RAND, Risk Management Solutions Form Alliance to Study Terror Risk, Compensation

RAND and Risk Management Solutions (RMS) have formed a partnership to create a research center at RAND to study the risk of terrorism and how to compensate victims of terrorism.

The center’s goal will be to support more informed public policy
decisions on how to manage terrorism risk and provide for adequate and equitable risk sharing and compensation of those affected by terrorist acts.

The center will pursue a research program to understand terrorism risk
using mathematical models and other advanced techniques. The strategic partnership signals the commencement of the first project of the collaboration and an initiative to establish a three-year agenda for a research center.

Research from the new center will be disseminated through a series of
peer-reviewed publications as well as lectures, conferences, briefings
to policymakers, and testimony to government agencies, legislatures, and other parties. RAND and RMS will work closely to pursue these initiatives, with RMS providing terrorism risk modeling for RAND’s use as a core research tool.

“The center will provide policymakers with tools and insights to manage terrorism risk, and design policies and programs for compensation to victims of terrorism,” Robert Reville, director of the RAND Institute for Civil Justice, said. “The projects we are planning for the center complement an enormous amount of research at RAND on homeland security and counterterrorism.”

“RMS has been a leader for years in the development of mathematical
models for assessing catastrophic risks,” Jack Riley, director of
RAND’s Public Safety and Justice program, said. “With our input, RMS has recently extended its capabilities to include the probabilistic modeling of terrorism risk using a highly innovative approach based upon the application of game theory. Going forward, we are excited to apply these models to a variety of research applications.”

Topics Catastrophe Talent Risk Management