In recent years, the nature and effects of disasters have changed. Simultaneously in Asia, high levels of economic activities take place in a low 'risk-awareness' environment. Asia faces challenges in understanding and recognising risk, risk quantification (in social, economic and environmental realms) and risk management. NTU's risk research agenda is driven by the principle that catastrophic risk impacts the functioning and indeed the whole fabric of society.

Understanding, communicating and managing catastrophic risk require comprehensive methodologies for risk quantification and mitigation. The Institute of Catastrophe Risk Management (ICRM) will be the first multi-disciplinary risk management research institute of its kind in Asia and amongst a handful of such foremost centers worldwide. It will lead NTU in a new wave of integrative research efforts in its domain. It will also be a key player in Singapore's effort to strengthen its position as a major financial hub.