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Marco Migueis of the Federal Reserve System visits the Business School

Marco Migueis, Principal Economist on the Federal Reserve System Board of Governors, visited the Centre for Banking, Institutions and Development (CBID) on 20-22 February 2018 to meet with staff and students, and held a seminar on operational risk capital.

Marco is a principal economist at the Division of Supervision and Regulation of the Federal Reserve Board. He has represented the Board at Basel Committee’s working groups on operational risk and liquidity, and led analytical work on the development of the new standardized approach for operational risk capital.

During his visit, Marco presented a paper titled 'Forward-looking and incentive-compatible operational risk capital framework' in a seminar delivered to Durham academics and students. Designing an operational risk capital framework has proved challenging for the Basel Committee on Banking Supervision (BCBS) and banking regulators around the world. Marco’s talk highlighted the drawbacks in the current operational risk capital models and put forward a proposal for an incentive-compatible mechanism that elicits forward-looking projections of loss exposure.

Dr Dennis Philip, Director of Centre for Banking, Institutions and Development, who organised the visit, said: “We were pleased to have Marco Migueis from the Federal Reserve Board visit CBID for a few days. It was a great opportunity for research staff and PhD students to discuss their current research in bank risk management with him and get feedback from a regulatory perspective."

"I hope that Marco’s visit paves the way to new research collaborations with the Federal Reserve Board for the future."

To read more about the paper that Marco presented in the seminar, please click here. To read more about the Centre for Banking, Institutions and Development (CBID), please click here.