In this paper we suggest a new approach to risk assessment for banks. Rather than looking at them individually we try to undertake an analysis at the level of the banking system. Such a perspective is necessary because the complicated network of mutual credit obligations can make the actual risk...

Density forecasts have become quite important in economics and finance. For example, such forecasts play a central role in modern financial risk management techniques like Value at Risk. This paper suggests a regression based density forecast evaluation framework as a simple alternative to other...

We give a precise operational definition to three requirements the Basel Committee on Banking Supervision specifies for stress tests: Plausibility and severity of stress scenarios as well as suggestiveness of risk reducing actions. The basic idea of our approach is to define a suitable region of...

The 2000/2001 winter was exceptionally rainy in Portugal and between November 2000 and March 2001 several floods occurred. In this period some localities registered the highest floods of the last hundred years. One example is the town of Amarante, in the north of Portugal, that has been affected...

Public-private-partnership projects are long term, complex and very challenging contractual arrangements and relationships. They bring new roles for public sector and also for private sector in terms of construction and services. This paper will go through some features of the Finnish PPPs....

In financial services organizations, the degree of automation is usually high, while the human intervention low. Banks depend on information technology and information management, complex infrastructure and applications, thus controls are required to support the business processes. Furthermore,...