UC Berkeley, Stanford University and State Street Global Exchange have launched the Consortium for Data Analytics in Risk (CDAR), a research center that will promote data-science techniques to manage and mitigate economic and financial risk, the organizers said.
The launch comes at a key time for financial institutions. Integrating data scientists and their insight into existing operations is the number one priority for senior executives at investment organizations, according to a recent State Street survey.
With that pressing need in mind, CDAR will interact with a range of experts and contributors. Example relationships in and across CDAR include:
- CDAR will work closely with UC Berkeley's Center for Risk Management Research (CRMR), an existing unit dedicated to understanding the dynamics of risk in financial markets.
- Stanford University’s Center for Financial and Risk Analytics also is involved. The center focuses on models, algorithms and numerical tools to address questions related to financial markets.
- State Street also is a new member in the Berkeley Institute for Data Science (BIDS), which focuses on such issues as climate and biodiversity, seismology, neuroscience and human behavior and other areas.
A fourth founding CDAR member -- representing the technology industry -- will be named later this year, CDAR's organizers said.
No doubt, numerous colleges and universities now promote big data and analytics research and education. Many of those education efforts, including big data courses from MIT, are now available online.
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