The Actuary: "Social unrest: a systemic risk"
With the help of social media, civil unrest is a risk that has profoundly changed in nature, says Scott Kelly.
Preparing for war: business contingency planning urged in Cambridge Risk Centre seminar
As conflict continues in Ukraine, and the prospect of an expansionist Russia throws a shadow of war over Europe, the Cambridge Risk Centre for Risk Studies today urged businesses to incorporate geopolitical conflict scenarios into their business preparedness planning.
The Conversation: "Planning for war: a guide for businesses"
The turmoil of 2014 was a timely reminder to businesses that they need to be prepared and have contingency plans for global conflict, writes the Centre for Risk Studies' Dr Andrew Coburn.
Reactions: "Insurers prepare for cybergeddon: insurers are waking up in 2015 to the massive accumulation of losses that could accompany a cyber attack"
Hackers' devastating cyber attacks on Sony recently - and before that on Microsoft - put the fear of god into big business that rely on networks ... The Cambridge Centre for Risk Studies is looking into the threat posed by what it calls Systemically Important Technology Exploits.
Business Insurance: "Catastrophe modelers developing cyber risk technologies to assess exposures"
Andrew Coburn, Cambridge, England-based vice president of catastrophe research at Risk Management Solutions Inc., said the catastrophe modeler is working with clients in a development capacity rather than releasing a general model. RMS is helping those clients standardize the manner in which they capture cyber insurance exposure data and better assess their probable maximum losses from cyber events.
New York Times: "Risk modellers look to clarify cyber risk costs"
RMS is talking to insurers with an eye to developing a model that can start gauging probabilities of widespread attacks as early as next year, said Andrew Coburn, a senior vice president with the firm.
Reuters.com: "Risk modelers look to clarify cyber risk costs"
Even as the Sony Corp cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get.
The Actuary: "Cyber catastrophe"
Andrew Coburn, Simon Ruffle and Louise Pryor are developing frameworks for cyber catastrophe analysis. They explain how mapping the cyber economy enables risk modelling of systemically important IT providers.
Insurance Linked: "Perspectives - Dr Andrew Coburn, Cambridge University, Centre for Risk Studies"
ILS funds and reinsurers are struggling to identify opportunities to deploy the current influx of capital but researchers at Cambridge University are having no difficulty in identifying plausible events that could cause trillions of dollars of economic loss. Dr Coburn explains what the insurance industry might be missing.
The Telegraph: "Stress-testing the world economy for pandemics, cyber-attacks and war"
Imagine a social uprising, spawned from growing unease about inequality and fuelled by social media, which has sparked protests in 1,100 cities around the world. Pockets of violence are threatening to spill over into mob rule, and the global headquarters of a London bank have just been set ablaze. What does it mean for stock prices? The University of Cambridge Judge Business School has run this nightmare scenario and three other stress tests in an attempt to quantify the economic cost of a global disaster and help prepare companies for unlikely but emerging threats.
Business Weekly: "Cambridge Stress Test Series launched with four timely risk reports"
The reports present fictional crises similar to real-life events to explore the possible impact of such crises. They are also designed to help businesses identify their own vulnerabilities to such 'catastronomics' so they can identify ways to improve their resilience to sudden shocks in the system.
'Cambridge Stress Test Series' launched with four timely risk reports
The Cambridge Stress Test Series, a series of reports on the potential global impact of threats including pandemics, cyber sabotage, regional conflict and social uprising, was launched today by the Cambridge Centre for Risk Studies (CRS), based at Cambridge Judge Business School, University of Cambridge.
Post: "Ebola virus: Ebola survival guide"
Despite Ebola's high mortality rate, research from the Cambridge Centre for Risk Studies suggests the greatest disruption in developed economies is actually likely to come from fear of the disease, rather than the sickness and death it causes.
Business Reporter: "Interconnectivity of economic risk: our global financial system as a living organism"
When evaluating financial risk it is important to take into account how connected all the moving parts within our global financial system are, writes Dr Andrew Coburn in an article for Business Reporter.
Post: "The circulatory system of finance"
New science helps to understand financial interconnectivity and avoid future risks of financial 'heart attacks', says Andrew Coburn, senior vice-president, RMS, and director of the advisory board of the Cambridge Centre for Risk Studies.
(requires subscription or free trial to access)
The 2015 Cambridge - McKinsey Risk Prize
The Centre for Risk Studies, in conjunction with McKinsey & Company, is pleased to announce the third annual risk prize. An award will be made for the best submission on risk management by a current student at Cambridge Judge Business School.
InsuranceERM: "Catastrophe models for the 21st century"
Modern society is incredibly interconnected and creating potentially huge risks that insurers are struggling to capture. In an article for InsuranceERM, the Centre for Risk Studies' Dr Andrew Coburn explains to Christopher Cundy how a new generation of catastrophe models could be developed to help.
(requires subscription or free trial to access)
2nd Annual Cambridge - McKinsey Risk Prize 2014 winner
Campbell Hennessy (MPhil Technology Policy 2013) wins first prize. The title of his winning essay was "An Enduring Workforce: Fatigue Risk Management in Marine Search and Rescue and Its Potential Applications to Knowledge-Based Work".
Financial Times: "Diversity is the way to avoid cyber collapse"
In an article for the FT, the Centre for Risk Studies' Dr Michelle Tuveson and Simon Ruffle investigate what harm IT failures can have and how to avoid them.
Download the article (pdf, 315KB)
LLoyd's: "Cassandras and catastronomics"
The recent Cambridge Centre for Risk Studies Seminar on Emerging Risks Scenarios for Risk Management featured "risk professionals from insurance, academia and industry came together at the University's Judge Business School to examine the potential effect of certain unlikely but realistic scenarios".
Cyber catastrophe, pandemics and geopolitical conflict
A cyber catastrophe, a geopolitical conflict between Japan and China and a human pandemic are the scenarios in the spotlight at the Cambridge Centre for Risk Studiesí seminar on emerging risks, taking place in Cambridge on Thursday 20 March.
Putting a price on our future
Helping big businesses consider their impact on the environment is leading to a re-evaluation of activities to combine profitability with sustainability.
1st Annual Cambridge - McKinsey Risk Prize 2013 winner
Minko Dudev (MBA 2012) wins first prize. The title of his winning essay was "Risk Weighted IT Development for the Financial Industry: A Critical Review and Recommendations".
The 2013 Cambridge - McKinsey Risk Prize
The Centre for Risk Studies, in conjunction with McKinsey & Company, is pleased to announce the launch of the first annual risk prize. An award will be made for the best submission on risk management by a current MBA student at Cambridge Judge Business School.
Dr Andrew Coburn on "Crash, crisis, calamity: system shock
in a globalised world"
The latest issue of the University of Cambridge's Research Horizons is devoted to the subject of "Risk & Uncertainty", coinciding with the launch of the new risk section on the University's research news website. The issue features Dr Andrew Coburn, Director of our External Advisory Board, on the subject of system shock.
Cambridge Risk Centre contributes to UK Government planning
A panel of academics, industry, and government scientists has addressed the strategic issues of preparedness and the UK Government's use of risk analysis techniques to avoid strategic shock.
Edge: "Management masterclass: managing risk"
The Risk Centre's Professor Danny Ralph, Michelle Tuveson and Ruth Whaley are quoted in Edge magazine's article on why risk assessment and management is an absolute business essential.
New research collaboration between Cambridge and Singapore
The Cambridge Centre for Risk Studies and Singapore Nanyang Technological University have created a partnership to explore the issues of understanding and modelling risks, within its mission for promoting societal and economic resilience.