Subject Matter Experts

Meet our subject matter experts – the dedicated people who provide deep industry expertise, business value, and insight to our clients about the global financial markets.

With extensive experience across credit analysis, economic research, and risk management, our subject matter experts are here to help solve your complex risk management challenges.


Avinash Arun Associate Director, Senior Strategist Avinash is a senior product manager in the small and mid-market enterprise (SME) business group at Moody’s Analytics. He is responsible for developing and managing solutions for banks to improve their lending and credit decisioning to small businesses. He has been with Moody’s Analytics since 2013, and has been focused on SME strategy, analysis, and process for banking customers.
Karim Ben Ayed Associate Director, Insurance Solution Specialist Karim provides in-depth expertise to European insurance companies about Solvency II compliance and implementation of the different pillars, including ORSA. Prior to joining Moody’s Analytics four years ago, he spent four years at AXA Group and B&W Deloitte. As an actuary in AXA’s risk department, Karim helped launched their variable annuities product in the French market. His specialties also include the implementation of pricing models and embedded values. Karim holds a Master’s degree in Actuarial Sciences from Paris Dauphine University.
Dinesh Bacham Assistant Director, Research Dinesh is an assistant director within the research division of Moody’s Analytics. He works on the RiskCalc solution and small business risk model development. He holds an MS in financial engineering from the UCLA Anderson School of Management.
Alexis Bailly Director, Insurance Specialist Alexis is responsible for the advancement of Moody’s Analytics insurance activities in EMEA. He contributes to the development of Moody’s Analytics Solvency II client propositions, in particular with internal models and ORSA.
Daniel Brown Senior Director, Principal, Risk Consultant Dan is a senior director in the Moody's Analytics client management group. His primary responsibilities involve managing client relationships for large, complex implementation efforts. Prior to joining Moody’s, he had a long career in banking risk management, with leadership roles in RAROC, Basel II/III, and CCAR development efforts.
Pierre-Etienne Chabanel Managing Director, Product Management Based in Paris and working on Moody’s Analytics enterprise risk solutions business, Pierre-Etienne is responsible for developing and supporting the software regulatory products line. He has a significant risk management background, specializing in credit risk, and is a regulatory expert on Basel I, II, and III.
Dr. Jun Chen Senior Director, Research Jun Chen is a senior director at Moody’s Analytics where he leads the commercial real estate (CRE) research team. His team conducts empirical research and develops quantitative models focused on CRE loan credit risk for Moody’s Analytics product and service offerings.
Stephen Carlin Director, Insurance Product Management Team Stephen has many years of experience working with scenario generators and stochastic modeling, including calibration, development, and support. Since 2010, Stephen has led the development of the B&H Economic Scenario Generator (ESG) product suite. Stephen has also spent three years leading the delivery of the ESG calibration services, technical support, and training.
Dr. Sohini Chowdhury Director – Economic Research Sohini Chowdhury is a director at Moody’s Analytics. She leads client projects related to stress testing and other regulatory requirements, and oversees the modeling of market risk instruments among the US staff. She has a PhD in economics from Purdue University, and a master’s in applied statistics from West Chester University. Before joining Moody’s, Sohini taught at the University of Cincinnati.
Dr. Shirish Chinchalkar Managing Director, Consumer Credit Analytics Shirish is experienced in numerical and high-performance computing and computational finance. He has worked on Monte Carlo methods, numerical optimization, and parallel computing. At Moody’s Analytics, he works in the economic and structured analytics group on the Portfolio Analyzer platform for analyzing residential mortgages, auto loans, and asset-backed securities.
Stephen Clarke Senior Director, Sales Manager Stephen leads Moody’s Analytics structured analytics sales group in the Americas, providing off-the-shelf and customized data, software, valuations, and advisory solutions to structured finance market participants, including hedge funds, asset management firms, banks, insurance companies, and regulators.
Dr. Richard Cross Assistant Director, Data Services Richard is an assistant director responsible for numerous analytical productivity and data quality initiatives. He designs, implements, and operates systems that apply lean manufacturing principles to data production. Prior to Moody’s Analytics, he was a consultant with McKinsey. He has a PhD and an MS in aerospace engineering from Georgia Tech, and an SB in aeronautics and astronautics from MIT.
Dr. Cristian deRitis Senior Director, Consumer Credit Analytics Cristian is a senior director who develops credit models for a variety of asset classes. His regular analysis and commentary on consumer credit, housing, mortgage markets, securitization, and financial regulatory reform appear on Economy.com and in publications such as The Wall Street Journal and The New York Times. Cristian has a PhD in economics from Johns Hopkins University and is named on two US patents for credit modeling techniques.
Dr. Douglas W. Dwyer Managing Director, Research Douglas heads the Moody’s Analytics single obligor research group. This group produces credit risk metrics of small businesses, medium-sized enterprises, large corporations, financial institutions, and sovereigns worldwide. The group’s models are used by banks, asset managers, insurance companies, accounting firms, and corporations to measure name-specific credit risk for a wide variety of purposes. We measure credit risk using information drawn from financial statements, regulatory filings, security prices, derivative contracts, and behavioral and payment information. Previously, Doug was a principal at William M. Mercer, Inc. He has a PhD from Columbia University and a BA from Oberlin College, both in economics.
David Fihrer Associate Director, Actuary David is a Fellow of the Institute of Actuaries and Associate of the Society of Actuaries. An IFRS 17 subject matter expert. David is currently involved in the interpretation of IFRS 17, working with insurers across the globe on the key aspects of the new standard. David has been with GGY and now Moody’s Analytics since 2004. Prior to joining GGY, he spent 16 years working as an actuary for insurance companies across a number of lines of business and functional roles. David’s experience includes various GAAP reporting frameworks, earnings analysis, long-term care, and other health protection products.
Andy Frepp Managing Director, General Manager Andy has more than 25 years of experience in the insurance, asset management, and pensions industries, and helps global insurers address their regulatory compliance and risk management needs. Before working for Moody’s Analytics, Andy was the CEO of Barrie & Hibbert, a market-leading insurance risk management software and advisory business. Prior to that, he had a variety of senior leadership roles in large asset management and insurance firms. A qualified actuary, Andy has a BSc in Mathematics from Imperial College London and an MBA from the University of Hull.
Pierre Gaudin Senior Director Pierre is in charge of strategic initiatives in Asia-Pacific for risk appetite management, stress testing, and origination at Moody’s Analytics, assisting with subject matter expertise, clients requirement analysis, and use case illustrations. He joined Moody’s Analytics via Fermat in 2004 and has led several Basel RWA implementations in Europe and Asia. He also developed Fermat Education services, designing and delivering regulatory compliance and ALM training to clients and system integrators worldwide.
Cayetano Gea-Carrasco Managing Director, Data Intelligence Mr. Gea-Carrasco works with financial institutions to address their technology and enterprise risk management needs. Previously, Mr. Gea-Carrasco held leadership positions at various institutions and global banks.
Maxime George Associate Director, Relationship Manager Maxime works with the risk and portfolio managers of financial institutions and finance departments of large corporations, addressing rating and counterparty risk management issues.
Vainius Glinskis Financial Engineer Vainius joined Moody’s Analytics in October 2015. He has previously worked in equity derivatives compliance and at the Bank of Lithuania. He has an MA with Honors in economics from the University of Edinburgh.
Kevin Hadlock Senior Director Kevin is a Global eLearning Solution Specialist and supports all training-related activities throughout the Asia-Pacific region. He has designed numerous distance-learning and web-based training programs, developed and taught many seminars, webinars, and full, blended training programs, and has authored a substantial body of content used globally by thousands of credit trainees.
David Hamilton Managing Director, Head of Stress Testing and Credit Risk Analytics, APAC David T. Hamilton is a Managing Director in charge of stress testing and credit risk analytics for the Asia Pacific Region, based in Singapore. Dr. Hamilton has been with Moody’s for eighteen years and has held various senior positions in both Moody’s Investors Service and Moody’s Analytics.
Joy Hart Director of Product Management Joy has more than 10 years of financial services experience in a variety of areas. As a product management director, she currently focuses on development of portfolio risk management tools including the RiskFrontier™ software. Joy has a BS in aerospace engineering from Massachusetts Institute of Technology and an MBA from NYU Stern.
Christian Henkel Senior Director Christian leads the risk measurement advisory team throughout the Americas and is an experienced credit practitioner, having spent most of his career in commercial banking.
Trevor Howes Director, Actuary Trevor is a Fellow of the Society of Actuaries, the American Academy of Actuaries, and the Canadian Institute of Actuaries. He has more than 40 years of experience in life insurance, life reinsurance, and actuarial consulting in Canada and the US. Since 1994, Trevor has worked in different roles at GGY and Moody’s Analytics. His expertise spans across multiple domains including the actuarial, finance, and risk management functions. Over the years, Trevor has been closely monitoring the development of IFRS 4 Phase 2 and more recently IFRS 17, working with Canadian associations and helping our clients with IFRS 17 implementation.
Dr. Tony Hughes Managing Director, Economic Research Tony oversees the Moody’s Analytics credit analysis consulting projects for global lending institutions. An expert applied econometrician, he has helped develop approaches to stress testing and loss forecasting in retail, C&I, and CRE portfolios and recently introduced a methodology for stress testing a bank’s deposit book.
Anna Krayn Senior Director and Team Lead, Capital Stress Testing Business Development Anna is a senior director who manages the regulatory and accounting solutions team in the Americas. The team is responsible for solutions structuring, leveraging Moody’s Analytics products and services focusing on impairment, stress testing, and capital planning solutions. Her primary focus is on financial institutions.
Nicolas Kunghehian Director, Business Development - EMEA Nicolas is responsible for thought leadership on ALM, liquidity, and market risks for the EMEA region to help financial institutions define a sound risk management framework.
David Kurnov Senior Director, Financial Engineering David manages global operations for the structured finance valuations and advisory group at Moody’s Analytics. His team develops and implements analytical models for valuing and stress testing securities across structured asset classes and provides advisory support for risk analysis and regulatory submission. David has a BS in economics from The Wharton School and a BSE in computer science from the School of Engineering at the University of Pennsylvania.
Anna Labowicz Director, Product Specialist Anna focuses on portfolio analytics and regulatory compliance solutions, helping financial institutions address portfolio credit risk. In previous roles at Moody’s Analytics, she has implemented and designed economic capital solutions and worked in an advisory capacity with a focus on portfolio and correlation modeling. Anna has a BS from the University of Illinois at Urbana-Champaign and an MA in European studies. She is a CFA charterholder.
Eric Leman Director, Solution Specialist Eric has served as a Solution Specialist of banking compliance and risk management since 2009, helping organizations make more informed risk management decisions – specifically IFRS9, Basel III Capital Adequacy (credit risk, market risk, liquidity risk), asset and liability management, and stress testing.
Glenn Levine Associate Director, Senior Research Analyst Glenn Levine is an Associate Director focusing on capital markets research. He provides support for the EDF product suite and is the lead researcher for Stressed EDF.
Dr. Amnon Levy Managing Director, Head of Portfolio and Balance Sheet Research Dr. Amnon Levy heads the group responsible for research development and quantitative services related to Moody’s Analytics portfolio and balance sheet solutions.
Dr. Juan Manuel Licari Managing Director, Chief International Economist Juan and his team are responsible for generating alternative macroeconomic forecasts for Europe and for building econometric tools to model credit risk phenomena. His team develops and implements risk solutions that explicitly connect credit data to the underlying economic cycle, allowing portfolio managers to plan for alternative macroeconomic scenarios.
David Little Managing Director, Head of the US Enterprise Risk Solutions and Stress Testing Sales Teams David is responsible for helping financial institutions worldwide with their enterprise risk management, liquidity, and stress testing solutions. Since joining Moody’s in 2002, David has been Managing Director in the product strategy group, responsible for a global portfolio of research, data, and analytic products across all fixed income asset classes, led end-of-day pricing business at Moody’s Evaluations Inc., and headed the global structured finance sales team at Moody’s Analytics.
Dr. Olga Loiseau-Aslanidi Associate Director, Senior Economist Olga and her team design forecasting models that emphasize stress testing using advanced econometric techniques for three key areas: macroeconomic models, traded credit and market risk, and credit portfolio risk. Olga’s key responsibilities include management of consulting projects with banks and other financial institutions worldwide. She is also directly involved in research and implementation of Moody's Analytics risk management solutions.
Romain Lombardo Assistant Director, Insurance Solutions Specialist Romain helps insurers with the modeling of financial risks and to understand EIOPA transitory guidelines. He works with insurance companies in France, Belgium, the Netherlands, Luxembourg, and Southern Europe regarding complex risk modeling and calibration, Solvency II Internal Models, economic capital, and ORSA challenges.
Emil Lopez Director, Risk Measurement Emil Lopez is a Director in the risk measurement group, where he leads risk modeling advisory engagements and manages the team's data quality, risk reporting, and IFRS 9 research. Prior to joining the group, he oversaw operations for Moody's Analytics Credit Research Database, one of the world's largest private firm credit risk data repositories.
Dr. Samuel W. Malone Director of Research Sam leads the quantitative research team within the CreditEdge™ research group. In this role, he develops novel risk and forecasting solutions for financial institutions while providing thought leadership on related trends in global financial markets.
Alain Maure Senior Director, Sales Manager Alain leads the software and risk management solutions specialist team for EMEA. He joined Moody’s Analytics in 2008, when Fermat, his former company, was acquired. He has more than 15 years experience providing financial and risk management expertise to major financial institutions around the world. Alain was previously a quantitative equity analyst in investment banking in London. He has degrees in mathematics from the Ecole Centrale de Lille and a postgraduate diploma in finance.
Pierre Mesnard Director, Solutions Specialist Pierre has more than 10 years of experience helping provide financial institutions with risk management solutions, including asset and liability management, liquidity risk, and capital adequacy.
Nancy Michael Senior Director, Product Strategy Nancy works to conceive and build innovative solutions for credit assessment of small businesses. Drawing on her previous experience co-founding a small business, she has built products and strategies to help financial companies better serve the needs of their customers.
Yuji Mizuno Senior Director, Business Development Officer Yuji leads the product and consulting areas of Moody’s Analytics Japan and has extensive knowledge of regulations and risk management practices among financial institutions. He provides clients with insight on regulatory compliance, ALM, liquidity, and ERM frameworks. He also functions as a main contact for Japanese regulators and financial institutions.
Dr. Steven Morrison Senior Director, Insurance Research Group Dr. Steven Morrison is a senior director in Moody’s Analytics insurance research group. Steven joined Barrie & Hibbert in 2001 and played a leading role in the design and development of B&H's Economic Scenario Generator software. His recent research and advisory work has focused on applications of the Least Squares Monte Carlo (LSMC) proxy modeling technique to multi-period problems, in particular capital projection and projection of dynamic hedge programs in order to assess hedge effectiveness. He pioneered the use of LSMC as a tool for projection of insurance liability values and measurement of economic capital, publishing in industry journals on this topic. He has an MSc in financial mathematics and a PhD in theoretical physics.
David Munves Divisional Managing Director David leads the capital markets research group, which manages and researches applications of the firm's suite of markets-based signals for public firms, as well as the capital markets economics group.
Masha Muzyka, CPA Senior Director, Solutions Specialist Masha is a senior director responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. She has 15 years of experience in the financial industry, with expertise in audit, technical accounting policy, and fintech solutions software and services implementation. Masha has a Bachelor of Economics degree from the Moscow State University. She is a CPA and a member of AICPA.
Massimiliano Neri Director - EMEA Massimiliano specializes in providing best practices for enterprise risk management solutions and is a Team Leader of the Solvency II sales team in EMEA. He joined Moody’s Analytics in 2010, coming from IBM where he focused on decision automation in the finance sector.
Mikael Nyberg Managing Director, Strategy and Innovation Mikael leads Moody’s Analytics global practices for portfolio management and valuation, balance sheet management, insurance, regulatory and compliance, and stress testing. These practices cover consulting services based on a broad range of experience in enterprise risk software. This team of practice leads assembles risk management services solutions for banks, regulators, and insurance companies.
Helene Page Director, Engagement Advisor Helene advises on business requirements for Moody’s Analytics credit assessment and origination products. She started her banking career in her native New Zealand with the Australia and New Zealand Banking Group. Her roles spanned both the business banking and corporate divisions, including as relationship manager of large family-owned businesses. Since moving to London in 2012, she has worked as a credit partner for Santander Corporate Banking, and as part of the team launching the crowd-funding platform Money&Co.
Dr. Yanping Pan Director, Research Yanping is a director in Moody’s Analytics quantitative research and modeling group, where she develops models and works with global clients on portfolio valuation and balance sheet analytics. She is currently focusing on models for IFRS 9 and CECL impairment accounting. Prior to joining Moody’s Analytics, Yanping worked on the treasury risk management advisory team at KPMG. She has a PhD in applied mathematics from Stanford University.
Nihil Patel Senior Director, Product Management Nihil Patel is a Senior Director within the enterprise risk services division at Moody's Analytics. He serves as the business lead driving our product strategy related to credit portfolio analytics. Nihil has broad experience in research, modeling, service delivery, and customer engagement.
Dr. Craig Peters Senior Director, Research Craig heads the model validation and governance team within Moody’s Analytics quantitative research group. Craig has spent 23 years in quantitative risk control functions at Bank of America, GE, Merrill Lynch, and Goldman Sachs. Most recently, he led the model validation group at Bank of the West. Craig has a PhD in applied mathematics from the University of California, Davis.
Richard Peterson Director, Solutions Specialist Richard is a director within the structured analytics and valuation group at Moody’s Analytics. As a solutions specialist, he helps financial institutions with their current regulatory capital solutions and potential future impacts. Richard has broad experience in structured products and across most asset classes, having worked as both an ABS originator and a structurer on Wall Street. Richard has an MBA from the University of Chicago and a BBA from Emory University.
Dr. Dimitrios Papanastasiou Director Dr. Dimitrios Papanastasiou is a director in Moody’s Analytics EMEA specialist team, focusing on stress testing, capital planning, and IFRS 9 solutions. Dimitrios has extensive experience in IRB, stress testing, and IFRS 9 modeling, having worked at the Prudential Regulation Authority, UBS, Lloyd’s Banking Group, and HBoOS. Dimitrios has a PhD from the University of Edinburgh Business School where he has conducted extensive research on credit risk modeling and the interaction between credit risk and the real economy.
Victor Pinto Senior Director, Banking Solutions Victor has more than 15 years of experience in the financial industry and risk management and currently leads the software and risk management solutions team for banking in EMEA. He joined Moody's Analytics in 2008 via Fermat and since then has been promoting risk management solutions for financial institutions around the world, having participated in many important sales opportunities in the company.
David Place Managing Director, Americas Sales David joined Moody’s Investors Service in April 2001 as a sales representative covering key buy-side accounts in the Midwest United States. He later worked as both a Business Development Officer and a Global Account sales representative before becoming a Sales Manager in 2006. In 2008, David was named Managing Director and Head of Sales for the Americas.
Dr. Brian Poi Director, Economic Research Brian is a director in the specialized modeling group at Moody’s Analytics, where he develops new products for forecasting and stress testing purposes and leads external model validation projects. He has a PhD and MA in economics from the University of Michigan.
Peter Sallerson Senior Director Peter focuses on the CLO market at Moody’s Analytics via the further development of our Structured Finance Portal’s CLO section and related research. During his long career, he has worked in the corporate finance department at Nomura Securities, was a Managing Director and one of the founders of the CLO effort at Bear Stearns, and ran CLO origination at Mitsubishi UFJ Securities (USA).
Michael Schwartz Director, Small Business Lending Advisor At Moody’s Analytics, Michael designs and develops small business lending and credit decisioning solutions for financial institutions. Prior to joining Moody’s Analytics, Michael served as customer success director for fintech start-up Fundera, a marketplace created to pair small business owners with banks and alternative lenders. Michael also spent more than six years with PNC Bank, starting with the commercial underwriting group and then transitioning to the business bank segment, focusing on SBA commercial lending. Michael has a BS in finance with an economics minor from the University of Pittsburgh.
Jonathan Séror Lead Product Consultant Jon is a product consultant in the enterprise risk solutions group of Moody’s Analytics. He is currently in charge of implementing the Moody’s Analytics RiskAuthority integrated solution for our client banks based in Asia.
Dr. Jamie Stark Director, Regional Practice Leader Jamie is a credit portfolio and valuation and stress testing services Practice Leader in EMEA and has worked with insurers and banks all over the world, assisting them with their risk system implementations, risk modeling, calibration, and a variety of other challenging risk management projects.
Charles Stewart Senior Director Calling on 30 years of risk management experience, Charles helps organizations make more informed credit and risk management decisions. Charles joined Moody’s KMV in early 2006 from Barclays Bank PLC, where he worked in various capacities during his 28-year career there.
Ryan Sweet Director of Real-Time Economics Ryan Sweet is director of real-time economics at Moody's Analytics. He is also editor-in-chief of Economy.com, to which he regularly contributes, and a member of the US macroeconomics team in West Chester, PA. He is among the most accurate high-frequency forecasters of the US economy, according to MarketWatch. He is also an adjunct professor in the Economics and Finance Department at West Chester University of Pennsylvania. He has a master's degree in economics from the University of Delaware and a bachelor's degree in economics from Washington College.
Dr. Deniz Tudor Director, Consumer Credit Analytics Deniz is a director in the credit analytics group. She develops and stress tests credit models in various consulting projects. She has extensive experience in modeling residential, auto, and credit card loans. Deniz has a PhD from the University of California, San Diego and BA degrees in economics and business administration from Koç University in Turkey.
Michael Vogan Automobile Economist Michael Vogan is an automobile economist in the credit analytics department at Moody’s Analytics. Before joining Moody’s Analytics, Michael was a research analyst at the Federal Reserve Bank of Philadelphia. He has a master’s degree in applied economics and econometrics from the University of Delaware and a bachelor’s degree in economics from Bloomsburg University.
Dr. Yashan Wang Senior Director, Research Dr. Yashan Wang is a Senior Director at Moody’s Analytics where he leads the research and quantitative modeling team for portfolio valuation and balance sheet analytics. He has led several research initiatives in asset valuation, credit migration, joint credit and interest rate dynamics, and balance sheet analytics.
Andrew Waters Director, Risk Consultant Andrew is working on the development of the Moody’s Analytics IFRS 17 software solution, with a focus on delivering an end-user experience that addresses the wide range of challenges facing insurers. He has been involved in numerous initiatives related to the provision of risk and capital modeling solutions over the past 10 years, including Solvency II standard formula and internal model solutions.
Dr. Hao Wu Assistant Director, Research Hao is an assistant director in Moody’s Analytics quantitative research and modeling group. As a member of the portfolio valuation and balance sheet analytics team, Hao’s latest research focuses on the impact of CECL on banks’ loss allowance and loss rate-based approaches in CECL quantification. Hao has a master's degree in finance engineering from the University of California, Berkeley, and a PhD in physics from Northeastern University.
Ed Young Senior Director, Capital Planning and Stress Testing Ed is a Senior Director on the stress testing and capital planning team. In this capacity, he focuses on structuring solutions that bring together capabilities across Moody’s Analytics to support robust capital planning and stress testing processes.
Dr. Dmytro Vikhrov Assistant Director – Economist Dmytro is responsible for market and credit risk modeling using advanced statistical and applied econometrics techniques. This includes model development, estimation, validation, and forecasting various financial instruments and credit portfolio risk measures under alternative scenarios.
Dr. Jing Zhang Managing Director and Global Head of Research and Modeling Jing’s group is responsible for the quantitative modeling behind the EDF and LGD models for both public and private firms, commercial real estate, and portfolio and balance sheet analytics. Jing joined the research team at the former KMV in 1998, eventually becoming a Director in the research group. In that role, besides managing day-to-day research operations, he made major contributions to a number of KMV quantitative models.
Dr. Janet Yinqing Zhao Senior Director, Research Janet joined the research team of Moody's Analytics in 2008. She leads RiskCalc model development and small business modeling efforts. Janet works closely with clients to facilitate better understanding and applications of RiskCalc models. She also pushes forward on research initiatives such as exposure-at-default modeling, accounting quality measurement, and machine learning in credit risk modeling. She has published in academic and professional journals. Janet has a PhD in finance from City University of Hong Kong and a PhD in accounting from Carnegie Mellon University.
Dr. Martin A. Wurm Assistant Director, Economist Martin is an economist within Moody’s Analytics. He covers financial market risk, as well as US state and local economies. Before joining Moody’s Analytics, he served as associate professor of economics at Pacific Lutheran University in Tacoma, Washington. Martin has published on financial market development and informal economies and has conducted local impact studies and forecasts. He has a doctorate and a master’s degree from the University of Wisconsin – Milwaukee and completed his undergraduate work at the University of Potsdam and the Ludwig-Maximilians University in Munich, Germany.