Publications

Global Risk Institute is a preeminent source of ideas on the management of emerging risks and trends for financial services organizations

Publication Library


Research Report

Assessing the Hazard and Exposure of Dams in the U.S.

Assessing the hazard and exposure of dams in the U.S. This report provides visibility as to the types of risks that could emerge and is an important read for investors, asset managers and insurance providers analyzing portfolio level risk.

White Paper

The Current State of Climate Disclosure by Financial Institutions

In our latest publication, we review the current practices that financial institutions are employing, globally, to comply with the recommendations developed by the Task Force on Climate-related Financial Disclosure (TCFD). We call for continued actions by the financial sector, governments, and standard-setting organizations and highlight six key areas of improvement to accelerate climate action and reporting.

Research Report

Climate Change and Long-Run Discount Rates: Evidence from Real Estate

Robert Engle, statistician, winner of the 2003 Nobel Memorial Prize in Economic Sciences, and his team of researchers, undertook a project, in collaboration with GRI, to use the tools of modern finance and risk management to measure and model environmental risk. They have contributed significantly to the bourgeoning literature that studies how climate change affects asset markets and, in turn, how asset markets may affect the dynamics of climate change.

Research Report

Quantum Threat Timeline

The 'quantum race' is on and the race course and timeline are partially unknown. The creation of a scalable, fault-tolerant quantum computer that poses a significant risk to cyber security may be closer than we think. Although quantum attacks are not here yet, critical decisions need to be made today in order to respond to these threats in the future.

White Paper

Distribution Analysis for Information Risk – A Cyber Quantification Framework

The Distribution Analysis for Information Risk (DAIR) is a cyber quantification methodology that maps cyber events with a hierarchical risk taxonomy to evaluate operational, business & systemic risk economic capital. DAIR will help organizations quantify cyber risk in a consistent and meaningful way, giving consideration to asset vulnerabilities as well as business and systemic considerations.

Research Report

The Cyber-Resilience of Financial Institutions: A preliminary working paper on significance and applicability of digital resilience

Recent headlines about cyber-attacks and massive data breaches are revealing the fragility of the digital infrastructure and the impossibility of assuring the integrity of computer systems, even for organizations such as financial institutions that maintain the most mature cyber security programs.

Research Report

Systemic Risk Driven Portfolio Selection

The balance between risk and return has been at the center of portfolio construction methodologies. Although the asset allocation literature has primarily focused on a firm's individual risk, the Global 2007-2009 financial crisis highlighted the importance of accounting for systemic events, i.e., extreme forms of risk that can have severe consequences on the financial system.

Research Report

Tokenomics: When Tokens Beat Equity

To many financial industry insiders, tokens have no intrinsic merit and exist only as a way to evade regulations. We demonstrate that generic revenue-based token contracts are indeed economically inferior to equity and lead to over- or under-production.

Research Brief

What Makes Green Investment a Puzzle?

The Society of Actuaries (SOA) Climate and Environmental Sustainability Research Committee awarded Sally Shen, Research Associate, Global Risk Institute, first prize for her three page essay "What Makes Green Investment a Puzzle" in May 2019. This essay argues that the myth behind the motivation of green investment is driven by both unknown knowns and unknown unknowns.