Volatility and Risk Institute

An interdisciplinary center for research on financial, geopolitical, cyber, and climate risks by scholars, practitioners, and policymakers


The Volatility and Risk Institute is an interdisciplinary center for research and analysis of financial and nonfinancial risks. It serves as a designated hub to support risk-related research and collaboration among scholars, practitioners, and policymakers. It supports, promotes, and facilitates risk analysis, assessment, and measurement, and creates a bridge between faculty research and a specialized group of practitioners and market participants on the cutting-edge of real-world risk issues. To assess and analyze these risks, we are employing new data and analytical tools including those from data science and a wide range of machine learning technologies. Our Faculty Board is composed of members from the Tandon School of Engineering, the Courant Institute of Mathematical Sciences, the Wilf Family Department of Politics in the Faculty of Arts & Science, the Wagner Graduate School of Public Service, the School of Global Public Health, the Law School, and the Stern School of Business. Our focus is on newly emerging forms of risk including climate risk, geopolitical risk, cyber risk, more recently pandemic risk, as well as new topics in financial risk.

Volatility and Risk Institute Updates

The Journal of Portfolio Management Quant of the Year Award 2021

Petter Kolm named ‘Quant of the Year’ by The Journal of Portfolio Management

Professor Petter Kolm (VRI Advisory Board) was named the 2021 'Quant of the Year' by The Journal of Portfolio Management. The award "recognizes a researcher’s history of outstanding contributions to the field of quantitative portfolio theory."

Read the announcement
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A Letter from Our Directors

We are deeply appreciative of your support for the Volatility and Risk Institute. Since last spring, there have been many positive developments for the VRI. The most dramatic is the demand for our research on climate risk, kicked off by our acclaimed climate risk conference.

Read the full letter
LaSalle St Podcast logo

VRI Co-Directors featured on Chicago Fed's LaSalle St Podcast

Co-Directors Richard Berner and Robert Engle sat down with Alessandro Cocco on the Federal Reserve Bank of Chicago's LaSalle Street Podcast to discuss their research on climate risk.

Listen to the full episode
Screenshot of Cilmate Stress Testing NYFed report cover

VRI Authors Report with NYFed: Climate Stress Testing

Our research with Hyeyoon Jung of the Federal Reserve Bank of New York on "Climate Stress Testing" is now available as NYFed Staff Report. The research has been covered in Reuters and Bloomberg.

Read the full report
Cover of Gernot Wagner's Geoengineering Book

New Book From Gernot Wagner - Geoengineering: the Gamble

Professor Gernot Wagner (VRI Advisory Board) published a new book entitled, Geoengineering: the Gamble. The book explores risks, unknowns, and unknowables of geoengineering. It is out now in the UK and will be available in the US on November 5th.

More about Gernot's Book
White house briefing announcement

Phil Venables Appointed to President Biden’s Council of Advisors on Science and Technology

VRI Advisory Board member, Phil Venables, has been appointed to President Biden’s Council of Advisors on Science and Technology (PCAST). PCAST is responsible for making science, technology, and innovation policy recommendations to the the White House.

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Watch Now: Cryptoassets Virtual Conference

The Volatility and Risk Institute and the Vincent C. Ross Institute of Accounting Research co-hosted a virtual conference on Friday, September 17, 2021 on the topic, "What should the rules be for CryptoAssets? Accounting, Regulatory and Legislative Perspectives." The conference included two expert panels, a keynote with Professor David Yermack, and an interview with US Representative Bill Foster. A full program and videos are now avialable.

Watch the full conference
VRI Risk Podcast with Judith Germano

VRI Risk Podcast: Judith Germano on Ransomware Attacks and Building Cyber Resilience

The VRI Risk Podcast hosted by Richard Berner explores topics in risk with scholars, practitioners, and policymakers. In the first episode of the series, Richard Berner interviews Judith Germano, a nationally-recognized thought leader on cybersecurity governance, Distinguished Fellow at the NYU Center for Cybersecurity (CCS), and a VRI faculty board member. They discuss her analysis of the recent ransomware attacks and her vision for building

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Our research focuses on emerging forms of risk including climate risk, geopolitical risk, cyber risk as well as new topics in financial risk.

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Our research focuses on emerging forms of risk including climate risk, geopolitical risk, cyber risk as well as new topics in financial risk.

Our latest research
Screenshot of VLab's Global Volatility analysis page


The Volatility Laboratory (V-Lab) provides real time measurement, modeling and forecasting of financial volatility and correlations for a wide spectrum of assets. 


View our daily analysis
Bryan Kelly at VI Conference (Crop)


The Volatility and Risk Institute hosts Quantitative Finance and Econometrics seminars (QFE) and conferences

Our upcoming events