Michal Zajac

Information

Position

Head of investment reserves risk management section

Biography

Since 1993, I have worked at the National Bank of Slovakia, initially focusing on liability management, including the bank’s first international bond issuance, early engagement with rating agencies, and hedging strategy development. For over 15 years, I led the Risk Management and Investment Strategy Section, overseeing investment strategy, Strategic Asset Allocation (SAA), risk management, performance measurement, and limit frameworks. In recent years, I have concentrated more specifically on the risk management of investment reserves. As a member of the Risk Committee, I lead discussions on risk allocation, optimal use of the risk budget, and other topics aligned with the investment policy. As a member of the Risk Management Committee at the European Central Bank (ECB), I collaborate with colleagues from the National Central Banks of the Eurozone on shared tasks. I hold an MSc in Finance from the University of Economics in Bratislava and a second MSc in Finance from Manchester Business School. I am also a CFA, FRM, and CIPM charterholder.