{
  "title": "Training Program Course — Macro-Stress Testing (MST)",
  "sourceUrl": "https://www.imf.org/en/capacity-development/training/icdtc/courses/mst",
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  "summary": "The course is also adapted to regional specificities, such as the one offered for the Middle East and Northern Africa (MENA) region includes analysis of Islamic finance.",
  "publishDate": "2025-07-24",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Course presented by the Monetary and Capital Markets Department (MCM).\n- Discusses recent developments in stress testing for banks, insurance companies and mutual funds.\n- Adapted to regional specificities (example: MENA offering includes analysis of Islamic finance).\n- Covers new and emerging topics in stress testing:\n  - Feedback loops between real and financial sectors.\n  - Asset fire-sales.\n  - Climate-related risks.\n  - Systemwide liquidity risks.\n  - Fintech-related risks.\n- Emphasizes hands-on exposure to the entire stress testing cycle:\n  - Entering data and estimating macro-financial models.\n  - Designing scenarios and selecting assumptions.\n  - Running tests and integrating feedback loops between financial and real sectors.\n  - Communicating results and incorporating them in policy decision making.\n- Some tools taught are integral to the Financial Sector Assessment Program (FSAP) and technical assistance missions.\n- Course includes guest speakers from industry in many cases and concludes with a roundtable where participants exchange knowledge and share country experiences."
    },
    {
      "heading": "Target Audience and Qualifications",
      "content": "- Target audience:\n  - Mid-level to senior officials working on financial supervision or financial stability in central banks or other supervisory authorities.\n- Qualifications:\n  - Participants are expected to have experience with stress testing, Basel regulations, and financial stability analysis."
    },
    {
      "heading": "Course Focus and Content",
      "content": "- Primary focus areas throughout the course:\n  - Scenario design.\n  - Solvency elements of stress testing.\n  - Liquidity elements of stress testing.\n  - Interactions among scenario, solvency, and liquidity components.\n- Course reviews:\n  - Stress testing objectives.\n  - Methodologies and techniques.\n  - Good practices.\n- Hands-on modules allow participants to:\n  - Link changes in macroeconomic and financial variables with financial results.\n  - Measure the relative impact of those changes.\n  - Assess resilience of individual entities and the financial system to solvency and liquidity stress.\n  - Develop and incorporate models capturing second-round effects or interactions between different risk types."
    },
    {
      "heading": "Course Objectives (learning outcomes)",
      "content": "- Upon completion, participants should be able to:\n  - Identify main sources of financial stability risk.\n  - Summarize the principles for developing macro-financial stress scenarios.\n  - Link changes in macroeconomic and financial variables with financial results and measure their relative impact.\n  - Assess the resilience of individual entities and the financial system to solvency and liquidity stress.\n  - Develop and incorporate models that capture second round effects or interactions between different risk types."
    }
  ],
  "bullets": [
    "Course presented by the Monetary and Capital Markets Department (MCM).",
    "Discusses recent developments in stress testing for banks, insurance companies and mutual funds.",
    "Adapted to regional specificities (example: MENA offering includes analysis of Islamic finance).",
    "Covers new and emerging topics in stress testing:",
    "Emphasizes hands-on exposure to the entire stress testing cycle:",
    "Some tools taught are integral to the Financial Sector Assessment Program (FSAP) and technical assistance missions.",
    "Course includes guest speakers from industry in many cases and concludes with a roundtable where participants exchange knowledge and share country experiences.",
    "Target audience:",
    "Qualifications:",
    "Primary focus areas throughout the course:",
    "Course reviews:",
    "Hands-on modules allow participants to:",
    "Upon completion, participants should be able to:"
  ],
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  },
  "generatedAtUtc": "2026-09-29T16:39:47.183Z"
}