RMS and 100 Resilient Cities Announce Partnership to Quantify and Manage Natural Hazard Risks at 2014 Clinton Global Initiative Annual Meeting
San Francisco to be the first city to use RMS models and technology
NEW YORK -
September 22, 2014 -
RMS, the world’s leading
catastrophe risk management firm, and 100 Resilient Cities—Pioneered by The Rockefeller
Foundation (100RC) today announced a partnership that will allow cities in 100RC
Network to access the RMS(one) exposure and risk management platform as well as
RMS catastrophe models to help them make well-informed decisions about managing
and mitigating natural hazard risk. RMS has joined a Clinton Global Initiative
(CGI) Commitment to Action through the partnership with 100RC, pledging to
address this global challenge.
100RC aims to help 100 cities around the world build resilience to shocks such
as catastrophic events, as well as chronic stresses such as climate change. It
is providing cities with funding to hire a chief resilience officer, assistance
in establishing and implementing a resilience strategy and access to technology
and expertise from a select platform of partners.
“We’re excited to
welcome RMS as the newest partner to the 100 Resilient Cities program,” said Michael
Berkowitz, president of 100 Resilient Cities. “Natural catastrophes are a major
driver of risk for many of the cities we are working with, and RMS’ models and
technology will enable them to better understand that risk as the foundation
for achieving resilience.”
San Francisco will be the first city
in the 100 Resilient Cities program to take advantage of RMS models and technology.
“In San Francisco, we have already
made a significant investment in modeling expected losses from future earthquake
scenarios, which has informed multiple public policy decisions. These include innovative
legislation passed in 2013 to mandate the retrofit of soft-story wood frame
structures, which modeling identified as one of the greatest sources of
potential loss of life as well as potential loss of housing units in a future
event,” said Patrick Otellini, chief resilience officer for San Francisco.
“RMS’s science and technology will enable us to use modeling more dynamically
to improve our understanding of risk, to analyze the benefits of potential
mitigation investments and to respond effectively to actual events.”
RMS technology can
be used by cities in a variety of ways to increase their resilience, including:
Develop high quality data on exposures: Cities can use
the RMS(one) platform to establish a system of record for all data on
property, people and infrastructure exposed to natural hazards, enabling
consistent assumptions and availability of data for all risk assessment
projects as well as systematic improvement of the data over time.
Improve understanding of risk: By building
and running catastrophe models to simulate expected damage and other impacts
from plausible future events, cities can identify key drivers of risk,
whether by geography, type of building, or other factors.
Prioritize mitigation investments: Cities can test
hypothetical scenarios to quantify the impact of potential investments in
changing building codes, implementing retrofit programs, or improving
Communicate risk: Armed with
data and analysis, cities can more effectively share information on
exposures and risks to motivate communities to prepare for natural
Measure progress: With
consistent and easily updateable information on all exposures, cities can
regularly refresh their risk assessments to reflect achievements in
improving the building stock as well as growth in overall exposures to
measure progress over time.
Analyse risk-financing schemes: Assessing the
expected frequency of various levels of financial loss to public buildings
and infrastructure enables cities to evaluate potential mechanisms to
finance disaster response and rebuilding costs from future events.
Respond to disasters: By capturing
all exposure information and modelling assumptions in the RMS(one)
platform, cities can rapidly quantify expected damage after a catastrophe and
prioritize allocation of resources.
resilience is at the core of RMS’s business,” said Paul VanderMarck, chief
products officer at RMS. “By providing our models and technology to cities in
the 100 Resilient Cities program, we can help them better understand their
catastrophe risk and increase their resilience. As a company headquartered in
the San Francisco Bay Area, we are pleased that San Francisco will be the first
city to use our models and technology and we are looking forward to working
with other cities around the world, including those who are at an earlier stage
in their efforts to quantify their risk and take steps to prepare for future
RMS models and software help financial institutions and public agencies evaluate and manage catastrophe risks throughout the world, promoting resilient societies and a sustainable global economy.
For security reasons, this proprietary content is locked. To access this, and other RMS content, please continue to RMS Owl. If you are already a member, simply sign in for exclusive access. If you are an RMS client but not an RMS Owl member, sign up via the Need to Register option on the RMS Owl home page to unlock this important resource.