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An open-minded journey to the heart of risk management

Risk Management for Financial Institutions

Welcome!

It is my pleasure to invite you to the postgraduate Risk Management for Financial Institutions (RMFI) programme. The COVID-19 pandemic and the 2008 financial crisis enforce a rethink in risk management. The theory and practice of risk management turned out to be ineffective at protecting the interest of stakeholders. The neoclassical equilibrium paradigm proved to be an insufficient basis for effective risk management practices.

Complex human behaviour was at the heart of numerous disasters and failed to navigate complex environments. This is a reflection of the fact that humans can sometimes be unpredictable, irrational, and overconfident. If we understand the economic and psychological issues of human behaviour we can manage the risk of those disasters, and reduce their magnitude and impact on your organisation when they happen.  

Nowadays academically responsible and practically effective risk management deserves open-minded finance that recognizes that people’s judgements, actions and decisions are affected by altruism, citizenship, fairness, greed, hubris, and other emotional wants and motives. Our RMFI programme is designed to approach important risk management issues from multiple angles which should improve our understanding of the real world and lead to better decision-making under uncertainty.

Meet and join us for an extraordinary adventure!

Prof. dr. W.F.C. Verschoor
Academic Director
Postgraduate programme Risk Management for Financial Institutions


Key characteristics

  • Duration: 1.5 years
  • FT/PT: Part-time
  • ECTS: 60
  • Start: September 2021
  • Tuition fee:  €25.000 (upon request, individual modules can be studied, please contact us for details)
  • Admission deadline: 30 June 2021
  • Degree: MSc VU School of Business and Economics and registration in the Risk Management for Financial Institutions Register
  • Language: Dutch or English, depending on the composition of the group. The required reading material is in English


RMFI Webinar Series

Here you will find our RMFI Webinar Series. These webinars are offered to you by the postgraduate programme Risk Management for Financial Institutions (RMFI) at the School of Business and Economics, VU University Amsterdam. 

Senior faculty members of our School, jointly with thought leaders, senior executives and policymakers from the financial industry, share their thoughts and ideas on relevant topics of interest in today’s rapidly changing world. Our Webinars provide you with the newest perspectives and indispensable insights on today’s major challenges, such as the psychology of risk management, the economic issues of complex human behaviour, the importance of risk culture and human traits, and societal wealth creation. 

Invites will follow, stay connected!

Webinar coming up

Content will follow soon. For now, please save the date:
Wednesday 17 February 2021
19.00 - 20.15 hrs.

Speakers

Bio Mirea Raaijmakers (lecturer)

Mirea Raaijmakers was born in 1974. She is married, has two children and lives with her family in Amsterdam.

She studied psychology and received her PhD in 2008. Mirea joined ING in 2017 and was appointed as Global Head Behavioural Risk at 1st of August 2018. Prior to ING, she worked for the Dutch Central Bank (DNB) where she developed and executed the supervision on Behaviour & Culture. She was the first psychologist ever appointed by a central bank in supervision to use her specific skillset in supervision. Before DNB she worked as an organizational consultant at consultancy firms as well as the Dutch Tax and Customs Administration.

Mirea’s core competencies are understanding and influencing the behaviour of individuals, groups and organizations, especially during complex and large scale changes. She is the main architect of the supervision of Behaviour & Culture. Globally DNB’s supervision of Behaviour & Culture is known as one of the most successful post-financial crisis innovations in supervision. Next to the design and development of this new type of supervision Mirea has always been in the lead of executing behaviour & culture inspections. She understands from the inside why and how this innovation works.

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Past Webinars

Pandemic Risk:
An Underestimated Problem?

Wednesday 16 December 2020
19.00 - 20.15 hrs.

Many organisations have been hit by the COVID-19 pandemic, claiming they could never have foreseen this extreme situation. Only seven of the 25 AEX companies mentioned a pandemic as a risk in their annual report. Still, several experts have warned of the danger of a pandemic. For example, in 2006 DNB published a scenario study on the economic impact of a pandemic and advised organisations to take such a scenario into account in their risk management practice. 

Why have most of our models ignored these tail risks of contagious diseases? Practically every risk management practice has had psychological pitfalls as its origin. Which complex human behaviour and psychological processes and influences were at the heart of major disasters? And what lessons can risk managers learn to improve their understanding of the real world?

Speakers

Bio Ronald Bosman (lecturer)

After graduating cum laude in Economics from the University of Amsterdam, Dr Ronald Bosman went on to conduct PhD research into the experimental economy, in particular the influence of emotional factors on economic decisions. He then worked for DNB, most recently as a senior economist with the Financial Stability division, advising management on macroprudential policy and systemic risks. Since 2011 Ronald has been an independent consultant/trainer specialized in macro-financial risks.

Bio Serge Bekooij (discussant)

After graduating in Financial Economics from the Vrije Universiteit Amsterdam Serge Bekooij started his career at the Dutch Authority for the Financial Markets (AFM). Currently, Serge is acting as Senior Advisor in the AFM’s International & Strategy Department, with 15 years of experience from financial market supervision. His field of expertise is supervision strategy, capital markets research, and financial innovation.

Bio Thomas van Galen (discussant)

Thomas van Galen has been Senior Strategist at De Nederlandsche Bank since 2019 and in that capacity wrote the Vision on Supervision, among other things. Before that he worked as Chief Economist at Cardano. There Thomas dealt with the impact of macroeconomic developments on the investment policy of pension funds and the bias in decision-making within boards. Since 2011 he has been affiliated with the VU University as a lecturer within the MSc Risk Management for Financial Institutions. Thomas graduated cum laude as MSc in Finance from the VU University in 2011.

Bio Maarten Gelderman (discussant)

Maarten Gelderman is Division Director Supervisory Policy at De Nederlandsche Bank (DNB). He is a member of the Management Board and Board of Supervisors of the European Banking Authority. In earlier roles at DNB, he was involved in the direct supervision of banks, payment firms, and investment firms, quantitative risk management, and financial stability. Maarten studied business administration at Vrije Universiteit, where he also obtained his PhD.

Bio Jos Heuvelman (discussant) 

Jos Heuvelman has been a member of the Executive Board of the Dutch Authority for the Financial Markets (AFM) since 1 September 2018. Within the board, he is responsible for the AFM's supervision of the retail market. Heuvelman worked at the Dutch Central Bank (DNB) as a central banker and as supervisor of the financial sector for (nearly) 33 years. Before his appointment at the AFM, Jos Heuvelman was the division director of the Supervision of European Banks. Heuvelman studied econometrics in Groningen, economics in Amsterdam and obtained a Master’s degree in financial risk management at the NYU Stern School of Business.

Bio Willem Verschoor (moderator)

Prof. dr. Willem Verschoor is Professor of Finance and Director of the School of Business and Economics Executive Education in Finance. He is also Research Fellow of the Tinbergen Institute. Willem has broad knowledge and wide-ranging experience in the financial sector and the university community, as a senior executive, an advisor and as a supervisor. His experience in the financial sector involves asset management firms, corporate finance advisory, investment banks, and their research units.

Partners

Irene Hsu about her experience with the programme.