Paul Costea

With over 20 years of experience in promoting and selling enterprise software for risk management, compliance, reporting solutions, and analytics, Paul Costea has developed a deep passion for risk management reporting and analytics.

A pivotal encounter with Peter J. Hughes, the creator of the Risk Accounting method, ignited this interest and significantly deepened his understanding of the limitations inherent in many current risk management approaches—and their impact on the performance and credibility of the financial services industry.

Collaborating closely with Peter Hughes in the last over 15 years, Paul participated in academic research projects that brought together teams from leading UK universities and the Federal Reserve Bank of Washington. Their collective efforts showcased the predictive capabilities of the Risk Unit (RU), an innovative metric introduced by the Risk Accounting method to quantify risk exposure.

Beyond research, he has contributed to the field by writing articles, drafting consultation paper responses for regulatory bodies, and authoring whitepapers that explore new concepts made possible through the use of the risk accounting method. Since the establishment of the Risk Accounting Standards Board in 2019, Paul has been actively engaged in developing partnerships and strategies to advance the adoption of this groundbreaking approach.

At Risk Awareness Week, Paul looks forward to sharing his insights and experiences relating to risk accounting and engaging with risk professionals worldwide to discuss the potential of the future integration of risk and financial reporting.