Dr. John Hampton: ‘Education is Preparing Young People for a Global Landscape of Business’
John Hampton, Professor of Business at Saint Peter’s University (New Jersey, USA), conducted a master class, Risk Management for Competitive Advantage, on March 25, 2013, at the HSE Banking Institute.
He gave a special interview for the HSE portal.
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— I began working with Professor Valery Vyatkin of the World Bank and the U.S. Department of Commerce in the early 1990s. I conducted training on banking, finance, insurance, and risk management. I also worked with United Technologies as a consultant on Russian activities. I am pleased to have been a co-founder of the Russian Risk Management Society (RusrRsk) and a supporter of its activities.
— How would you describe 2013 in terms of financial risk? What should the global leadership do to avoid financial crises?
— In looking back, it appears that Greece, Spain, and other countries made a mistake when they adopted the Euro as their only currency. We can see a weakness in risk management that occurred when German and other banks financed deficits for certain countries. The bank financing allowed these countries to avoid correcting economic policies that could not be sustained in the medium- to long-term. The entire world is watching how the financial system deals with the problems in the eurozone.
— The American Library Association named your book, The AMA Handbook of Financial Risk Management, one of the top three business reference books of 2012. Whom do you see as your audience? Business people? Students? Teachers?
— The book is aimed at business people who are dealing with changing risk conditions in their enterprises. It encourages managers to understand the financial foundation of business decisions. It shows how to explain the risk inherent in a project or activity and how to measure whether a decision will result in a return appropriate to the level of risk.
— You are a business professor at St. Peter’s University in New Jersey and a principal in the Princeton Consulting Group. How would you describe today's students? What would be your advice to young people starting their educations and professional careers in finance and economics?
— As has always been the case, young people must figure out how to build their lives after they finish their education. They are entering a world of great change in knowledge, technology, environment, social behavior, and natural resources. As students, they can prepare themselves well for careers in finance. At the same time, they should realize the danger of failing to maintain their knowledge and skills after they finish their studies. Learning is now a lifetime process of recognizing change and adapting to it.
— What do you like about Moscow? What are your favorite places here? Have you traveled across Russia?
— My experience with Russia has been limited to many trips to Moscow, Saint Petersburg, and nearby areas. I have watched the amazing changes in Moscow and the developing sophistication of its academies, colleges, and universities. Education is preparing young people for a global landscape of business. My favorite places in Moscow are in the classroom with young entrepreneurs, managers, and graduate business students.
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