Yanely Vasquez ’26

For the last six years, I’ve worked for the Superintendency of Banking, Insurance, and Private Pension Fund Administrators in Peru. I really started to think about systemic risk during the COVID pandemic, the first real financial crisis of my professional career. It forced us to think more about how to monitor exposures across banks and non-financial institutions to support good decision-making and maintain financial stability.

When I helped close two microfinance institutions after COVID, I saw firsthand the operational and coordination challenges that slowed the process. I realized, “I need to learn how I can improve this in my country.” That goal led me to the Master’s in Systemic Risk program. It’s a comprehensive program for anyone who wants a long-term public-sector career in financial stability and crisis management—and it’s exactly what I needed to take the next step in my career.

My coursework has really helped me understand financial stability as a public good. Countries need strong payment and financial systems and must avoid the high public costs that come with bank failures. Two of my favorite courses have been Resolution of Systemically Important Banks and the Global Financial Crisis—they perfectly match my reasons for being here. I want to return to Peru and apply lessons and regulatory approaches from major economies like the U.S.

For my research project, I’m studying Peru’s legal and supervisory framework for financial stability and resolution, comparing its approach to measuring and supervising large exposures and conglomerates to those of other countries. In Peru, we need some regulation changes, clearer limits, better data, and a deeper understanding of the risks our banks and holdings face. After graduation, I’m joining a department focused on conglomerate risk. I’m excited to bring the macroprudential and resolution tools I’ve learned here back to my country to strengthen our framework for managing crises.

SOM is amazing because I can learn about the world without leaving New Haven. My classmates are all from central banks and supervisory authorities; in the colloquium, which is a central part of the program, we compare how financial regulation works across countries. What helped in past crises? What did not? I know this cohort will be a long-term professional network I can rely on throughout my career.