On June 30, 2016, the Frankfurt Institute of Risk Management and Regulation (FIRM) bestowed its biennial research award at the institute’s annual research conference. This year’s conference took place in Montabaur. Nils-Christian Detering, who was awarded his doctorate by Frankfurt School, won third prize for his dissertation on “Four Contributions to Quantitative Financial Risk Management”, supervised by Professor Dr Natalie Packham. In his thesis, Nils-Christian Detering tackled a number of topical issues associated with risk management by financial services providers. The work focused on the measurement of model risk in particular.
First prize was won by Philipp Schuster, who was awarded his doctorate by the Karlsruhe Institute of Technology (KIT) after completing his thesis analysing “Liquidity in Bond Markets”. Josef Korte was awarded the second prize after completing his doctorate at Frankfurt’s Goethe University with a dissertation on the impact of more stringent banking supervision on banks’ risk-taking behaviour.
Wolfgang Kirsch, CEO of DZ BANK and a member of the Frankfurt School of Finance & Management Foundation’s Board of Trustees, paid tribute to the three award winners in his keynote speech; he also reminded his listeners of the sheer complexity of risk management. “Before 2007, we were dealing primarily with assessing and managing individual risks, in themselves regarded as fairly predictable. But during the financial crisis, the existential significance of liquidity risk was highlighted once again, hence also the importance of the golden rules of banking.
As a direct consequence of the financial crisis, we are no longer merely facing typical individual risks; we must also deal with new, systemic risks that interact and combine in ways we have not yet even started to understand. These risks are further exacerbated by monetary policy, regulation and – at the present time – by a complex accretion of geopolitical risks.”
FIRM’s Research Award
FIRM bestows the research award every other year, in recognition of the best economics dissertations focusing on risk management and regulation. The Hessian Minister of Economics, Energy, Transport and Regional Development, Tarek Al Wazir, is patron of the award. The jury is chaired by Professor Dr Günter Franke, Professor Emeritus of International Financial Management at the University of Konstanz and Co-Chair of FIRM’s Advisory Board.
The award is the first in Germany to be made for research into the economic implications of risk management and regulation, including regulatory compliance in financial institutions. FIRM set up the award in order to further understanding of risk management and regulation in the financial services sector. The competition is open to doctoral students who have been awarded their doctorates summa cum laude or magna cum laude by German-speaking universities.