The Turing Gateway to Mathematics and the University of Cambridge's Statistical Laboratory held a half day workshop on Mathematics for the Prediction of Financial Risk on Wednesday 12th March 2014.
With contributions from Deloitte and Barclays, this workshop presented state of the art mathematical approaches and real-life examples of the issues and techniques used from insurance and banking perspectives. Other finance experts from the University included econometricians, and were on hand to offer contributions which included a mini-stats surgery and discussion and networking session.
The event gave participants the opportunity:
- To present a range of current issues and challenges around the prediction of financial risk
- To provide sufficient business context, in order that experts in mathematics and statistics could contribute usefully to the solution of business problems
- To create a forum of excellence towards facilitating better consensus as to challenges and the mathematical methods needed to solve them
Background
Problems associated with the prediction of risk in finance present challenges of definition and implementation. Despite many years of effort, much remains to be done and it was proposed to hold a short meeting at the Isaac Newton Institute for Mathematical Sciences to bring together academics and industry participants in an attempt to identify objectives and avenues for further exploration. The mathematical sciences play an increasingly important role in the measurement, monitoring and management of risk in today's increasingly complex financial markets and institutions. There is a need for a better and more sophisticated approach to this area and so it is more important than ever to explore new research approaches for facing current challenges.
