Richard Berner, former Director of the Office of Financial Research and Co-Director of NYU’s Volatility and Risk Institute, speaks to Credit Benchmark’s Christa Ancri on navigating systemic fragility, trade shocks, and the evolving role of credit risk in building a more resilient financial system.
Navigating Financial Risk in Uncertain Times: A Conversation with Richard Berner
In a recent episode of the Credit Benchmark’s Perspectives on Risk podcast, our Global Head of Marketing, Christa Ancri, sat down with Richard Berner, Clinical Professor Emeritus at NYU Stern and former Director of the Office of Financial Research, to explore the evolving nature of financial risk, market volatility, and the importance of data-driven resilience.
With tariff tensions, geopolitical unrest, and economic shocks continuing to rattle markets, Berner explained how these developments act as significant supply-side disruptions, exposing hidden fragilities in even the most liquid financial systems. He urged policymakers and institutions to remain vigilant, stressing that liquidity is more fragile than it appears, and that complacency during stable periods can be dangerous.
A central theme of the discussion was the role of credit risk as a leading indicator. Berner emphasized how aggregated, forward-looking insights—such as those offered by Credit Benchmark’s credit consensus data—can reveal signs of stress before traditional market signals do. By capturing the collective risk views of leading global financial institutions, Credit Benchmark provides a unique lens into emerging credit trends, including for private or unrated entities, helping risk managers enhance stress testing, scenario planning, and capital allocation.
The conversation also covered the rapid expansion of the private credit market, its links to traditional banking, and the growing importance of transparency and cross-sector risk monitoring in a highly interconnected system.
Berner closed with a reminder that proactive risk management is more critical than ever. With uncertainty the only constant, financial institutions must stay alert, adaptable, and informed.
Watch the full podcast above to hear Berner’s take on how institutions can navigate complexity, avoid complacency, and stay ahead of systemic risk.
