Joe Langsam retired from Morgan Stanley after 25 years, the last 13 of which he served as the Managing Director responsible for mathematical modeling for the valuation and risk management of derivatives and complex products primary traded in the Fixed Income Division. Dr. Langsam built and managed mathematical modeling groups in Budapest, Mumbai, Montreal, and New York. Dr. Langsam is a Policy Fellow in the Center for Financial Policy, Robert H. Smith School of Business, University of Maryland. His research interests encompasses bank risk management (market risk, credit risk, accounting issues, regulatory risk, operational risk, and governance), systemic risk, and structuring of financial data. Dr. Langsam recently conducted a 15 hour graduate course on bank risk management at the Copenhagen Business School.