Sergei Grishunin
- Senior Research Fellow: Faculty of Economic Sciences / Laboratory of Financial Innovation and Risk Management
- Associate Professor: Faculty of Economic Sciences / School of Finance
- Sergei Grishunin has been at HSE University since 2019.
Education and Degrees
Leningrad State Technical University
According to the International Standard Classification of Education (ISCED) 2011, Candidate of Sciences belongs to ISCED level 8 - "doctoral or equivalent", together with PhD, DPhil, D.Lit, D.Sc, LL.D, Doctorate or similar. Candidate of Sciences allows its holders to reach the level of the Associate Professor.
Continuing education / Professional retraining / Internships / Study abroad experience
Cornell University, Johnson Graduate School of Management. Master of Business Administration, Class of 2004.
Chartered Financial Analyst (CFA), 2012
Certified internal auditor (CIA), 2006
Certified information system auditor (CISA), 2007
Awards and Accomplishments
Best Teacher — 2023–2024
Supervisor of the following Doctoral theses
- 1Improvement of Credit Risk Assessment Approaches in the Context of Transition to a Sustainable Development Economy
- 2E. Pastukhov Methods, models and tools development for risk management of digital assets
Courses (2024/2025)
- Econometrics (Advanced Level) (Mago-Lego; 2, 3 module)Rus
- Econometrics (Advanced Level) (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 2, 3 module)Eng
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 4 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Applied Mathematics and Information Science, field of study Economics; 3 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 2 year, 3 module)Rus
- Financial Markets and Instruments (Mago-Lego; 1 module)Rus
- Financial Markets and Instruments (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1 module)Eng
- Integrated Risk Management (Mago-Lego; 4 module)Rus
- Integrated Risk Management (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- Mentor's Seminar "Business Solutions and Company Value" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Eng
- Taxation and tax planning (Mago-Lego; 4 module)Eng
- Taxation and tax planning (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- Past Courses
Courses (2023/2024)
- Auditing and Assurance (Mago-Lego; 3 module)Eng
- Auditing and Assurance (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- Behavioral Finance:Applications in Business Analytics (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- Behavioral Finance:Applications in Business Analytics (Mago-Lego; 3 module)Eng
- Business Analytics: Diversity of Business Applications (Mago-Lego; 4 module)Eng
- Corporate Governance and Compliance (Mago-Lego; 3 module)Eng
- Corporate Governance and Compliance (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 2 year, 3 module)Eng
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 4 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 2 year, 3 module)Rus
- Financial Markets and Instruments (Mago-Lego; 1 module)Eng
- Financial Markets and Instruments (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1 module)Eng
- Forensic accounting (Fraud Investigation) (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- Forensic accounting (Fraud Investigation) (Mago-Lego; 3 module)Eng
- Integrated Risk Management (Mago-Lego; 4 module)Eng
- Integrated Risk Management (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- International Financial Reporting Standards (Mago-Lego; 2 module)Rus
- Introduction to Programming in R and Python (Mago-Lego; 3, 4 module)Eng
- Macroeconomics (Advanced Level) (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 2 year, 1, 2 module)Eng
- Macroeconomics (Advanced Level) (Mago-Lego; 1, 2 module)Eng
- Performance Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1 module)Eng
- Performance Management (Mago-Lego; 1 module)Eng
- Strategic Management (Mago-Lego; 1 module)Eng
- Strategic Management (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 2 year, 1 module)Eng
- Strategic Managerial Accounting (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 2 year, 3 module)Eng
- Strategic Managerial Accounting (Mago-Lego; 3 module)Eng
- Taxation and tax planning (Mago-Lego; 4 module)Eng
- Taxation and tax planning (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- Theory of Finance (Mago-Lego; 1 module)Eng
- Theory of Finance (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1 module)Eng
Courses (2022/2023)
- Corporate Models Based on Sustainable Development Criteria (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 4 module)Rus
- Corporate Models Based on Sustainable Development Criteria (Mago-Lego; 4 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 4 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 2 year, 3 module)Rus
- Financial Markets and Instruments (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1 module)Eng
- Financial Markets and Instruments (Mago-Lego; 1 module)Eng
- Forensic accounting (Fraud Investigation) (Optional course (faculty); Faculty of Economic Sciences; 3 module)Eng
- Forensic accounting (Fraud Investigation) (Mago-Lego; 3 module)Eng
- Forensic accounting (Fraud Investigation) (Master’s programme; Faculty of Economic Sciences; 2 year, 3 module)Eng
- Forensics (Mago-Lego; 2 module)Eng
- Forensics (Master’s programme; Faculty of Economic Sciences; 2 year, 2 module)Eng
- Integrated Risk Management (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- Integrated Risk Management (Mago-Lego; 4 module)Eng
- Research Seminar "Research Methods in Corporate Finance" (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1-3 module)Rus
- Research Seminar "Strategic Finance Company" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Rus
- Risk Management (Mago-Lego; 1, 2 module)Rus
- Risk Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Risk Management in Financial Institutions (Mago-Lego; 1, 2 module)Rus
- Risk Management in Financial Institutions (Master’s programme; Faculty of Economic Sciences field of study Economics, field of study Finance and Credit; 2 year, 1, 2 module)Rus
Courses (2021/2022)
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences; 4 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences; 3 year, 3 module)Rus
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 2 year, 3 module)Rus
- Financial Markets and Instruments (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 1 module)Eng
- Financial Modelling in a Firm (Master’s programme; Faculty of Economic Sciences; 1 year, 3 module)Eng
- Forensics (Master’s programme; Faculty of Economic Sciences; 2 year, 2 module)Eng
- Forensics (Master’s programme; Faculty of Economic Sciences; 1 year, 2 module)Eng
- Institutional Financial Markets Basics (Master’s programme; Faculty of Economic Sciences; 1 year, 2 module)Rus
- Integrated Risk Management (Master’s programme; Faculty of Economic Sciences; 1 year, 4 module)Eng
- Mentor's seminar "Empirical research in Finance" (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Finance and Credit; 1 year, 4 module)Eng
- Research Project Seminar "Strategic Finance Company" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Rus
- Research Seminar 'Corporate Finance' (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Risk Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Risk Management in Financial Institutions (Master’s programme; Faculty of Economic Sciences field of study Finance and Credit, field of study Economics; 2 year, 1, 2 module)Rus
Courses (2020/2021)
- Financial Institutions and Risks (Bachelor’s programme; Faculty of Economic Sciences field of study Economics, field of study Economics; 2 year, 3 module)Rus
- Research Project Seminar (Optional course (faculty); Faculty of Economic Sciences; 1-3 module)Rus
- Research Project Seminar "Corporate Financial Policy" (Master’s programme; Faculty of Economic Sciences; 1 year, 1-4 module)Rus
- Research Project Seminar "Strategic Finance Company" (Master’s programme; Faculty of Economic Sciences; 2 year, 1-4 module)Rus
- Risk Management (Master’s programme; Faculty of Economic Sciences; 2 year, 1, 2 module)Rus
- Risk Management in Financial Institutions (Master’s programme; Faculty of Economic Sciences field of study Economics, field of study Finance and Credit; 2 year, 1, 2 module)Rus
Conferences
- 2020
Международный молодежный научный форум «ЛОМОНОСОВ-2020 (Moscow). Presentation: Оценка влияния киберрисков на предприятиях розничной торговли
Global Strategy and Emerging Markets Conference 2020 (Ithaca). Presentation: Developing a cyber risk management mechanism for retail companies operating in emerging market
Analytics for Management and Economics Conference (AMEC) (St. Petersburg). Presentation: Comparison of empirical methods for modelling of credit ratings of machine building companies from developed and developing markets
Analytics for Management and Economics Conference (AMEC) (St. Petersburg). Presentation: Development of a rating system for predicting credit risk and default probabilities of Russian banks using machine learning models
Analytics for Management and Economics Conference (AMEC) (St. Petersburg). Presentation: Rating agencies in the BRICS countries
Annual GSOM Emerging Market Conference 2020 (St. Petersburg). Presentation: Application of a System-synergistic Approach in the Development of the Target Costing Mechanism for a High-tech Industrial Enterprise in Emerging Market
2nd International Scientific Conference on innovations in digital economy: SPBPU IDE-2020 (St. Petersburg). Presentation: Comparison of Empirical Methods for the Reproduction of Global Manufacturing Companies’ Credit Ratings
Четвертый Российский экономический конгресс (Moscow). Presentation: Разработка рейтинговой системы для прогнозирования кредитного риска и вероятностей дефолта российских банков с помощью моделей машинного обучения
Eurasia Business and Economic Society (Madrid). Presentation: Development of credit rating model of assessing the creditworthiness and predicting defaults of Russian insurance companies
Internet of Things, Smart Spaces, and Next Generation Networks and Systems. 20th International Conference, NEW2AN 2020, and 13th Conference, ruSMART 2020 (St. Petersburg). Presentation: Development of Risk Controlling Mechanism and Tools for Agile Projects in Telecommunications
- 2019
19th International Conference on Next Generation Wired/Wireless Advanced Networks and System (Санкт-Петербург). Presentation: Development of the Mechanism of Assessing Cyber Risks in the Internet of Things Projects
Employment history
Deloitte and Touche CIS, October 2017, Senior Manager
ACRA (AO), June 2017 – October 2017, Director (corporate finance)
Moody's Investor Services, August 2010 - May 2017, Associate VP, analysis
Fitch Ratings, August 2008- August 2010, Director (corporate finance)
Deloitte and Touche CIS, November 2004-June 2008, Manager
Growth Strategies: How Corporations May Become Antifragile in Turbulent Times
On 7 November School of Finance of the Faculty of Economic Sciences of HSE University presented a multi-authored monograph Russian Corporations in New Economic Reality. Financial Strategies on the Way towards Antifragility written by a group of scholars and financial management practitioners and released by the HSE publishing house. The authors and business community representatives took part in the presentation and discussion of the research results.
XI International GSOM Economy&Management Conference - EMC 2024. Special Track of the HSE School of Finance «Strategic Finance: The Future of Corporate Finance in an Era of Structural Crises»
Achieving antifragility of businesses at turbulent times requires financial executives to maintain inclusive growth strategies.
Voting for HSE University's Best Teachers 2024 Is Now Over
Congratulations to the lecturers of the School of Finance for winning the nominations!
Patterns of Russian Companies’ Resilience: Paths toward Antifragility
Resilience of Russian companies and their antifragility were discussed at the round table organized by the School of Finance of the Faculty of Economic Sciences of HSE University. The participants spoke about the opportunities for raising capital in the domestic market, companies’ resilience amid a crisis and the vision of companies’ top managers for the current situation.
International Partners’ Week – meeting with the School of Finance team
A conversation on the perspectives of educational and research collaboration took place at Pokrovka.
The School of Finance with the Financial Innovation and Risk Management Center Took Part in the V Russian Economic Congress
The School of Finance with the Financial Innovation and Risk Management Center took an active part in the V Russian Economic Congress (REC2023), which was held from September 11 to 15, 2023 in Yekaterinburg.
Sergey Grishunin, Associate Professor of the School of Finance, presented the results of his research at GrEnFin Project Final Conference
Sergey Grishunin, Associate Professor of the School of Finance, took part in GrEnFin (Greening Energy Market and Finance) Project Final Conference in Bologna on October 21, 2022.
‘Sustainability in an Unstable Environment is Not a Paradox, but the Norm’
The application deadline for the English-language Master of Business Analytics programme has been extended until September 20th. Irina Ivashkovskaya, Professor at the Faculty of Economic Sciences, Head of the School of Finance and Programme Academic Supervisor of the online Master of Business Analytics programme, spoke about why we should study current concepts and methods of business analysis in this era of new economic normality.
Sergei Grishunin, School of Finance Seniour Lecturer, Took Part in the XIII International Forum "Ecology" Working Session
On May 24, 2022 Sergey Grishunin, senior lecturer at the School of Finance, managing director of the rating service of the National Rating Agency took part in the working session of the XIII International Forum "Ecology".