Banking and Managing Financial Risk

module description

The module discusses the role of banks and insurance companies in the financial markets. Special emphasis is put on the distinction between direct and intermediated finance as well as new venture financing. 

We learn about the specifics of bank financial statements and the unusual balance sheet structure. We discuss the special role of regulation in banking and the multinational coordination of bank regulation.

We learn about risk management in banking and insurance, including credit and liquidity risk management.

We also learn about the institutional features of insurance business and insurance contracts. We also discuss the various ways public policies that have been used internationally to contain and manage risks.




Dr. Olli-Pekka Ruuskanen is an adjunct professor of banking and insurance at the University of Vaasa and a research director at Pellervo Economic Research, PTT. He has recently lectured about international banking, financial innovation and fintech. His areas of expertise include risk management, insurance, financial literacy and household behavior. He also has several years’ research and work experience from Uganda in developing insurance and capital markets.

Panu Kalmi, PH.D.


Dr. Panu Kalmi is Professor of Economics at the University of Vaasa. His main research interests include financial literacy, economic education and financial institutions. He teaches a variety of courses related to banking, microeconomics and personal financial management. He is especially interested in gamification and digital tools in online education. He is also a governing council member of the Vaasa Cooperative Bank, Finland.