Karsten Prause studied mathematics and history in Münster and Freiburg. In his dissertation, he dealt with heavy tail methods in mathematical finances focusing on option pricing theory, multivariate approaches for VaR assessment and stochastic volatility approaches. From 2000 through 2010 he worked with UniCredit Group (HVB), most recently as Head of Credit Risk Strategy. Thereupon he headed Credit Risk Models at Deutsche Pfandbriefbank AG. Since 2014 he heads Risk Controlling of Stadtwerke München GmbH.