US$27 million institute set up in Singapore to improve public understanding of risk

The National University of Singapore (NUS) and Lloyd's Register Foundation unveiled the Lloyd's Register Foundation Institute for the improved understanding of risk at NUS, the first international academic and public institution to focus on risk in Asia. Construction was made possible through a £10 million (US$12.9 million) gift from the UK-based Lloyd’s Register Foundation and £11 million in funding from NUS. The institute marks the Foundation’s largest gift beyond the UK and it is also the largest NUS has received from a foreign organisation. The institute will lead transformative research on the scientific understanding of risk and its application through a multi-disciplinary approach that combines engineering, science, humanities and social sciences. It would also, as a public institution, look to become a trusted and authoritative voice on risk issues important to communities in parts of Asia and internationally. Lawrence Wong, Singapore’s Minister for National Development and Second Minister for Finance, opened the institute. Tan Chorh Chuan, NUS president professor said, “Understanding risks and the effective communication of these risks are areas that are vital to nearly all societies and often underdeveloped in many parts of the world. The new Lloyd’s Register Foundation Institute for the Public Understanding of Risk at NUS will help to bridge this gap in Asia, and take the lead in high quality research in this underserved area.”