Inaugural Sydney symposium on systemic risk

Friday, 30 August 2013  Features

Finance sector leaders have gathered in Sydney to discuss the progress of six projects focused on systemic risk. The Centre for International Finance and Regulation​ (CIFR), a $41m Centre, supported by a consortium, including the Commonwealth and NSW Governments and six universities including the Australian School of Business at UNSW, funded the research.

The first of a series, the Symposium was designed to give researchers the opportunity to discuss their projects with an audience of academic peers, finance industry executives and financial sector regulators.

Peter Mason, CIFR Chairman, said "this is what CIFR is all about. Translating the research which is being undertaken by a wide range of people into practical impact for the stakeholders to get a feel for what the direction is of the research and the quality is. I must stay it's been a huge success, you can tell that by the engagement in the room."

The event received strong support with over 100 people participating, providing a powerful demonstration of CIFR's increasingly important position in financial markets, policy formulation and research.

Guests were welcomed by Kylie Hargreaves, Acting Deputy Director General, NSW Trade & Investment. CIFR Chairman Peter Mason then introduced the Symposium by reinforcing the importance of the CIFR projects currently being undertaken. This was followed by CIFR CEO David Gallagher foreshadowing CIFR's new approach to commissioning research projects.

John Laker, APRA Chairman, said "the six projects covered different dimensions, two looked at the assessment of risk and how you might try to identify risk early, two looked how the financial system was interconnected with the real economy and two looked at transmission mechanisms in the region. Together they have covered a wide field. The take away for APRA is the important questions of the interconnectedness of the financial systems and the links between the financial system failure and the real economy."

The audience then heard from six esteemed researchers, on their preliminary findings and key issues.

Dr Scott​​ Donald, the Deputy Director of the Centre for Law, Markets & Regulation at UNSW said "our research is trying to understand how such a complex system works and to identify ways in which that complexity in the linkages between the different parts of that system can cause systemic risk."

Panel members and lead researchers shared their thoughts of the day and project insights on video:

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