Capital markets risk and transformation
Senior advisory on complex programmes that cut across Front Office, Risk, Finance and IT: issuance frameworks, market risk and regulatory change, from governance to delivery.
INVESTMENT BANKS INDEPENDENT ADVISORY · PARIS
Capital markets,
sustainable finance
and risk governance advisory
Advisory on capital markets programmes, sovereign sustainable debt instruments and risk governance, from design to implementation.
Get in touchEstablished in Paris, 2012
01ADVISORY
From instrument design
to institutional practice.
Sovereign and sustainable finance
Sustainability-linked instruments for sovereign and public issuers: KPI and target selection, incentive design, benchmarking and pricing considerations.
SOVEREIGNS & PUBLIC ISSUERSOrganisational resilience
A focused, qualitative review based on The Airport Bathroom Test: why known problems stay unfixed, what blocks their correction and what would make the repair last.
Explore the ABT review BOARDS & EXECUTIVE TEAMSFormats: advisory mandates, training sessions and board sessions, in each of the three areas.
02TRACK RECORD
Selected engagements.
Firm engagements and the founder’s individual advisory and training work.
Emena Advisory engagements
CAPITAL MARKETS
Regulatory and organisational transformation
ChallengeAdapting the regulatory and organisational framework for structured note issuance to CRR3 (Capital Requirements Regulation III), the EU’s updated rules on bank capital and risk. The programme scope covers several thousand structured notes and tens of billions of euros in aggregate notional.
RoleSenior advisory on programme governance and coordination across Front Office, Risk, Finance and IT.
CRR3 · EMTN framework
RISK GOVERNANCE
Risk appetite in practice
ChallengeMaking a Risk Appetite Framework weigh on actual steering decisions at a bank with more than EUR 100bn of risk-weighted assets.
RoleWorking alongside a strategy consulting firm: defined and prioritised the bank's key risks and built a materiality methodology.
OutcomeRisk appetite linked to the strategy and financial management processes, with a method to check that product pricing is aligned with the risk strategy.
> EUR 100bnRisk-weighted assets
CAPITAL MARKETS · CROSS-ASSET
Cross-asset control framework enhancement
ChallengeStrengthening a capital markets control framework across multiple asset classes and functions.
RoleFront Office IT coordinator for a three-year programme at a major investment bank, supporting cross-functional delivery of control framework enhancements.
3 yearsFront Office IT coordination
Clients include French investment banks and asset managers.
The founder’s advisory and training work
CHILE · 2022
The first sovereign sustainability-linked bond
ChallengeNo sovereign had yet issued a sustainability-linked bond.
RoleStructuring support, in a personal capacity, to the Public Debt Office of Chile's Ministry of Finance.
OutcomeChile issued the world's first sovereign sustainability-linked bond in March 2022.
USD 2bnBond size, March 2022
MUNICIPAL FINANCE · 2023
Cities & sustainability-linked finance
Multilateral development institution · Individual consultant
Contributed to the development of a sustainability-linked financing framework for cities, covering instrument design, performance indicators, ESG considerations and municipal bond and loan case studies.
SOVEREIGN FINANCE · 2022
Sovereign sustainability-linked finance
Multilateral development institution · Individual consultant
Analytical work on a sovereign sustainability-linked bond in Latin America.
MDB
TRAINING
Practitioner training
Training for practitioners in sovereign institutions, development banks and financial institutions, grounded in practical experience of sustainable finance, capital markets and risk governance.
03THE BOOK
ORGANISATIONAL RESILIENCE · 2026The Airport
Why Strong Systems Break and
The Airport
Bathroom Test
Why Strong Systems Break and
What Builders Do Differently
A book on how organisations keep, or lose, the ability to correct themselves, built on one framework:
Resilience = Time × Trust × Cooperation
Visit airportbathroomtest.com 
ORGANISATIONAL RESILIENCE REVIEW
The Airport Bathroom Test – Organisational resilience review
Why do known problems remain unresolved, or keep returning?
A focused review of three persistent problems, tracing each through Detect, Verify and Correct. Time, Trust and Cooperation provide the lens for identifying what blocks action and what would make a correction last.
Discuss an ABT reviewTypical format
Five working days spread over three weeks, including up to six interviews and a review of relevant records. The format is adjusted to the agreed scope.
What you receive
- A concise leadership brief identifying the main barriers to correction.
- Three priority recommendations.
- A corrective-action register identifying proposed owners, decisions required, deadlines and evidence needed before closure.
- A leadership discussion to agree next steps.
A follow-up review after 30 days is available to assess progress and the evidence supporting closure.
Scope and fees agreed following an initial conversation.
04ABOUT
Abdeldjellil
(Djellil) Bouzidi
ECONOMIST (PHD) · FOUNDER, EMENA ADVISORY
More than 20 years of experience
in capital markets and risk.
Abdeldjellil (Djellil) Bouzidi is an economist. He founded Emena Advisory in Paris in 2012, after serving as Special Advisor at Société Générale CIB and Senior Manager at Hiram Finance.
He contributed early to the sustainability-linked bond concept, in work with Professor Michael Mainelli ahead of COP21.
He is a member of France’s Autorité de la Statistique Publique, a board member of The Bridge Tank, an editorial board member at Terra Nova and Senior Adviser at Bankers without Boundaries.
He taught industrial economics at Université Sorbonne Nouvelle from 2009 to 2014.
He holds a PhD and two Master’s degrees (Sorbonne Nouvelle, Paris-Dauphine, Catholic University of Leuven).
Selected publications05TALKS
Selected talks & public hearings
Selected contributions on long-term finance, public-policy delivery and organisational resilience.
- Event details & registration
The Airport Bathroom Test: Why Strong Systems Break
FS Club / Z/Yen GroupHow organisations retain the ability to detect, verify and correct problems, and how time, trust and cooperation shape that capacity.
- Watch the recording
Patient Capital: The Key to Rebalancing Financial Markets?
FS Club / Z/Yen GroupLong-term investment, the low-carbon transition and the accounting and prudential incentives that influence how capital is allocated.
- Read the official transcript
Implementing legislation: from decisions to delivery
French National AssemblyRepresenting Terra Nova as its then Co-Head of Economics and Finance, Djellil gave evidence on delivery units, implementation priorities, clear responsibilities and timely monitoring.
A practical question that also runs through The Airport Bathroom Test: who turns a decision into action, and who acts when it falls short?
- View the programme
Repenser le financement de l’économie mondiale
LH Forum · Le Havre, FranceJoint presentation with Abderahmane Fodil on long-term finance and its contribution to the real economy.
06CONTACT
Get in touch.
djellil@emena-advisory.comConnect on LinkedIn Paris, France. Working internationally, in English and French.