Financial Risk Day

Financial Risk Day

Financial Risk Day 2019

Financial risk Day 2019

Register now

  • Date/Time: Friday, 29 March 2019, 9am-6pm
  • Venue: Macquarie University City Campus, Level 24 Angel Place, 123 Pitt Street, Sydney
  • Financial Risk Day Program 2019

The Centre for Financial Risk in the Faculty of Business and Economics will host its 9th annual conference in March 2019.

Theme: Ageing population: risks and financial solutions

Funding retirement for an ageing population is a growing challenge. It will require industry and government to carefully consider a range of options, including novel and sophisticated approaches to funding through annuities and other financial instruments. The 2019 Financial Risk Day will consider both the specific and broad approaches for government, aged care organisations, financial institutions and product providers to develop solutions that meet the needs of individuals as well as the broader retirement community. Experts from industry, regulation and academia will discuss how to ensure standards of living can be preserved or enhanced as the population ages.

Vice-Chancellor of Macquarie University, Professor S Bruce Dowton, will present a welcome address at the opening of the Financial Risk Day conference.

Confirmed speakers include:

Piet de Jong

Piet De Jong
Professor of Actuarial Studies, Macquarie University

Super Bonds for Australian Super — a financial instrument to manage mortality risk and solve the longevity funding crisis

Piet de Jong has been Professor of Actuarial Studies at Macquarie University since 2003. Piet has consulted widely on actuarial and statistical problems in Australia and overseas for both the private and public sectors.

Research interests include forecasting in general and life insurance, genetic testing and data mining of insurance and other data bases, and he has more than 30 publications in refereed journals in diverse quantitative areas such as actuarial statistics, insurance mathematics, time series and forecasting, econometrics, mathematical psychology, and quantitative ecology.

David Knox

David Knox
Senior Partner and Senior Actuary, Mercer

The needs and understanding of retirees – how industry and government can respond

David Knox is a Senior Partner at Mercer and Senior Actuary for Australia. He is the National Leader for Research and actuary to the Tasmanian and Western Australian public sector superannuation plans. He is the author of the annual Melbourne Mercer Global Pension Index.

Before joining Mercer in 2005, David was at PricewaterhouseCoopers and Foundation Professor of Actuarial Studies at The University of Melbourne. He has acted as a consultant to a range of financial organisations, in both the private and public sectors, specialising in the superannuation and retirement incomes area.

Craig McCulloch

Craig McCulloch

A framework for analysing member outcomes in retirement

Craig McCulloch is a principal and leads Milliman’s Advice Technology Services business in Australia. He has been implementing goals-based advice frameworks, financial planning tools and complex financial models for the last decade.

He has advised the financial services industry in Australia, the UK and Europe for 20 years, specializing in the modelling and management of complex asset-liability risks.

Kevin O'Sullivan
Chief Executive Officer, UniSuper Management Pty Ltd

Perspectives of a large Australian Super Fund

UniSuper is the superannuation fund dedicated to people working in Australia's higher education and research sector. It has more than 400,000 members and $70 billion plus in net funds under management, and about half of the fund's assets are managed by UniSuper's in house investment team. Kevin joined UniSuper in July 2013 and has more than 30 years' experience in the superannuation and actuarial sectors. A qualified actuary, Kevin's previous role was Director, Actuarial and Benefits Consulting at Russell Investments. Kevin has a degree in Commerce, is a Fellow of the Institute of Actuaries of Australia (FIAA), a Fellow of the Canadian Institute of Actuaries (FCIA) and a Fellow of the Society of Actuaries (FSA).

As Chief Executive Officer, Kevin is responsible for developing, leading and implementing corporate strategy and culture. He is also accountable for the overall services and operational management of UniSuper Management nationally.

Michael Rice

Michael Rice
Chief Executive Officer, Rice Warner

The Age Pension’s changing role in retirement

Michael Rice is CEO at Rice Warner. He specialises in providing strategic advice to financial institutions, fund managers, government agencies, industry associations and large superannuation funds.

Michael has a strong interest in public policy. He has undertaken pioneering research into Age Pension dependency and trends. He has a keen interest in the integration of social security and superannuation, as well as measuring the adequacy of retirement incomes.

Michael Sherris

Michael Sherris
Professor of Actuarial Studies, University of New South Wales

Modelling Health Status and Functional Disability with Applications to Life Annuities and Long Term Care Insurance

Michael Sherris is Professor of Actuarial Studies at UNSW. His expertise covers actuarial science and quantitative risk management, with a research focus on longevity risk modelling, longevity risk management, insurer risk management, insurer pricing and capital allocation, quantitative risk modelling and the economics of risk management.

He is a Fellow of the Institute of Actuaries of Australia, the Institute of Actuaries (UK) and the Society of Actuaries (North America) and has worked previously in the banking, finance and insurance industries. Michael has advised banks, life insurance companies and fund managers in the areas of interest rate risk management, derivatives, funds management, project finance, investment modelling and superannuation.

Guy Thorburn
Australian Government Actuary, Commonwealth Treasury

CIPRs: Risk Management for Retirees

Guy Thorburn is the Australian Government Actuary. The AGA provides actuarial advice to the Commonwealth Government, its departments and agencies. AGA provides advice on long term and uncertain cash flows including the design and valuation of benefits including government superannuation, compensation schemes and long service leave. More recently, the AGA has supported Treasury in various CIPR consultations including the development of a potential efficiency test and a potential risk measure for retirement income products. The AGA also supported the Department of Social Services on the means test treatment for innovative retirement income streams.

The AGA prepares the Australian Life Tables and is also involved with the operation of the financial sector, particularly insurance, prudential and market conduct and social security schemes.

Who should attend:
  • Retirement income professionals
  • Industry and retail superannuation representatives
  • Actuaries and product developers
  • Financial advisers
  • Income stream specialists
  • Data analysts
  • Marketers of retirement products
  • Banking and finance specialists
  • Insurance professionals
  • Regulators
  • Policy analysts
  • Academic researchers
  • Consultants
The Centre for Financial Risk

Researchers at The Centre for Financial Risk investigate uncertainty in capital markets. We examine the spectrum of financial risks faced at all levels of the economy. Our research promotes greater stability and good decision-making by businesses, individuals, government and regulators. The nature and management of financial risks is investigated by a team of leading inter-disciplinary research with expertise in financial economics, econometrics and innovative modelling approaches.

Our research focus:
  • International and domestic issues
  • Regulation and government policy
  • Banking, finance and asset pricing
  • Insurance and risk analysis
  • Energy and utility markets
  • Climatic change and catastrophic risks
  • Superannuation
  • Complex industry and corporate issues
  • Behavioural economics and financial literacy
Conference participation fees:
  • To be advised
  • Discounts available for early and group registrations

Registration will include lunch and refreshments, plus a conference cocktail event.

Register now

Financial Risk Day 2018


  • Date/Time: 16 March 2018, 9am - 6pm
  • Venue: Swissotel Sydney, 68 Market Street, Sydney, Australia

The Centre for Financial Risk in the Faculty of Business and Economics hosted its eighth annual conference in March 2018. This one-day conference brought together experts from industry, academia and regulatory bodies and discussed the impact of a low interest rate environment on investment and risk in banking, insurance and superannuation areas.


Investment and Risk in a Low Interest Rate Environment

Speakers and presentation titles:
  • Guy Debelle, Deputy Governor, Reserve Bank of Australia (RBA); "Risk and return in a low rate environment". Please click here to view RBA speech.
  • John Pearce, Chief Investment Officer, UniSuper; "A practical look at risk and return in the current environment".  Presentation slides cannot be provided.
  • Antje Bernt, Head of Finance, Research School of Finance, Actuarial Studies & Statistics, Australian National University; "Dealer Inventory, short interest and price efficiency in the corporate bond market". Presentation slides cannot be provided.
  • Simon Elimelakh, Head of Investment Risk and Portfolio Analysis, NAB Asset Management; "Style Matters". Please click here to view presentation.
  • Alastair Sloan, Former Head of Asset Allocation at Sunsuper; "Trading markets in the low interest rate environment". Presentation slides cannot be provided.
  • Stephen Kirchner, Program Director, Trade and Investment, United States Studies Centre, University of Sydney; "Interest rates, monetary policy and financial stability". Please click her to view presentation.
  • Nigel Wilken-Smith, Director, Portfolio Strategy, Future Fund; "Portfolio construction in a low rate environment". Presentation slides cannot be provided.
Please click here to view the Program

Financial Risk Day 2017

Risk Day banner


The Centre for Financial Risk in the Faculty of Business and Economics hosted Macquarie University’s seventh annual Financial Risk Day on 17 March 2017 at the Sydney Swissotel.

Risk Day is the main event held each year by Macquarie University's Centre for Financial Risk to showcase work being done by researchers in this multi-disciplinary centre while enhancing links with industry and regulatory practitioners. Risk Day is a platform to exchange ideas on emerging research and regulatory issues on important risk-related topics.


This year’s theme  -  Impact of Technological Innovation on Financial Risk – brought together experts on Blockchain, Cryptocurrencies, Data Analytics and the wave of FinTech to examine the impact of these developments on the finance and insurance sector, economic and social exposure, and potential gains.

This year was the first time the Centre partnered with the Optus Macquarie University Cyber Security Hub to profile cyber security as a cross-cutting theme. This provided opportunities to discuss how industry, government and universities are collaborating to develop resilience of cyber security for business and society.

Sessions themes included:

  • Risk management issues related to Fintech and digital currencies
  • Innovations and risk modelling in cyber security
  • Impacts of the blockchain on financial markets and institutions
  • Digital banking services
  • Risk fundamentals for successful peer-to-peer lending

Financial Risk Day 2017 brought together representatives of industry, academia and regulatory bodies including:

  • David Yermack, cryptocurrency expert -  New York University
  • Piet De Jong, Professor of Actuarial Studies - Macquarie University
  • Fergus Brooks, National Practice Leader, Cyber Risk – AON
  • Simon Schwartz, Executive Director - Adexum Capital Peer-to-Peer Lending
  • Mike Aitken, CEO, Professor and Chief Scientist - Capital Markets CRC
  • Pete Steel, Executive General Manager, Digital - Commonwealth Bank of Australia

Please see attached Program: 2017 Program

Financial Risk Day 2016

The 6th annual Financial Risk Day Conference was held on Friday 18 March. The theme, Banking, Investment and Property Risk: Booms, Bubbles & Busts, led to robust discussion arising from the dynamic presentations.

Luci Ellis, Head of Financial Stability Department, Reserve Bank of Australia

Financial Risk Day 2016 brought together representatives of industry, academia and regulatory bodies for our balanced program.

These included:

  • Luci Ellis, Head of Financial Stability Department, Reserve Bank of Australia
  • Christopher Joye, Director, Smarter Money Investment, Contributing Editor, The Australian Financial Review
  • Michael McCarthy, Chief Market Strategist, CMC Capital Markets (Australia)
  • Heidi Richards, General Manager, Industry Analysis, Australian Prudential Regulation Authority
  • Shuping Shi, Senior Lecturer, Department of Economics, Macquarie University
  • Jeffrey Sheen, Professor of Economics, Macquarie University
  • Stefan Trueck, Professor of Finance, Macquarie University

Risk Day was held on Friday 18 March at the Ballroom of the Sydney Swissotel.

At a time where financial markets are nerviously waiting for signals to determine their direction, this year’s expert speakers addressed:

  • circumstances connected with irrational exuberance in domestic housing and other financial markets
  • factors contributing to changes in market behaviour and investment risk
  • volatility in global financial markets
  • new tools to analyse changes in economic indicators

Speakers explored the implications of financial market swings and periods of sustained growth and decline – and what they mean for all levels of society as well as those directly involved with financial markets.

Risk day brings together a diverse audience of academics, industry practitioners, regulators, the media and those involved with investment, banking and finance, and risk management in financial markets.

Speakers included Centre for Financial Risk directors Professor Jeffrey Sheen and Professor Stefan Trueck, who have completed important research on detecting changes in financial markets.

Risk Day attracts a broad audience. The event is a platform to exchange ideas on emerging research and regulatory issues on important risk-related topics.

Risk Day is the main event held each year by Macquarie University's Centre for Financial Risk to showcase the work being done by researchers in this multi-disciplinary centre while enhancing links with industry and regulatory practitioners.

The theme, Banking, Investment and Property Risk: Booms, Bubbles & Busts, is consistent with the strategic initiative investigating the “Prosperous Economies” research.

Heidi Richards' presentation can be found at:

Luci Ellis's presentation:

Christopher Joye's presentation:
joye_christopher_Risk Day.pptx

Michael McCarthy's presentation:
mccarthy_michael_ Blow Bubbles.ppt

Jeffrey Sheen's presentation:

Shuping Shi's presentation:

Stefan Trueck's presentation:

Financial Risk Day in the media

Blowing housing bubbles - Michael McCarthy in Switzer

Please see attached program: 2016 Program

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