Professors Alfred Chong and Runhuan Feng, and our graduate supervisor Linfeng Zhang, speaks at the Education and Research Section Webcast of the Society of Actuaries, on their timely research project hosted in the Illinois Risk Lab: Pandemic Risk Management: Resources Contingency Planning and Allocation.
During the COVID-19 pandemic, an extraordinary shortage of medical resources is observed in many parts of the world. Some attributing factors include the lack of coordinated efforts to build stockpiles and to deploy resources rapidly to locations of greatest need throughout the course of the pandemic. Combined strategies of contingency planning and resources allocation, which are critical components of modern risk management, in a form of centralization could have been utilized to mitigate and manage risk of potential imbalance of medical supply and demand. Inspired by classic concepts of reserving and solvency capital requirements in banking and insurance industries, Runhuan, Alfred, and Linfeng shares in the webcast a novel quantitative framework for assessing, quantifying, mitigating, and managing the impact of pandemic risk on public health systems.
On-demand recording is available online.