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Anna Chernobai

Anna Chernobai

Academic Director of Pedagogical Innovation
Professor of Finance

315-443-3357
Room: 609
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PhD, University of California at Santa Barbara (Statistics and Applied Probability)
MA, University of California at Santa Barbara (Economics)
MS, University of Warwick (Economics and Finance)
BA, Sophia University (Economics)

Anna Chernobai is a Professor of Finance at the M.J. Whitman School of Management at Syracuse University. The focus of her research is operational risk, default risk, stochastic processes, and applied statistics and probability. She has published in top finance and related journals such as the Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Journal of Accounting Information Systems, and Real Estate Economics. She is also an author of the book “Operational Risk: A Guide to Basel II Capital Requirements, Models, and Analysis” published by Wiley Finance in 2007. In 2008, she won a selective FDIC research fellowship for her research on operational risk in financial institutions. In 2009, she collaborated with JP Morgan Chase and served as a Syracuse University - JP Morgan Chase Faculty Research Fellow. Also in 2009, her work in the area of operational risk received recognition from the industry and she was selected as one of the "Top 50 Faces of Operational Risk." In 2010, she received a university-wide Meredith Teaching Recognition Award from Syracuse University, and in 2012 she was awarded with Guttag Junior Faculty Award from the Whitman School of Management. Dr. Chernobai's teaching experience includes undergraduate and MBA courses, and PhD seminars in the areas of risk management, business statistics, and stochastic processes.

Research Topics

  • Risk management
  • Operational risk
  • Default risk
  • Value-at-Risk
  • Corporate finance
  • Applications of probability and statistics in finance
  • Stochastic processes.

Dr. Chernobai's teaching interests include business statistics, applied probability, and risk management. She has taught the following courses at the Whitman School of Management:



Undergraduate Managerial Statistics [MAS 261]


Undergraduate Risk Management [FIN 400]


MBA Data Analysis and Decision Making [MBC 638]


Graduate Risk Management: Credit Risk [FIN 741]


Graduate Risk Managmeent: Operational Risk [FIN 742]


PhD Finance Seminar [FIN 960]

Professor Chernobai’s research interests lie in the area of financial mathematics and applied statistics and probability. Her interests include modeling operational risk in light of the Basel II Capital Accord and integration of operational risk with credit and market risks. Her areas of interest include also insurance, financial economics, and stochastic processes.



A complete list of Dr. Chernobai's publications can be obtained from her personal homepage at https://sites.google.com/a/g.syr.edu/anna-chernobai

Working Papers
  • "WORK IN PROGRESS “Default Risk Contagion through Customer-Supplier Links”", , 2021
  • "WORKING PAPER "Ownership Concentration and the Information Content of Operational Loss Announcements"", , 2021 (with Pakhchanyan, S., Prokop, J.)
  • "WORK IN PROGRESS "Operational Risk Disclosures" ", (with Bhat, G., Ryan (NYU), S.)
  • "WORK IN PROGRESS “Operational Risk & Credit Derivatives”", (with Yu, F.)
  • "WORKING PAPER “Correlated Operational Risk”", (with Yu, F.)
Selected Publications

Awards and Honors

  • Recommended for promotion to Full Professor, December 2021. - Whitman (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of September 6, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of August 16, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of August 9, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of July 12, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of July 5, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of June 14, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of June 9, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of May 17, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of May 10, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of April 12, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of April 5, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of March 15, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of March 8, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of February 15, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of February 8, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of January 18, 2021. - SSRN (2021)
  • "Top 10% Authors on SSRN by all-time downloads". Week of January 11, 2021. - SSRN (2021)
  • New citations during 2020 (Google Scholar): 143. Total number of citations to date: 1,335. (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of December 14, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of December 7, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of October 12, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of October 5, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of September 14, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of September 7, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of August 17, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of August 10, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of July 13, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of July 6, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of June 15, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of June 8, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of May 18, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of May 11, 2020. - SSRN (2020)
  • Dean’s Citation For Research - Whitman School of Management, Syracuse University (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of April 13, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of April 6, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of March 9, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of February 17, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of February 13, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of January 13, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by all-time downloads". Week of January 6, 2020. - SSRN (2020)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of December 16, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of December 9, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of November 18, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of November 11, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of October 23, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of October 16, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of September 16, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of August 19, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of August 12, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of July 28, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of July 22, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of June 18, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of June 11, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of May 22, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of May 15, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of April 22, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of April 15, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of March 20, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of March 11, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of February 25, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of February 18, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of January 28, 2019. - SSRN (2019)
  • "Top 10% Authors on SSRN by all-time downloads". Week of January 21, 2019. - SSRN (2019)
  • New citations since 1/1/2018: a total of 126 (Google Scholar). Total number of citations on Google Scholar to date: 1083. (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of December 27, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by all-time downloads". Week of December 18, 2018. - SSRN (2018)
  • Featured in Whitman 2018 magazine "Anna Chernobai: Languages, Analytics and a Change of Plans that Led to Academia" - Whitman SOM (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of November 20, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by all-time downloads". Week of November 6, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of October 23, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by all-time downloads". Week of October 2, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of September 20, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of August 30, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of July 17, 2018. - SSRN (2018)
  • Recepient of "Business Analytics Undergraduate Major" proposal (joint), submitted as part of the 2018 call for Roadmap Curriculum & Learning Innovation Proposals. (Our group has been working since early 2018 on the development of new courses and roadmap for the Undergraduate Business Analytics major. It is tentatively scheduled to launch in Fall 2020.) - Whitman SOM (2018)
  • "Top 10% Authors on SSRN by total new downloads within the last 12 months". Week of June 19, 2018. - SSRN (2018)
  • "Top 10% Authors on SSRN by all-time downloads". Week of January 21, 2019. - SSRN (2018)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 12/18, 2017 - SSRN (2017)
  • New citations since 1/1/2017: a total of 130 (Google Scholar) (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 11/27, 2017 - SSRN (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 10/23, 2017 - SSRN (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 9/28, 2017 - SSRN (2017)
  • "SSRN's Top Ten download list" (ERN: Regulation & Supervision), week of 8/18, 2017 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 8/22, 2017 - SSRN (2017)
  • "SSRN's Top Ten download list" (ERN: Regulation & Supervision), week of 7/15, 2017 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 7/25, 2017 - SSRN (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 6/20, 2017 - SSRN (2017)
  • "Top 10% Authors on SSRN" by total new downloads within the last 12 months. Week of 5/22, 2017 - SSRN (2017)
  • "SSRN's Top Ten download list" (Econometric Modeling: Financial Markets Regulation eJournal), week of 1/1, 2017. - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2017)
  • "SSRN's Top Ten download list" (Econometric Modeling: Capital Markets -- Risk), 2nd week of December 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Econometric Modeling: Financial Markets Regulation), 3rd week of December 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Econometric Modeling: Financial Markets Regulation), 4th week of December 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Econometric Studies of Government Regulation of Financial Markets), 1st week of December 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • Citations in 2016: a total of 97 according to Google Scholar (2016)
  • "SSRN's Top Ten download list" (Monetary Economics: International Financial Flows, Financial Crises, Regulation & Supervision), 2nd week of April 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Monetary Economics; Risk Management & Analysis in Financial Institutions), 1st week of April 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Risk Management eJournal), 4th week of April 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Monetary Economics: International Financial Flows, Financial Crises, Regulation & Supervision), end of March 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • "SSRN's Top Ten download list" (Regulation & Supervision), beginning of March 2016 - "Business Complexity and Risk Management: Evidence from Operational Risk Events in U.S. Bank Holding Companies" (2016)
  • RESEARCH GRANT was awarded to support project “The Determinants and Consequences of Establishing Risk Management Committees,” with A. Barakat (University of Nottingham, UK) and M. Wahrenburg (University of Frankfurt, Germany). - British Academy (2016)
  • Student evaluations (MBC 638, Fall 2015): Selected student comments: "The instructor had great subject knowledge and is always supportive to people who want to learn. Clearly the best course I have taken up till now." "Extermely meticulous; Great notes; Clear explanations; Good motivator." "Helpful, and the importance given to understanding concepts. Very thorough knowledge of the field." "Very good at making sure every student in the class is keeping up with the material. Always open to help." - Whitman SOM (2015)
  • Textbook Adoption - City University of Hong Kong. My book (Chernobai/Rachev/Fabozzi 2007) was used in 2015 as primary reference in course “Operational Risk Management”, Department of Management Sciences. (2015)
  • Textbook Adoption - University College London, UK. My book (Chernobai/Rachev/Fabozzi 2007) was used in 2015 as primary reference in Masters course “Operational Risk Measurement for Financial Institutions.” Department of Computer Science. (2015)
  • Best Paper Award - Israel Association for Information Systems (ILAIS) 2015 conference. Best Paper Award for “Operational IT Failures and IT Governance,” (with Michel Benaroch). (2015)
  • Guttag Junior Faculty Award - Whitman School of Management, Syracuse University (2013)
  • Guttag Junior Faculty Award - Whitman School of Management, Syracuse University (2012)
  • Meredith Teaching Recognition Award - Syracuse University (university-wide) (2011)
  • Meredith Teaching Recognition Award - Syracuse University (university-wide) (2010)
  • Elected as one of The Top 50 Faces of Operational Risk - OpRisk & Compliance magazine (2009)
  • JP Morgan Chase-Syracuse University Faculty Research Fellow - JP Morgan Chase-Syracuse University (2009)
  • FDIC research fellow - FDIC Center for Financial Research (2008)
  • Nominated for Outstanding Teaching Assistant Award - UC-Santa Barbara (university-wide) (2005)
  • President's Study Award - UC-Santa Barbara (2004)
  • Award for Academic Excellence - Moritani Foundation (1999)
  • Award for Academic Excellence - Jouchi Daigaku (awarded annually to top 1% students) (1997)

Media Placements

, LA Times 11.8.16

, Whitman Research ("IT Failures Research Video" video interview, with Michel Benaroch, based on recently accepted paper at MIS Quarterly) 11.7.16

, Research on IT operational risk is cited in article "British Cybercrime Holds Lessons for US Bank Customers", in Los Angeles Times (November 7, 2016); reprinted in The San Diego Union-Tribune (November 7, 2016), The Street (November 8, 2016), and Security InfoWatch. 11.7.16

, CFA Digest 8.1.12

, Operational Risk & Regulation 8.28.12

, Operational Risk & Regulation 12.7.11

, Bloomberg Brief: Risk newsletter 7.1.11

, OpRisk & Compliance 3.1.09

, OpRisk & Compliance 1.1.09

, OpRisk & Compliance 3.1.08