RiskLab, Bank of Finland and ESRB logos

The fast development of AI methods and data centricity in finance will pose new challenges and opportunities in our economic climate. Policy challenges in a weakening economic environment need to be investigated – the coverage and optimality of the policies as well as searching ways of building up a new sustainable future. 

This conference on systemic risk analytics brings together most recent advances on computational tools for systemic risk identification and assessment as well as analysing future opportunities and threats of Big Data and AI.

The scope of models and techniques includes systemic risk and early-warning indicators, network and contagion analysis, macro stress-testing, optimal timing of macro-prudential policies as well as measures of coinciding systemic stress and systemically important financial institutions.

The aim of the conference is to also adopt methods and techniques from other disciplines, such as computer science, engineering, biology and physics, that use computer-intensive approaches, novel data sources, visual representations or interactive interfaces, among others.


The themes of the conference cover policy and practitioner-oriented research related to systemic risk measurement.

We solicit contributions covering a broad range of techniques related to systemic risk analytics, particularly related to (but not limited to) the following themes:

  • Using systemic risk analytics to support macro-prudential policy and regulation
  • Analysing emerging risks from interconnectedness of the financial system
  • Use of big data and artificial intelligence for systemic risk analytics
  • Identifying risks from market-based finance
  • Risks and opportunities stemming from disruptive innovations in financial technology (FinTech)
  • Optimal timing of Macro-prudential countermeasures
  • Economic policies and the climate change
  • Economic policies in the turbulent and uncertain times


The conference will be held as a hybrid conference, so virtual participation is also possible. The conference will take place on 8-9 June 2023 at Bank of Finland in Helsinki. The conference includes keynotes, presentations and poster sessions. The conference is accompanied with a social event for speakers on 8 June, taking place at the Bank of Finland Villa.


We welcome academics and experts of the conference topics to participate in the conference. Participation requires pre-registration. There is no registration fee. However, participants are expected to pay their expenses for travel and accommodation.

Registration is closed.  

More information: fs.events@bof.fi.



Conference Day 1
Conference opening: Olli Rehn (Governor, Bank of Finland)
Keynote: Making Banking Safe
Stephen Cecchetti (Professor Brandeis University, ESRB) Presentation

Session 1

Uncertain credit-loss phases and bank capital
Nikola Tarashev (Bank for International Settlements) Paper, Presentation
co-authors: Mikael Juselius (Bank of Finland)

Differential Effects of Macroprudential Policy
Nina Biljanovska (International Monetary Fund) Paper, Presentation                                    co-authors: Sophia Chen (International Monetary Fund)

Session 2

U.S. monetary policy and credit risk of new corporate credit lines 
Viktors Stebunovs (Federal Reserve Board) Paper, Presentation
co-author: Lucy Q. Liu (International Monetary Fund)

Liquidity Provision and Co-insurance in Bank Syndicates
Filip Zikes (Federal Reserve Board) Paper, Presentation
co-authors: Kevin Kiernan, Fannie Mae and Vladimir Yankov (Federal Reserve Board)

Session 3

A Model of Interacting Banks and Money Market Funds
Javier Suarez (CEMFI) Presentation
co-authors: Martin Farias (CEMFI)

Derivative margin calls: a new driver of MMF flow
Dilyara Salakhova (International Monetary Fund) Paper, Presentation   
co-author: Germán Villegas Bauer Martin Farias (CEMFI)                                       

Session 4 

Tackling climate change risks to financial stability: What role for prudential policy
Paul Hiebert (European Central Bank) Presentation

The macroeconomic effects of the insurance climate protection gap
Margherita Giuzio (European Central Bank) Paper, Presentation
co-authors: Linda Fache Rousová, Sujit Kapadia & Miles Parker (European Central Bank), Hradayesh Kumar, Luisa Mazzotta & Dimitris Zafeiris (EIOPA)

Keynote: Machine Learning: The Basics
Alex Jung (Assistant Professor, Aalto University & Principal AI Scientist, Silo AI) Presentation

Conference Day 2

Session 5

An Early Warning System for Tail Financial Risk
Gianni De Nicolo (Johns Hopkins University) Paper, Presentation

Do buffer requirements for European systemically important banks make them less systemic? 
Luis Gonzalo Fernández Lafuerza (Banco de España) Paper, Presentation       

Session 6

The price of leverage: learning from the effect of LTV constraints on job search and wages
Kasper Roszbach (Norges Bank) Presentation
co-authors: Gazi Kabas (Tilburg University)

Effects of borrower-based regulation on housing demand
Rikke Rhode Nissen (Danmarks Nationalbank) Paper, Presentation
co-authors: Alessandro Tang-Andersen Martinello, Simon Juul Hviid & Christian Sinding Bentzen (Danmarks Nationalbank)

Keynote: AI-Generated Synthetic Data - a New Lingua Franca to Unite for Systemic Risk Analysis

Michael Platzer (Co-Founder & Chief Strategist Mostly AI) Presentation

Session 7

Banks and non-banks stressed: climate risk and the mitigating role of insurance companies
Gabor Fukker (European Central Bank)
co-authors: Matthias Sydow, Tomasz Dubiel-Teleszynski, Fabio Franch, Debora Miccio & , Michela Pellegrino (European Central Bank), Sébastien Gallet (Banque de France), Helmut Gründl (Goethe University Frankfurt), Stelios Kotronis & Matteo Sottocornola (EIOPA), Sebastian Schlütter (Hochschule Mainz)

Detecting the “Hidden Bomb”: Building an Integrated Surveillance Framework for Highly Leveraged NBFIs
Silvia Pezzini (Hong Kong Monetary Authority) Paper, Presentation
co-author: Kevin Cheng (AMRO), Zijun Liu (HKMA), Liang Yu (BIS)

Session 8

The Paradox of Conservative Haircuts
Dmitry Chebotarev (Indiana University Bloomington) Paper

Systemic Climate Risk
Tristan Jourde (Banque de France) Paper, Presentation
co-authors: Quentin Moreau (University of Glasgow)

Closing remarks

Programme SRA 2023


Multiple property ownership: the role of household characteristics and macroprudentialpolicy
Maria Siranova (Slovak Academy of Sciences) Poster

Interbank asset-liability networks with fire sale management
Grzegorz Halaj (European Central Bank) Poster

Narrative Triggers of Information Sensitivity
Kim Ristolainen (University of Turku) Poster

Climate Change, Bank Fragility, and Systemic Risk                                              Yuna Heo (University of Basel) Poster

A Macroprudential Look Into the Risk-Return Framework of Banks’ Profitability      Joana Passinhas (Banco de Portugal) Poster
How much is too much? Assessing the non-linear relationship between linear relationship between debt and sovereign creditworthinessdebt and sovereign creditworthiness
Sanne Zwart (European Investment Bank) Poster