Senior Researcher

Chitro is a senior researcher on Applied Probability Theory who is currently designing algorithm on AI Ethics. Chitro’s criticism could help of building framework for sovereign’s AI Policy, Ethics, Regulations and Supervision. Chitro has Chaired European Commission’s AI Policy panel in Brussels end of 2017 and ECS-Brussels’s Industry Advisory Panel in Bucharest 2018.

Since last two decades Chitro’s key leadership has been reinvigorated sovereign institutions on Model Validation & Investment Risk across countries. Chitro is a global expert in Strategic Risk Measures, Climate Risk, Enterprise Risk Management, Operational Risk, Asset Allocation & Financial Risk Management, consulted multi-national funds, Swiss, Italian, Omani Pension Funds, UAE Govt. bodies and Bermuda Monetary Authority. He has worked with major banks, (re)insurance entities, investment and reinsurance bodies in NY, London, and Zürich and has connections in the BFSI and energy industries, including in the “C” suites of major participating firms.

Influential Founding Advisors of RsRL

One of the fathers of Risk Measure Prof. Em Dr. Freddy Delbaen is currently one of the most influential founding advisors of RsRL.

Founding Advisors

Michael B. Smith is one of the founding consulting actuary members of R-square RiskLab consulting based in Northeast Florida, USA. Mr. Smith is a Fellow of the Casualty Actuarial Society, a Member of the American Academy of Actuaries, and a member of the ASTIN AFIR IACA and AWF sections of the International Actuarial Association. Mr. Smith has provided consulting services on general insurance issues for more than twenty years, primarily as a consulting actuary with Tillinghast. Prior to becoming a consultant, Mr. Smith was associated with American Bankers Insurance Group, where his responsibilities included product development and actuarial support to senior management and the marketing divisions. Prior to that, Mr. Smith worked for Insurance Services Office, Inc. where his responsibilities included commercial insurance pricing and product development, and financial and economic analysis of insurance topics (including natural catastrophes). Mr. Smith holds an undergraduate degree from Georgia State College and a Master's degree from the University of Chicago.

Sr. Advisors of RsRL

Rüdiger Kiesel is onw of the key Sr. Advisors of RsRL. He heads the chair for “Energy Trading and Financial Services” at the University Duisburg-Essen. He is also a Visiting Professor at the Department of Mathematics at the University of Oslo. Previously he has been Director of the Institute for Mathematical Finance at the University of Ulm. He also held positions as Lecturer and Reader for actuarial science and financial mathematics at Birkbeck College, University of London and London School of Economics. His main research areas are risk management for power utility companies, modeling of electricity markets, quantitative climate finance, valuation and hedging of derivatives (interest-rate, credit- and energy-related), methods of risk transfer and structuring of risk (securitization). He is Co-author of the Springer Finance monograph Risk-Neutral Valuation (now in its second edition) and has written more than fifty published research papers. He is a frequent speaker at international conferences and organized several conferences and practitioner seminars. Professor Kiesel also consults financial institutions, utilities and regulators on (credit- and energy-) risk management, derivative pricing models and asset allocation. His research interests are: Climate Finance, Risk Management, and Financial Mathematics.

Advisor of Credit Risk at RsRL

Wim Schoutens (Leuven, Belgium) is professor in financial engineering at the Catholic University of Leuven, Belgium. He is an advisor of Credit Risk at RsRL. He has extensive practical experience of model implementation and is well known for his consulting work to the banking industry and other institutions. He is an independent expert advisor to the European Commission on “State aid assessment of valuation of impaired assets and of asset relief measures” and has assessed in that position about EUR 1 trillion of assets. Wim is the author of several books including “Contingent Convertibles (CoCos) : Structure and Pricing,” the first book ever on Contingent Capital and CoCo bonds (written together with Jan De Spiegeleer). Further he has been (co)author of the Wiley books “Lévy Processes in Finance”, “Lévy Processes in Credit Risk”, and “The Handbook of Convertible Bonds”. He is Managing Editor of the International Journal of Theoretical and Applied Finance and Associate Editor of Quantitative Finance, Mathematical Finance and Review of Derivatives Research and International Journal of Portfolio Analysis & Management. Further, he is series editor of the book series “Financial Engineering Explained” for Palgrave Macmillan. Finally, he is member of the Belgium CPI commission.

Senior Energy Advisor at the SECO

Steivan Defilla is Senior Energy Advisor at the SECO - Swiss State Secretariat for Economic Affairs, Division of Environment and Energy Policy, Bern, Switzerland and in his role is involved in the shaping of Swiss energy policy. He has been participating in many international energy fora and negotiations and has accumulated a great experience in analyzing short term as well as long term security of supply risks of energy systems. Outside his professional work, he is an active promoter of econophysics and has created the concept of physical purchasing power (PhPP) as a first step towards introducing more rigorous metrological principles in economics. Econophysics is a new discipline, which emerged in the mid-1990s and in the future is likely to be relevant for economics.Steivan and Chitro Majumdar have been working together in econophysics during the last couple of years. They have initiated some new measures of econophysics models in practice. Steivan is also among the organizers of the thirty first general conference of the International Association for Research in Income and Wealth IARIW in St. Gallen, Switzerland, in August 2010.

RsRL Sr. Advisor(Mathematician and capital modeling experience)

Rick Shaw is a mathematician and actuary with extensive capital modeling experience. Rick is one of the most important practice leaders of R-square RiskLab on reinsurance initiatives, M&A, internal capital model, Solvency II etc. Rick's experience with economic capital modeling dates from the 1980s, when simulation techniques started to be applied in the insurance and finance industries. He have both developed new and reviewed existing capital models for companies in many countries. Rick has advised the World Bank and the IMF on social security reform in the Middle East, the South Korean government on privatization, the Singapore government on restructuring Singapore's health care system, and the Malaysian government on consolidation of the finance industry. In his recent capacity as Chief Actuary of the Bermuda Monetary Authority, and prior to that country leader for Tillinghast Bermuda, Rick had lead responsibility for comprehensive reviews of around twenty internal capital models of varying complexity with differing primary risk drivers.