コンスタンティン?ズヴィアギン

キルギス共和国国立銀行

金融リスク管理部

チーフスペシャリスト

Two-year Master's Program of Public Policy ('14)

Please tell us about your career path so far. What is your area of specialization and how did you come to work in this area?

Even in high school, I was very interested in economics and wanted to learn about its structure and operational principles. At university, I discovered that currencies, financial products, and exchange rates captivated me the most among economic specializations. Several months of part-time work in a private trade company only reinforced this opinion.

Receiving his FRM certificate, National Bank of the Kyrgyz Republic, 2023

My career began during my final years at university. In 2008, I received an internship in the Risk Control Division of the National Bank of the Kyrgyz Republic. At that time, risk management was just beginning to take shape in my country's banking system, and I realized it offered a wealth of opportunities. It provided access to financial markets, opportunities for modeling implementation, and the chance to establish relationships with foreign partners - everything I dreamed of for my future job. Inspired by these discoveries, I began my career as an intern and eventually advanced to the position of chief specialist.

In 2022-2023, I further developed my skills by successfully passing certification exams and earning the designation of Financial Risk Manager (FRM?), the global gold standard in this field. Currently, I am one of only three experts in the Kyrgyz Republic with this qualification.

In addition to my primary job, I share my knowledge with students by teaching as a senior lecturer at the Kyrgyz Russian Slavic University, fulfilling a part of my social responsibility.

You are currently serving as Chief Specialist at the Financial Risk Control Division of the National Bank of the Kyrgyz Republic. Please tell us about your main roles and responsibilities.

My main role as a risk manager is to keep various types of risk within the risk appetite of my organization. According to this mandate, our division covers two main types of risk: credit risk and market risk.

Financial Risk Control Division at the official event celebrating the 25th anniversary of the national currency (som), 2018

As a credit risk analyst, I am responsible for default modeling of active and potential counterparties. My division develops models for credit risk assessment and limit setting, primarily for banks. However, this is only one side of my job because any quantitative results must be supplemented with qualitative evaluations. It can be even more challenging to form an expert opinion based on subjective factors such as reputation, management skills, and the sanction and political risks of the partner.

Market risk management is my second responsibility, requiring a deep knowledge of macroeconomics and financial markets. I owe much to several GRIPS sensei whose experience and teachings formed the foundation I use for strategic asset allocation in the reserve management process. My role involves applying modeling and optimization techniques to develop short-term and long-term investment strategies.

These responsibilities are individually interesting and can surprise me at any time. Every morning, when I arrive at the office, I don't know where I will be by the evening. This unpredictability is one of the aspects I love about my job.

In your current capacity, what do you see as the main opportunities and challenges for Kyrgyzstan over the course of the next five to ten years?

Konstantin was awarded a numismatic coin, receiving the award from the former Governor of the National Bank of the Kyrgyz Republic, 2017

In my opinion, financial technologies are improving at a remarkable pace. Blockchain fintech startups and digital currencies are making payments easier and cheaper, creating competition for traditional banking. Regulators globally have to respond to these developments both quickly and carefully. Their main role now is to support the implementation of innovative financial products that benefit national economies while keeping their associated risks under control.

The latest IMF "World Economic Outlook" perfectly describes the main challenge for Kyrgyzstan: the fragmentation of the global economy. Countries are imposing thousands of sanctions, limits, and barriers against each other. This complicates global trade chains and payments, putting pressure on inflation and international relations.?

What are some of the biggest challenges you face in your work? And what have been the most interesting or rewarding aspects of your career thus far?

At the ADB-JSP Scholars' Research Forum, ADB office in Tokyo, 2014.

The dynamic changes in the world continuously challenge my job. Throughout my career, I have faced several global and regional events that have affected the approach to risk management. Events like the World Financial Crisis, the European Debt Crisis, the COVID pandemic, and the current geopolitical turbulence have modified the perception of a risk manager's responsibilities.?

When such situations occur, there is often no existing model to describe them, ? ? making decision-making intuitive. If I can find an opportunity to achieve my organization's goals in these circumstances, I feel satisfied and rewarded.

What led you to GRIPS? What is the most important thing you got out of your studies, and how has your experience at GRIPS prepared you for future endeavors?

There are two aspects of my experience at GRIPS: knowledge acquisition and cultural exchange.

As I mentioned before, several subjects I took laid the foundation for my understanding of financial markets, while others deepened the knowledge I already had. Key examples include international economics, central banking, and game theory. Some courses, like "Global Leadership and Negotiation," surprisingly helped me develop specific skills for me, such as the ability to mobilize myself to complete work according to expectations, take initiative, and improve performance and public speaking.

Traveling in the Kyrgyz Republic, at Lake Kol-Suu, 2023.

Cultural exchange was my second motivation. I gained a significant part of this through my membership in the Student Council. It was a fantastic time when we communicated with international and Japanese students, university staff, and people in the community to organize cultural, sports, and social events at our institute. I am very grateful to everyone around me, both inside and outside the Council, for the relationship and negotiation experience.

Have you had any involvement, professional or otherwise, with Japan since your graduation??

Japanese banks are among the safest in the world, and the yen is a reserve currency. Therefore, as a member of the asset allocation team, I maintain relationships with our Japanese partners. On a personal level, I stay in contact with my friends in Japan.

How do you maintain a balance between your work and the rest of your life? And what is your favorite thing to do when you are not working?

Ekaterinburg, serving as a judge representing the Kyrgyz Republic at the World Championship in Kyokushin Karate, 2017.

In my opinion, everyone should have an activity they enjoy outside of work. Any hobby refreshes your mind, making you healthier and happier. I enjoy sports, hiking, and travelling. I engaged in these activities before studying at GRIPS, continued during my two years in Japan, and still do so today.

In my sports life, I practice martial arts, particularly various types of karate. Oriental martial arts are not only about technique but also encompass philosophy, discipline, and ethics. I first encountered the Japanese language in the gym (dojo), which helped me later in Japan. When I joined a gym in Tokyo, I found that the names of exercises and moves were the same as those I had learned before. It was a surprise for both sides when I might not understand a sensei's explanation, but knew what to do as soon as he pronounced the name of the exercise. The most impressive discovery was the similarity in gym traditions and ethics between Japan and the Kyrgyz Republic.

At the Kyokushinkai tournament in Sagamihara city, where Konstantin reached the final and secured 2nd place as a GRIPS student and the only foreigner among Japanese athletes, May 2014.

In various roles--as a participant, judge, and functionary--I have taken part in more than 100 local and international karate tournaments. I have represented my country as a judge at one World Championship and two Asian Championships.

Hiking and travelling also occupy a significant part of my heart. I love exploring the unique features of different countries, absorbing their cultures, and meeting my friends from Japan. I always admire the natural beauty of mountains. Wherever I find myself, I try to climb a peak, such as several 4,000-meter peaks in Kyrgyzstan and Mount Fuji in Japan.

What are some of your fondest memories of your time spent at GRIPS? And what do you miss about Japan?

I have many cherished memories that I keep close to my heart. The moments I remember most often include thesis preparation and defense, the graduation ceremony, and field trips. I frequently share stories with my students about my discussions with my kind advisor, Kinoshita-sensei. His experience and deep knowledge made my research meaningful.

At the GRIPS badminton championship organized by the International Student Council at TIEC, Tokyo, August 2014.

There were many memorable events during my time as Head of Sports in the Student Council. We organized several sports tournaments, including soccer, table tennis, and badminton. The friendly atmosphere and the smiles of the winners with their cups and medals were a reward for the efforts of our council members.

Japan is a unique country. I miss walking around Odaiba and enjoying miso soup and sushi in my favorite restaurants. I would love to see the cherry blossoms again, when all of Japan is painted in white and pink.

During a climb on Komsomol Peak, at approximately 4000 meters above sea level, Kyrgyz Republic, 2010.

If you could give one piece of advice to anyone considering studying at GRIPS what would it be?

Konstantin receiving his master's degree from President Shiraishi at the GRIPS graduation ceremony, 2014.

GRIPS is one of the world's leaders in macroeconomic research and a perfect opportunity for government officials. It requires both theoretical and practical fundamentals from its students and provides a platform to accelerate skills through a diverse range of programs. Therefore, I advise potential students to determine their goals for studying at GRIPS and then be brave, hardworking, and open-minded to people and discoveries. GRIPS and Japan will take care of the rest.

How would you like to maintain involved with the School? What do you expect from GRIPS as an alumnus and do you have any suggestions on how to further utilize the GRIPS alumni network?

I am impressed by GRIPS' approach to maintaining relations with alumni. They use digital platforms to keep in touch via email and social networks, and they follow the career paths of alumni.

In my opinion, it would be beneficial to organize periodic events such as seminars, workshops, and special lectures where alumni can share their experiences with current students and each other, either in person or virtually.