UK’S FIRST FINANCIAL RISK ACADEMY TO BE ESTABLISHED BY HERIOT-WATT UNIVERSITY
May 6, 2010
UK’S FIRST FINANCIAL RISK ACADEMY TO BE ESTABLISHED BY HERIOT-WATT UNIVERSITY
(Issued 20 April, 2010 by Heriot Watt University)
Academy to play vital role in improving understanding of financial risk
The Scottish Financial Risk Academy, the first of its kind in the UK, is to be established by Heriot-Watt University following the award of a £335,000 grant by the Scottish Funding Council (SFC).
The academy will pioneer a new role in providing an enhanced focus for collaboration between Scotland’s world class university academia and its financial services industry.
While universities and the industry have established connections in place, the academy will centre on the specialist area of quantitative risk management, an area that is coming under increased scrutiny by the Government, national and international regulators and the general public, following the global financial crisis.
It will provide a new opportunity for sharing knowledge and expertise through a range of activities that will connect with financial services companies across Scotland – and beyond – and provide a vital function in improving understanding of financial risk.
The academy is the brainchild of Heriot–Watt’s Professor Alexander McNeil and his colleagues at the Maxwell Institute, a collaborative mathematics research institute combining the strengths of Heriot-Watt and the University of Edinburgh.
It has the backing of the industry in Scotland and will be set up in partnership with five key financial organisations; Aberdeen Asset Management, the Actuarial Profession in Scotland, Barrie & Hibbert, Lloyds Banking Group and Scottish Financial Enterprise.
Professor McNeil said: ‘This grant is a major achievement and I am delighted that the SFC has recognised the importance for establishing the Scottish Financial Risk Academy, which will provide vastly improved two-way information flow and critical knowledge sharing across the financial services spectrum.
“Following the global financial crisis, we saw the need to create a new communications channel between academia and the financial sector, that would enhance the quality and understanding of financial risk throughout the industry, through knowledge transfer.
“At a time of proposed significant changes to the regulation and structure of the financial sector, the academy will cement crucial working relationships and contribute to the debate with the aim of delivering long-term benefits to the wider economy.”
Owen Kelly, chief executive of Scottish Financial Enterprise said: “Scotland is a global financial centre and a major part of its success relates to the skills and knowledge of our professionals. The academy will add to our collective strengths as a place where international companies work jointly with internationally recognised academic institutions, to the benefit of our industry and the general public.”
Mark Batho, Chief Executive of SFC, said: “This award is part of an £8m strategic investment from our Horizon Fund that will open up new opportunities for businesses to interact with universities across Scotland.
“It’s about creating a momentum that accelerates the development of key industries for Scotland’s economic future. The Risk Academy, with its ambitions for close collaboration and long-term economic benefits, is a clear example of what this funding will achieve and I very much look forward to following its progress within the Maxwell Institute.”
The establishment of the Financial Risk Academy will cement the reputation of the Maxwell Institute as one of the world’s top addresses for financial and actuarial mathematics and quantitative risk management.
ENDS
Notes to Editors
- The multi-partnered collaboration will deliver a range of knowledge exchange events, including workshops, talks from visiting scholars and colloquia aimed at fostering interaction between industry peers and academia.
- Representatives from each organisation, together with Professor McNeil, will be members of a steering committee, which will oversee and direct research projects.
- The academy will provide job and research placement opportunities, including the appointment of a business engagement manager, MSc project placements and PhD internships.
- In 2009, Heriot-Watt launched a £6.5 million joint funded programme, Converge, aimed at enhancing the University’s ability to facilitate and share its research with Scottish, UK and global businesses. The programme’s 11 Knowledge Exchange specialists offer a full support package of business development.
- Heriot-Watt is the only institution to have secured two awards through the Strategic Priority Investments in Research and Innovation Translation (SPIRIT) scheme and is involved in a further two collaborative applications.
