The Columbia Consortium for Risk Management generates and disseminates cutting-edge scientific information about the prediction and management of climate and other natural hazards, in combination with advances in risk management and financial engineering. CCRM goes beyond traditional areas of actuarial risks to include emerging types of risks where traditional actuarial methods fail, such as financial risks, risks due to political instability, market risks, company-specific risks, catastrophic reinsurance risks, and risks associated with new technologies.
The Consortium is directed by Graciela Chichilnisky, Professor of Economics and Statistics, who has developed a landmark approach to the foundation of statistics, incorporating catastrophic risks–based on a new axiomatic approach that extends the classical treatment to allow more realistic treatment of rare but important events. Drawing on Columbia University’s data and research in climate prediction and natural hazards, CCRM specializes in the prediction and management of complex and chaotic systems, securitization of insurance risks, fractal statistics, decision theory under uncertainty, financial engineering and stochastic analysis.
The Consortium brings together leading researchers from within Columbia University and from around the world, regardless of institutional boundaries, to manage existing and emerging risks.