He is the Director of Stanford's Center for Financial and Risk Analytics, the Director of Stanford's Quantitative Finance Certificate Program in Hong Kong, and the Co-Director of Stanford's Mathematical and Computational Finance Program. He is also the Vice-Chair of the SIAM Activity Group on Financial Mathematics and Engineering. Kay's research addresses the quantification and management of financial risks. He is particularly interested in the stochastic modeling, valuation and hedging of financial risks; the development of statistical tools to estimate and predict these risks; and the methods for solving the significant computational problems that arise in this contex