Paul Costea

With over 24 years of experience in enterprise software for risk management, compliance, reporting, and analytics, Paul Costea has developed a deep passion for transforming how risks are measured and communicated.

Almost 2 decades ago, a pivotal encounter with Peter J. Hughes, creator of the Risk Accounting method, ignited this journey and deepened his understanding of the limitations in today’s risk management practices and their impact on financial stability and credibility.

For more than 15 years, Paul has collaborated closely with Peter Hughes on academic research projects involving leading UK universities and the Federal Reserve Bank in Washington. These initiatives demonstrated the predictive power of the Risk Unit (RU), the innovative metric at the core of Risk Accounting.

Building on this foundation, Paul and Peter co-created the concept of Tokenized Risk Units (TRUs) - digital representations of residual non-financial risk exposures, designed to be transparently priced, traded, and managed. TRUs represent a breakthrough in turning hidden risks into visible, actionable, and stabilizing forces for markets.

Beyond research, Paul has authored articles, contributed to regulatory consultations, and co-written whitepapers exploring new applications of the Risk Accounting method. Since the creation of the Risk Accounting Standards Board (RASB) in 2019, he has played a key role in forging partnerships and strategies to advance its adoption.

At Risk Awareness Week 2025, Paul will present the TRU concept as a means of turning today’s vicious cycle of hidden risks into a virtuous cycle of transparency, smarter decisions, and systemic resilience, inviting risk professionals worldwide to engage in this vision for the future.