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ISE Seminar-Risk Engineering: from Mathematical Fun to Practical Research

Event Type
Seminar/Symposium
Sponsor
Industrial & Enterprise Systems Engineering
Location
103 Transportation Building
Date
Oct 13, 2017   10:00 am  
Speaker
Runhuan Feng, University of Illinois
Views
39
Originating Calendar
ISE Seminar Calendar

Abstract:

Natural disasters and human-made hazards are inevitable but their consequences need not to be. Engineers respond by designing autonomous vehicles that prevent accidence, making earthquake-proof buildings, developing life saving medical equipment. We actuaries and financial analysts answer by creating and managing innovative financial and insurance products to reduce and mitigate the financial impact of car accidents, earthquakes, and make healthcare available to those in dire need.

The focus of this talk is to provide an overview of various research topics pertaining to quantitative risk management and engineering of equity-linked insurance products and personal retirement planning. It aims to demonstrate the mathematical fun with risk management problems as well as to offer a glimpse of technical development and challenges arising from these fields.

Biography:

Dr. Runhuan Feng is an Associate Professor and the Director of Actuarial Science in the Department of Mathematics. He is a Fellow of the Society of Actuaries and a Chartered Enterprise Risk Analyst. He is also the State Farm Companies Foundation Scholar in Actuarial Science and a Helen Corley Petit Professorial Scholar at the University of Illinois. Runhuan has published extensively on developing new techniques for computations of risk metrics for investment-combined insurance products. He worked on a variety of research projects funded by the Society of Actuaries and the Actuarial Foundation. Most recently, he led a research team to conduct the first SOA industry-wide survey on nested stochastic modeling and performed subsequent research study to create resources for financial reporting actuaries on computational methods to speed up nested simulations. He also worked for the State Universities Annuitant Association to provide quantitative assessment of a legislative proposal for pension obligation bonds to address the ongoing Illinois public pension crisis.

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