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Research

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Peter Hughes

Visiting Fellow in CBID in the Business School

Biography

Peter is a Visiting Fellow in the Centre for Banking, Institutions and Development (CBID) where he is leading research into risk based accounting systems. He is a former banker with JPMorgan Chase and Abbey National (now Santander UK) and a fellow of the Institute of Chartered Accountants in England & Wales.

For more than a decade, he has been at the forefront of research into next generation risk management and accounting systems. At JPMorgan Chase, he codified and implemented a new operational risk quantification technique that was deployed across complex global operating environments in the bank’s principal operations centres. As a Visiting Research Fellow at the York Management School and later at the Leeds University Business School he collaborated with Professor J. S. Toms, Professor Allan D. Grody and Professor K. J. Fernandes in adapting the technique for enterprise risks in a solution termed “Risk Accounting”. He has authored and co-authored numerous academic and practitioner papers on this and related subjects as well as teaching and presenting at conferences, webinars and in academia.

In his 28-year corporate career in banking his roles included Head of Finance Shared Services, Head of Finance Advisory Services, Chief Operating Officer (Germany), Acting Head of Treasury & Trading (Germany), Head of Risk Management – Global Shared Technology & Operations, Country Chief Financial Officer (Brazil), Country Operations Executive (Brazil) and Regional Audit Manager (South America).

Research

Peter’s research interests are focused on testing and validating the Risk Accounting method to conclude on its potential to function as a universally adopted accounting based approach to enterprise risk quantification and reporting.

Publications

Journal Articles

  1. P Hughes, (2007) ‘The Direct Measurement of Exposure and Risk in Bank Operations’, Journal of Risk Management in Financial Institutions, Vol. 1/1, pp 25-43
  2. A Grody, R Mark, and P Hughes (2008) ‘Operational Risk, Data Management and Economic Capital’, Journal of Financial Transformation – Cass Institute Series on Risk, 22, pp 139-152
  3. A Grody and P Hughes, (2008) ‘Financial Services in Crisis: Operational Risk Management to the Rescue’, Journal of Risk Management in Financial Institutions, Vol. 2/1, pp. 47-56
  4. A Grody, S Toms and P Hughes, (2010) ‘Risk Accounting – a Next Generation Risk Management System for Financial Institutions,’ Journal of Financial Transformation, 29, pp.43-56
  5. A Grody and P Hughes, (2010) ‘Next Generation Niche Markets’, Journal of Financial Transformation, 30, pp 67-72
  6. A Grody, P Hughes and D Reininger, (2012) ‘Legal and regulatory update: Global Identification Standards for Counterparties and Other Financial Market Participants’, Journal of Risk Management in Financial Institutions, Vol. 5/3, pp. 288-304(17)
  7. A Grody, S Toms, K Fernandes and P Hughes, (2012), ‘Basel Committee’s Fundamental Review of the Trading Book – A Commentary’, Journal of Risk Management in Financial Institutions, Vol. 6/1, pp 6-9
  8. P Hughes and A Grody, (2016), ‘Risk Accounting: The Risk Data and Risk Reporting (BCBS 239) Foundation of Enterprise Risk Management (ERM) and Risk Governance’, Journal of Risk Management in Financial Institutions, Part 1 - Vol 9/No 2/Spring 2016, pp 130-146 and Part 2 - Vol 9/No 3/Summer 2016, pp 224-248 

Book Chapters

  1. P Hughes, (2005) ‘Using Transaction Data to Measure Operational Risk’ in E Davis, Operational Risk – Practical Approaches to Implementation. London. Incisive Media
  2. A Grody and P Hughes, (2009) ‘Transaction Based Cross-Enterprise Risk Management’ in A Tarantino and D Cernauskas, Risk Management in Finance – Six Sigma and Other Next-Generation Techniques. New Jersey, USA. John Wiley & Sons