The Global Risk Modelling Alliance, or GRMA, is a public-good service proposed by V20 members in the 1st Climate-Vulnerables Finance Summit in 2021, co-developed with the Insurance Development Forum, and subject to an agreement between the IDF and the V20 Group of Ministers of Finance at CoP26 in Glasgow.
Funded by the German government and supported by the international insurance sector, the GRMA offers countries open data, technology and practical learning through co-development of risk management strategies and applied risk finance projects.
The GRMA brings access to climate and disaster risk insight where it is needed the most. Working side by side with officials and local experts in ministries and mayoral offices, it offers open risk management tools, data and access to operational risk finance expertise.
The Global Risk Modelling Alliance is unique in offering private sector risk analytics capability for the benefit of public sector programmes, for public good. Ministries will gain and use the financial metrics to develop risk strategy – and access risk capital – with confidence. These collaborations have potential to lead to long-term, trusted relationships for the benefit of all.
Common goals underpin the GRMA mission. Greater stability, safer communities, better protected and stronger economies go hand in hand with fairer access to knowledge and finance, integration of local perspectives, and autonomy in risk management.
At-risk countries can exercise informed autonomy with the GRMA – to create their own view of risk, build sustainable local capability in risk insight, and lead and manage strategies appropriate to their needs.
Local knowledge, expertise and lived-experience are vital ingredients to better risk understanding and a safer, more sustainable world. GRMA will help countries to incorporate these into risk insights.
Partnerships facilitated by GRMA enable local decision-makers in integrating local understanding with insights provided by global partners.
GRMA is unique in combining private sector risk analytics capability with public sector programmes and access to private sector finance and expertise.