Jerome Kreuser

In an interview, Dr. Jerome Kreuser stated that he was born a mathematician and an empathic humanitarian, traits that influenced him his entire life. He graduated with honors in mathematics and then obtained a Master’s in theoretical mathematics and a doctorate in optimization and numerical analysis. He worked with and held discussions with several prominent professors including Rosen, Mangasarian, Wets, Ziemba, and Sornette. Dr. Kreuser’s work focused on making asset-liability management more efficient, comprehensive, and advantageous to clients as well as institutions. Today’s term “Total Portfolio Approach” would describe what he was doing 40 years ago. Given his compassion, his focus was on optimization applications and especially those benefiting humanity. Early on, he pushed for and was successful in getting a position at the World Bank.

He worked at the World Bank for 24 years, pushing through projects such as portfolio management methods and tools for the Bank’s Treasury Department that were innovative at the time. His leadership shaped several early innovations in portfolio optimization, crash prediction frameworks, and financial risk analytics. As one of the early developers of dynamic asset–liability optimization models under uncertainty, his work influenced how large-scale financial portfolios were managed in real time, an approach far ahead of its time. He did the modeling for a World Development Report on health, maximizing the cost-effectiveness of services that would improve health as measured by disability-adjusted life years lived. He modeled and organized meetings on fertilizer plant location in China for minimal cost. He worked on a model to optimize steel plants. He worked on optimizing cash-flow analysis in Saudi Arabia. Many other models and presentations followed.

He was a colleague of Professor McCormick at George Washington University and took over his course when he was unable to teach it. Dr. Kreuser was an adjunct professor at GWU, where he taught graduate-level courses for several years while he was at the World Bank. He taught asset-liability management at the University of Illinois for a semester and presented a course at the University of Wisconsin. He prepared and presented workshops on advanced asset and liability and sovereign risk management in Germany, Malaysia, Singapore, India, Jordan, Spain, Colombia, and Peru. He organized talks at the Henry Stewart Talks series on sovereign risk management, inviting others to participate.

After working at the World Bank, he moved to Switzerland to set up the foundations of RisKontroller. He organized and presented courses for central banks at the Studienzentrum Gerzensee outside Zurich, sponsored by the Swiss National Bank. He spoke at UNCTAD on strategic risk analysis and continued dialogues with staff there. Under the auspices of the IMF, he developed a long series of lectures for the Central Bank of Jordan on managing sovereign risk. He spoke at a conference in Dubai. He had several discussions with the Bank for International Settlements and continued collaboration with them. He worked with Swiss pension funds to bring advanced concepts of pension portfolio management with liabilities into practice. He worked with Credit Suisse to formulate portfolio models incorporating CVaR constraints and dynamic stochastic modeling capabilities. He presented talks in Geneva on “New Horizons & Advances in Risk Measurement, Management, Modelling & Capital Allocation.” He also made presentations in Lugano and Milan. He spoke at several BIS, ECB, and WB conferences including Frankfurt in 2008. There he presented his collaborative work with Stijn Claessens from the IMF on modeling Norway’s sovereign wealth fund, incorporating many assets in several currencies, cash flows from oil, exchange rates, international bonds, limiting drawdowns, and policy constraints. The model was cast over 17 years to 2025. The expected value of the fund estimated in 2008 was a fraction of a percent of the actual value in 2025.

He has done considerable work in India over several visits. He worked with the Reserve Bank of India on new concepts of sovereign risk management using some of the many tools he developed. He did multi-year work with the State Bank of India incorporating new bubble-modeling concepts. He worked with other institutions in India, including managing one of their funds.

He began his collaboration with ETHZ and Professor Sornette. He spoke, did research, and mentored a few students to their PhDs. His research resulted in a new bubble-model concept incorporating the Kelly Criterion, making the bubble model work anytime and anywhere. The portfolio concepts and bubble models continue to be improved through AI and applied through the RisKontroller Global brand at https://riskontroller.com/ where you can find several papers.

He did substantial work in reinsurance, working with Swiss Re and long-term consulting with RenRe on the application of optimization techniques to reinsurance portfolios. This included several papers, with one presented in Lyon winning a Best Paper Award.

As the CEO and Founder of RisKontroller Global LLC, Dr. Kreuser has remained committed to advancing the science behind responsible financial decision-making, always focusing on making theoretical math come to life and applying the work for the benefit of both institutions and clients. With deep specialization in asset–liability management, sovereign risk, central bank strategy, reinsurance portfolio modeling, and bubble identification, he continues to design the analytical frameworks that institutions need to navigate uncertainty. His work stands as a unique blend of rigorous mathematical insight, forward-thinking innovation, and decades of hands-on global experience, firmly establishing him as a visionary professional shaping the future of financial risk intelligence. Dr. Kreuser continues to do innovative work on portfolio management, bubble-model applications, new analytical techniques, and integrating them with AI.