Best if students have taken the following undergraduate courses: Financial Markets and Intermediaries, Bank and Insurance operations
According to the educational goals declared for the IMEF program, the course analyses the main risks faced by financial intermediaries, their origin, definition, formalization, modeling, management and protection strategies, implications for capital requirements and for governance. A specific module is devoted to risk management in insurance companies.mmmmmmmm
After completion of the course, the student will be able to face, with a suitable technical toolkit and analytical approach the main problems related to risk management in financial intermediaries. He/she will be able to interpret the evolution processes in financial systems with specific reference to the national and internatinal contexts.
Module 1: Credit risk: definition, elements, management approaches, protection strategies and tools. Operational risk in financial intermediaries. Module 2: Interest rates and market risk: evaluation and management. Liqudity risk. Module 3: A focus on risk in insurance companies. Capital requirements in bank and insurance companies. Governance and risk management in financial intermediaries. Module 4: hot topics and recent developments in financial systems in Italy/Europe, USA, Africa, Asia, Central and Latin America. Case studies.
Resti Andrea, Sironi Andrea
Risk Management and Shareholders' Value in Banking: From Risk Measurement Models to Capital Allocation Policies, Wiley, 2007.
Additional references will be provided during the course, among the most recent ones, chosen with students.
Lectures, excercises, discussion of papers.
Written exam with open questions. This allows the student to show both knowledge and ability to critically analyse facts and issues. Each module will be tested separately (4 or 5 questions per module). The preparation of an essay might be requested. The final grade is the average of the grades of each module.
Eventual in-class assignments will be part of the evaluation (not compulsory).
The exam may be divided into two parts:
Part A: modules I and II
Part B: Modules III and IV
Students are free to chose the sequence A-B or B-A
-Maximum time available to complete the exam: the academic year. If the students fails in the second part taken, he/she can repeat this part within the academic year.
Students who have not yet taken both parts A and B can, as a last chance, take the second part (B) in September 2020 and the first part (A) in the mid-term test of November 2020 (which is only on modules I and II). After this, all pending parts of exams will be cancelled and students must take the whole exam again from January 2021 on (eventually in two parts). The same rule applies for the following years.
- Students enrolled in past years must take the exam with the contents of the current year. Exceptions must be agreed upon with Prof. Viganò.
Given that the student who takes part I or II (sequence is not relevant) can reject the grade only immediately after having taken the exam and being informed of the outcome:
- when, subsequently, she/he takes the remaining part, she/he can reject the grade referred to this part only immediately after being informed of the grade. In this case, she/he should only repeat the part of exam she/he took as the second; the grade she/he got on the first part taken cannot be modified;
- if the student has a positive grade on the second part and she/he does not immediately reject the grade, the final grade (average of grades of the two parts) is published on UNIBG portal, in the student's records.
Students who have in their plan 6 credits are invited to contact prof. Viganò. Based on each student's curriculum, the two modules to follow and the related teaching material will be selected.