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NEW YORK – MAY 10, 2023 – Moody’s RMS™, the leading global catastrophe risk modeling and solutions company, is integrating Nasdaq’s (Nasdaq: NDAQ) Risk Modelling for Catastrophes (NRMC) service into its Intelligent Risk Platform™.
Risk is increasingly complex and connected, and requires the integration of multiple views and broader coverage of risks. This integration will provide consolidated access to over 300 risk models offered through Nasdaq’s platform, in addition to more than 400 existing risk models already provided by Moody’s RMS. A recent preview of the integrated service featured Fathom’s US flood model running in parallel with Moody’s RMS US Flood Model demonstrating how customers can build a unified view of risk by combining models across different vendors within a single modeling application.
When the solution is fully developed and subject to the necessary agreements being put in place between RMS and its partners for the integration, and for customer licenses, customers will be able to use Moody’s RMS Intelligent Risk Platform applications, such as Risk Modeler™, UnderwriteIQ™, and TreatyIQ™, run their own models, and have access to third-party models running on the Nasdaq platform, which is based on the Oasis Loss Modeling Framework (LMF).
Moody’s RMS announces that two new modeling engines will initially be integrated into the Intelligent Risk Platform to achieve unified model execution:
James Lay, Senior Director at Nasdaq, said: “The market is increasingly utilizing catastrophe models from multiple vendors to inform risk selection, risk pricing, and portfolio management decision-making. We believe that greater integration between the Nasdaq Risk Modelling for Catastrophes platform and the Intelligent Risk Platform will deliver enhanced benefits and efficiencies for our clients, and the reinsurance marketplace, while maintaining the independence of Nasdaq in the market. With this integration, Nasdaq customers will benefit from simpler access to modeling using the Moody’s RMS Intelligent Risk Platform data schema and data conversion functions that accept both Open Exposure Data (OED) and Exposure Data Module (EDM) formats and then simplify risk transfer using Results Data Module (RDM).”
Dickie Whitaker, Chief Executive, Oasis Loss Modelling Framework, said: “Oasis was established to increase choice in catastrophe modeling; it also has a key role to curate and promote standards. It is clear that this move will help both of those goals. The Nasdaq agreement helps create a trusted environment and independence for all model providers, as well as protecting individual model intellectual property. Equally, because Moody’s RMS is using standards encompassed by Oasis open-source software, this will help support the functions that Oasis exists to perform.”
Cihan Biyikoglu, Executive Vice President, Product, Moody’s RMS, said: “We are very excited about Nasdaq’s commitment to work exclusively with RMS to develop unified risk modelling in addition to facilitating integration of customers’ own models. The science and technology to make every risk known is continually evolving. At the genesis of the Intelligent Risk Platform, our intent was to unify risk analytics. Unified risk modeling with the new architecture is a critical step forward in that direction. The upcoming unified modeling capabilities within the Intelligent Risk Platform will not only simplify the great infrastructural complexity of data format conversion and enable many more customers to have access to multiple views of risk, but I believe will also accelerate industry innovation in the risk analytics space.
“Our customers expect Moody’s RMS to provide best in-class modeling incorporating the latest science and technology. By opening the Intelligent Risk Platform to include third-party models, companies will be able to blend and group Moody’s RMS, Oasis, or their own risk models to better enable unified views of risk, improve modeling efficiency, and gain a unified modeling approach across all insights, systems, and solutions.”
To learn more about third-party modeling on the Moody’s RMS Intelligent Risk Platform, please visit rms.com.
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About Moody’s RMS
Moody’s RMS shapes the world’s view of risk for insurers, reinsurers, financial services organizations, and the public sector, with Moody’s RMS models underlying the nearly $2 trillion USD Property & Casualty industry. Moody’s RMS empowers organizations to evaluate and manage global risk from natural and man-made catastrophes, including hurricanes, earthquakes, floods, climate change, cyber, and pandemics.
Moody’s RMS helped pioneer the catastrophe risk industry, and continues to lead in innovation, unmatched science, technology, and 300+ catastrophe risk models. Organizations can address the risks of tomorrow with the Intelligent Risk Platform™, the only open cloud with collaborative applications and unified analytics that can power risk management excellence.
Further supporting the industry’s transition to modern risk management, in 2020, Moody’s RMS spearheaded the Risk Data Open Standard (RDOS), a modern, open-standard data schema designed to be an extensible and flexible asset within modeling/analysis systems.
In 2021, Moody’s Corporation acquired Risk Management Solutions, Inc. and as part of Moody’s Analytics, Moody’s RMS serves the P&C insurance industry as the leading provider of expertise, science, and technology in integrated risk. A trusted solutions partner, Moody’s RMS enables effective risk management for better business decision-making across risk identification and selection, mitigation, underwriting, and portfolio management.
Visit RMS.com to learn more and follow us on LinkedIn and Twitter.
©2023 Risk Management Solutions, Inc. and/or its affiliates and licensors (“Moody’s RMS”). All rights reserved. All names, logos, and icons identifying Moody’s RMS and/or its products and services are trademarks of Risk Management Solutions, Inc. and/or its licensors or affiliates. Third-party trademarks referenced herein are the property of their respective owners.
Risk Management Solutions, Inc. is a subsidiary of Moody’s Corporation (NYSE: MCO) and operates as part of the Moody’s Analytics business segment. Moody’s Analytics is operationally and legally separate from the Moody’s Investors Service credit rating agency.
About Nasdaq:
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About Oasis Loss Modelling Framework
Oasis Loss Modelling Framework (Oasis LMF) is a not-for-profit company founded in 2012 to open up the world of catastrophe modelling. It is collectively owned by leading insurers, reinsurers, brokers and financial institutions.
Together, with an Associate Membership of over 100 companies and academics, it forms a widespread community of organisations dedicated to improving exposure management and catastrophe risk modelling, and strengthening links between relevant work in the scientific community and business users.
Oasis also curates Open Data standards (ODS) on behalf of the Industry https://github.com/OasisLMF/OpenDataStandards. These standards cover exposure and results for multiple classes.
Oasis provides open source software, encourages a vibrant community and stimulates innovation. Oasis software, code and full documentation is available via GitHub (https://github.com/OasisLmf), enabling active engagement with a broad community of users. For more information please visit: www.oasislmf.org.
