Noreen Clancy

Noreen Clancy
Senior Policy Researcher; Professor of Policy Analysis, RAND Pardee Graduate School; Associate Research Department Director, Global Research Talent Operations


M.S. in environmental science and policy, The Johns Hopkins University; B.A. in criminology and law, University of Florida

Media Resources

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Noreen Clancy is a senior policy research at RAND and a professor of policy analysis at the Pardee RAND Graduate School. She has two primary areas of research: resilience from natural disasters and issues facing the financial services sector. Her natural disaster work includes issues related to flooding and flood insurance and the equitable distribution of pre- and post-disaster funding. She has explored the extent to which the public sector can transfer some of that risk to the private sector in the form of insurance or other financial instruments such as catastrophe bonds. She analyzed whether FEMA could simplify the required benefit-cost analysis process in applications for hazard mitigation assistance to be more inclusive of lower-resourced communities. She studied properties with multiple flood losses insured by the NFIP and the communities in which they are located to help inform decisions related to floodplain management, flood insurance, and mitigation efforts. She also developed a resource guide for communities that explores mechanisms to improve the financial resilience of both individuals and communities that experience natural disasters. In her current work, she is helping FEMA think about how best to incorporate equity into its mitigation grant program for communities (Building Resilient Infrastructure and Communities).

Regarding financial services, she is interested in the legal/regulatory challenges posed by cryptocurrencies and blockchain technologies. She recently participated in a study exploring the future of corporate cryptocurrency. Her earlier financial services research included coauthoring a study of hedge funds and systemic risk, examining the regulatory structure of broker dealers and investment advisors for the SEC and evaluating how assets are valued (historical cost vs. mark-to-market accounting) and whether that led to market distortion during the financial crisis. She has also studied consumer financial decisionmaking by conducting surveys, interviews and focus groups. Clancy holds an M.S. in environmental science and policy from The Johns Hopkins University.

Selected Publications

Clancy, Noreen, Lloyd Dixon, Jessica Welburn Paige, Sam Morales, Brian Wong, Andrew M. Parker, and Katherine Grace Carman, Improving the Financial Resilience of Public Entities and Individuals for Natural Disasters: A Resource Guide for State and Local Government, RAND Corporation (RR-A1770-3), 2023

Finucane, Melissa L., Noreen Clancy, Andrew M. Parker, Jessica Welburn Paige, Karishma V. Patel, Devin Tierney, Michael T. Wilson, Peggy Wilcox, Tucker Reese, Jhacova Williams, Jordan R. Reimer, Thomas Goode, Sam Morales, and Alyson Harding, How Do We Know Whether Federal Disaster Programs Are Equitable? An Initial Methodology for Evaluating Social Equity Performance of the Building Resilient Infrastructure and Communities Mitigation Grant Program, RAND Corporation (RR-A2145-2), 2023

Mignano, Jim, Jade Yeung, Fiona Quimbre, Mandlenkosi Dube, Steven W. Popper, and Noreen Clancy, Disruptive Money: Exploring the Future of Corporate Cryptocurrency, RAND Corporation (RR-A2251-1), 2023

Clancy, Noreen, Lloyd Dixon, Erin N. Leidy, Michael T. Wilson, Rahim Ali, Bruce Bender, Tucker Reese, and Peggy Wilcox, One- to Four-Family Properties with Multiple Losses Insured by the National Flood Insurance Program: Property Characteristics, Community Demographics, and Mitigation Strategies, RAND Corporation (RR-A2462-1), 2023

Miller, Benjamin M., Noreen Clancy, Douglas C. Ligor, Geoffrey Kirkwood, David Metz, Steven Koller, and Stephanie Stewart, The Cost of Cost-Effectiveness: Expanding Equity in Federal Emergency Management Agency Hazard Mitigation Assistance Grants, RAND Corporation (RR-A2171-1), 2023

Dixon, L., J.T. Barnosky and N. Clancy, Insuring Public Buildings, Contents, Vehicles and Equipment Against Disasters, RAND Corporation, Santa Monica, CA (RR-A332-1-DHS), 2020

Dixon, Lloyd, Noreen Clancy, Benjamin M. Miller, Sue Hoegberg, Michael M. Lewis, Bruce Bender, Samara Ebinger, Mel Hodges, Gayle M. Syck, Caroline Nagy, and Scott R. Choquette, The Cost and Affordability of Flood Insurance in New York City: Economic Impacts of Rising Premiums and Policy Options for One- to Four-Family Homes, RAND Corporation (RR-1776-NYCEDC), 2017

Hung, A., N. Clancy, J. Dominitz "Investor Knowledge and Experience with Investment Advisers and Broker-Dealers," in ed. Olivia S. Mitchell and Annamaria Lusardi, Financial Literacy: Implications for Retirement Security and the Financial Marketplace, Oxford University Press, 2011