Mission and governance
Mission
The Research Initiative on Risks, Regulation and Systemic Risks, also referred to as the ACPR Chair, is primarily dedicated to organising research activities, fostering dialogue between academia and the ACPR, and establishing a global think-tank focused on systemic risk management.
The Chair’s research topics combine macroprudential issues with their microprudential underpinnings, with a particular emphasis on:
- The analysis of determinants of systemic and long-term risk;
- The impact of emerging technologies on banking institutions and insurance undertakings;
- Cyber risk and its connection to systemic risk within financial institutions;
- Regulatory impact assessments in the banking and insurance sectors;
- Clearing houses;
- Risk management and risk modelling;
- Competition within the banking and insurance sectors (market concentration) and with new financial intermediaries;
- The design of insurance contracts;
- Epidemiological risk;
- Climate risk (climate risk and scenario analysis, impacts and associated financial risks, stress tests, drivers and role of ESG factors, governance, etc.);
- The absence of bias and discrimination in the artificial intelligence (AI) algorithms used in banking and insurance.
Governance
The ACPR Chair is hosted by the Fondation du Risque (the Risk Foundation, a French non-profit, public interest organisation). It comprises a steering committee tasked with the day-to-day management of the Chair (including the organisation of seminars, research projects, and publications) and a guidance committee, which sets medium-term objectives and approves proposals submitted by the steering committee.
The steering committee is composed of Laurent Clerc (Head of the ACPR’s Research and Risk Analysis Directorate, ACPR representative), Sophie Moinas (Toulouse School of Economics, co-holder of the Chair), Christophe Pérignon (HEC Business School, co-holder of the Chair), Cyril Pouvelle (Head of the Research Unit, ACPR representative), Fulvio Pegoraro and Stefano Ungaro (research economists at the Research Unit, representatives of ACPR economists).
ACPR Chair Events
The ACPR Chair regularly organises three distinct types of events:
- The monthly seminar of the ACPR Chair focuses on issues related to regulation and systemic risk in the banking and insurance sectors. It is usually held on the first Wednesday of each month, from 10:30 to 12:00 AM, at the ACPR’s premises (4, place de Budapest) in the Liège room (located on the garden level). This seminar is held in hybrid format, allowing participants to attend either in person or remotely.
- The academic conference is organised jointly by the ACPR and the ACPR Chair. It is a full day event held in the Auditorium of the ACPR, featuring a series of panel discussions on topics such as new financial players, new technologies and emerging risks.
- A series of research seminars, during which invited researchers and ACPR staff present their latest work on topics related to regulation or financial risk. These seminars are held in hybrid format, with the option to attend remotely.
These events are open to all. While attendance is free, prior registration is required.
Founding members
Researchers
Jean-Edouard Colliard, HEC Paris
Jean-Édouard Colliard, an alumnus of the École Normale Supérieure (Ulm), obtained his PhD in Economics from the Paris School of Economics in 2012. His main research areas are the regulation of financial institutions and the microstructure of financial markets, including topics such as financial transaction taxes and the European banking union. In 2012, he published an article in the Review of Financial Studies, co-authored with Thierry Foucault (professor at HEC Paris), on the role played by trading fees in limit order markets. He teaches the Financial Regulation course to students majoring in finance and students enrolled in the MSc in International Finance. Before joining HEC, Jean-Edouard worked as an economist in the Directorate General Research of the European Central Bank for two years.
In 2013, he received the Banque de France Foundation Award for best doctoral thesis in monetary, financial and banking economics, as well as the 1st SUERF/UniCredit & Universities Foundation Research Prize for his work on the European banking union.
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Personal webpage: https://sites.google.com/site/jecolliardengl/home
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E-mail address: colliard@hec.fr
Christian Gouriéroux, CREST and University of Toronto
Christian Gouriéroux is a Professor of Economics at TSE (Toulouse School of Economics) and at the University of Toronto, and a Professor Emeritus of the Finance-Insurance Laboratory at the CREST (Centre for Research in Economics and Statistics of Paris). His current research interests include financial econometrics, and in particular credit risk, the term structure of interest rates, longevity, hedge funds and regulation. Christian Gouriéroux was awarded the Koopmans Econometric Theory Prize, as well as the Silver Medal from the CNRS (the French National Centre for Scientific Research) for his contributions to economics research.
- Personal webpage: http://www.crest.fr/pagesperso.php?user=2957
- E-mail address: christian.gourieroux@ensae.fr
Christophe Hurlin, University of Orléans
Christophe Hurlin holds a PhD from Paris 1 Panthéon-Sorbonne University and is currently a Professor at the University of Orléans, as well as the Director of the Orléans Economics Laboratory [LH1] (UMR CNRS 7322). Before that, he was a lecturer at the Université Paris Dauphine and taught at HEC Lausanne and the University of Geneva.
His research interests include financial econometrics and the measurement of financial risks. His work has been published in academic journals such as the Journal of Financial Econometrics, the Review of Finance, the European Journal of Operational Research, the Journal of Banking and Finance, and the Journal of Empirical Finance.
- Personal webpage: https://sites.google.com/view/christophe-hurlin/home[ML(C2]
- E-mail address: christophe.hurlin@univ-orleans.fr
Christophe Pérignon, HEC Paris (Steering Committee)
Christophe Pérignon holds a PhD in Finance from the Swiss Finance Institute. Prior to joining HEC, he was an Assistant Professor at Simon Fraser University in Vancouver, Canada, and a Post-Doctoral Fellow at the University of California, Los Angeles (UCLA).
His areas of research are derivatives and financial risk management. His research has recently been published in the Journal of Financial Economics, the Journal of Business, the Journal of Financial and Quantitative Analysis, and the Review of Finance.
- Personal webpage: www.hec.fr/perignon
- E-mail address: perignon@hec.fr
Guillaume Vuillemey, Sciences Po
Guillaume Vuillemey is an Assistant Professor of Finance at HEC Paris. He has also held Visiting Researcher positions at Harvard and at the European Central Bank.
His research interests include the functioning and regulation of derivatives markets, the capital structure of banks, banking risks and financial stability.
His work has been published in academic journals such as the Journal of Financial Economics and the Journal of Finance.
- Page personnelle : https://sites.google.com/site/guillaumevuillemey/cv
- Courrier électronique : vuillemey@hec.fr
Sophie Moinas, TSE (Steering Committee)
Sophie Moinas is a Professor of Finance at the Toulouse Capitole University (Toulouse School of Management and Toulouse School of Economics). She received her PhD from the HEC Paris School of Management in 2005. She is a member of both TSM-R (UMR 5303 CNRS) and TSE-Partnerships, and has been a CEPR Research Fellow since 2016. Since 2018, she has been the Director of the TSE's Sustainable Finance Center. Her recent work focuses on market microstructure (fragmentation, high-frequency trading, green finance), and financial asset pricing (experiments, bubbles, electricity markets). For her research, she received: the best PhD Thesis Award from the French Finance Association and Euronext in 2006, the De La Vega Prize from the Federation of European Securities Exchanges in 2013 (jointly with Laurence Lescourret, ESSEC Business School) and the Best Paper in Finance Award from the Europlace Institute of Finance in 2014 (jointly with Sébastien Pouget, TSE) for the article “The Bubble Game”.
She also received the Best Young Researcher in Finance Award from the Europlace Institute of Finance in 2015 and the Best Paper on a Hot Topic Award from the Europlace Institute of Finance, “Les Echos” in 2016 (jointly with Bruno Biais and Thierry Foucault) for the article “Equilibrium Fast Trading”. Her work has been published in academic journals such as Econometrica, the Review of Financial Studies, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis.
- Personal webpage: Sophie Moinas (google.com)
- E-mail address: sophie.moinas@tse-fr.eu
Updated on the 23rd of September 2025