christoph Fricke: Assessing and Mitigating Systemic Cyber Risk in Financial Networks

12:15–13:15   Lunch (Poster session 1)

Simona Nistor: Artificial Intelligence and Risk-Taking in Banking

Session 4

13:15–13:45 Expert talk: Matthias Sydow (Senior Team Lead, Stress Test Modelling Division, ECB) TBA

13:45-14:15 Daniel Rabetti: Tokenized Stocks

14:15-14:45 Itai Agur: Banking with Stablecoins

14:45–15:00 Refreshments

Session 5

15:00-15:30 Raffaele Corvino: Real time risk dynamics in the financial sector

15:30–16:00 Do Lee: Belief Distortions, Asset Prices, and Unemployment Fluctuations

16:00-16:30 Keynote: Anton Korinek (Professor, Department of Economics and Darden School of Business, University of Virginia) TBA

16:30-16:45 Closing remarks for Day 1 

 

Conference Day 2, Thursday 4 June 2026

9:15–9:30 Registration & coffee

Session 6

9:30-10:00 Juliaan Bol: Short-Sale Collateral as a Source of Financial Instability

10:00-10:30 Karamfil Teodorov: ETFs, Illiquid Assets, and Fire Sales

Session 7

10:30-11:00 Viktors Stebunovs: Transmission Growth-at-Risk: How Foreign Financial Vulnerabilities Shape U.S. Growth Prospects

11:00-11:30 Keynote: Marja Nykänen (Deputy Governor, Bank of Finland) TBA

11:30–12:30 lunch (Poster session 2)

Flora Haberkorn: Do Anecdotes Matter? Exploring the Beige Book through Textual Analysis from 1970 to 2025

Seung Jung Lee: Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers

Session 8

12:30–13:00 Keynote: Paul Hiebert (Director of Financial Stability Analysis, Financial Stability Board) TBA

13:00–13:30 Domenic Kellner: A SPOT in the dark: Using AI to assess financial stability risks

Session 9   

13:30-14:00 Jonathan Rice: Corporate AI Adoption and Employment: Evidence from Earnings Call Disclosures

14:00-14:30 Xiaoxue He: When ChatGPT Stops Talking: GenAI-induced Retail Herding and Systematic Risk

14:30–15:00 Seung Jung Lee: Financial Stability Implications of Generative AI:  Taming the Animal Spirits

15:00-15:15 Closing remarks for Day 2

Program Committee

  • Esa Jokivuolle (Bank of Finland)
  • Iman van Lelyveld (De Nederlandsche Bank, VU Amsterdam)
  • Katja Taipalus (Bank of Finland)
  • Tuomas Peltonen (European Systemic Risk Board Secretariat)

Conference participation requires pre-registration and is free of charge.

Conference participants are expected to pay their expenses for travel and accommodation. Registration to the event will open later in the spring.

More information will can be requested at fs.events@bof.fi.