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Call for Papers - The Value of New Data and Technology to Risk Management Practitioners
Submission deadline: 30th June, 2023
Special Issue - Journal of Risk Management in Financial Institutions - The Value of New Data and Technology to Risk Management Practitioners
Guest Editors: Dr. Thomas C. Wilson, CEO Allianz Ayudhya and ex-CRO Allianz Group and Dr. Christian S. Pedersen, Managing Director, Banking, Risk and Finance, Accenture
The Journal of Risk Management in Financial Institutions invites papers for a special issue devoted to the value of new data and technology to risk management practitioners.
Making the best use of all available data is at the heart of sound risk management in financial services. Early examples include mortality tables in life insurance underwriting, quantitative credit scoring in lending businesses and the emergence of VaR calculations for market risk on investment returns. With increasing access to data and social media providing a flurry of new data sources, this trend accelerated throughout the 2000s and 2010s, increasing the depth of insights and breadth of risks which can be better understood and managed – in part spurring an entire FinTech sector. However, the industry is currently experiencing diminishing marginal rates of return on increased data, not least due to costs of technology and regulatory constraints. Rapid advancements in technology itself is now a significant focus: cloud transitions, open-source analytics platforms, digitisation and robotics are in testing or full roll-out mode in leading firms, with the ultimate aim of simplifying costly processes, reducing losses and increasing transparency of major risks. This in turn requires both collaboration with and increased oversight of activities in Front Office, Operations and Technology. It also necessitates continued blessings from regulators, notably with regards to use of artificial intelligence, which has once again been thrust into the spotlight with the release of ChatGPT.
To shed light on the issues facing CROs and their organisations and to guide potential solutions, we are seeking original papers from practitioners, academics, policy makers, regulators, and consultants on how the use of data and technology is and will continue to impact risk management in financial services. Potential topics could include:
• Which are the proven success stories of financial services firms applying more data and technology to improve risk management in their core underwriting, investment, customer lifetime value management and claims and fraud management?
• Can new data and technologies help us quantify and manage non-financial risks outside of the core such as technology, cyber, operational, ESG, etc.?
• What new risks may emerge when leveraging new technologies like the cloud, new innovations like bitcoin and new analysis techniques like AI? How do we manage the risks of the advances in data and new technologies themselves? Are they adequately understood, sized, and priced into investment decisions?
• What are the limitations imposed by data privacy and model explainability considerations to protect individuals and prevent bias? Should regulators get more conservative or more accommodating with regards to use of new data and techniques?
• How are FinTech firms leveraging data and technology to meet new customer needs or compete against incumbents?
• Is it wise to delegate risk ownership to the 1st line before 2nd line is comfortable with risks inherent in the deployment of new technologies?
Submission guidelines:
The following types of articles will be considered for publication:
- Practice articles: Thought pieces, briefings, case studies and other contributions written by practitioners. Articles should be 2,000 to 5,000 words in length.
- Research papers: Contributions which explore new models, theories and research in risk management. The principal management implications of the submission should be included. Articles should be up to 6,000 words in length.
All submissions will be peer-reviewed to ensure that they are of direct, practical relevance to those working in the field.
Our current copy deadline for this special issue is 30th June, 2023.
Manuscript submissions and enquiries should be submitted to the Publisher, Julie Kerry. Further, more specific guidance for authors on format and style can be found here.
Questions about this issue and proposals for papers should be directed to the Guest-Editors: Dr. Thomas C. Wilson at Thomas.W@azay.co.th and Dr. Christian S. Pedersen at chrispedersen1972@yahoo.co.uk as well as the Publisher, Julie Kerry.
About Journal of Risk Management in Financial Institutions
The journal is a quarterly professional journal aimed directly at those responsible for managing risk in financial institutions. The journal publishes a mixture of technical papers as well as qualitative papers on five inter-related areas of risk: strategic, financial, operational, regulatory and systemic risk. The journal is aimed at senior management within the banking sector, companies providing a service to the financial sector, and governments, regulators and academics throughout the world with an interest in financial risk management. The journal publishes briefings, discussions, applied research, case studies, expert comment and analysis on the key issues. Further information on the journal is available here