Noreen Clancy

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

Washington Office

Education

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

One Page Bio

Media Resources

This researcher is available for interviews.

To arrange an interview, contact the RAND Office of Media Relations at (310) 451-6913, or email media@rand.org.

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Overview

Noreen Clancy is associate research department director, Global Research Talent Operations, and a senior policy researcher at the RAND Corporation. 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. Most recently, she has studied post-disaster events and the right balance of risk-sharing across federal, state, and local governments. She has also 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. In her current work, she is helping FEMA think about how best to incorporate issues of risk and equity into its mitigation grant program for communities (Building Resilient Infrastructure and Communities). In her past work she contributed to the long-term recovery plan for Puerto Rico, specifically addressing housing recovery efforts. After Hurricane Sandy, she assessed the risks of flooding in New York City, the implications of an expanded flood map, and the rising cost of flood insurance, and developed policy options for providing assistance to homeowners who will have trouble affording the higher premiums. She was also co-PI of a grant in the Gulf of Mexico examining the community resilience attributes of areas heavily impacted by the 2010 Deepwater Horizon oil spill.

Regarding financial services, Clancy's two prime interests relate to the legal and regulatory challenges posed by cryptocurrencies and blockchain technologies and issues dubbed Green Swans. Green Swans are climate related risks (physical and transition risks) that have the potential to be extremely financially disruptive. 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 risk accumulation problems or market distortion during the financial crisis.

Prior to joining RAND, Clancy worked at the National Oceanic and Atmospheric Administration and the President’s Council on Environmental Quality. She holds an M.S. in environmental science and policy from Johns Hopkins University.

Research Focus

Selected Publications

Clancy, N., M. Finucane, J. Fischbach, D. Groves, D. Knopman, K.V. Patel, L. Dixon, Building Resilient Infrastructure and Communities Mitigation Grant Program: Incorporating Hazard Risk and Social Equity into Decision Processes, RAND Corporation, Santa Monica, CA (RR-A1258-1-DHS), 2022

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

Finucane, M.L., M. Blum, R. Ramchand, A.M. Parker, S. Nataraj, N. Clancy, G. Cecchine, A. Chandra, T. Slack, G. Hobor, R. Ferreira, K. Luu, A. Lesen & C. Bond, " Advancing community resilience research and practice: moving from "me" to "we" to "3D.”," Journal of Risk Research, 23(1), 2020

Miller, B., L. Dixon and N. Clancy, "Reasonable and Risk Based? Replacing NFIP Generally Subsidized Rates with a Means-Tested Subsidy," Southern Economic Journal, 85(4), 2020

Clancy, Noreen, Lloyd Dixon, Daniel Elinoff, Kathryn Kuznitsky, and Sean McKenna, Modernizing Puerto Rico's Housing Sector Following Hurricanes Irma and Maria: Post-Storm Challenges and Potential Courses of Action, RAND Corporation (RR-2602-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

Commentary

Liability Risk Management

Creating the Right Incentives for State and Local Governments to Reduce Disaster Costs
In the United States, federal, state, and local governments share responsibility for paying for losses from disasters. As the frequency and severity of disasters has increased, so have the losses. It's worth considering whether the current risk-sharing approach is appropriate.
Oct 14, 2020
The Hill
Why Houstonians Didn't Buy Flood Insurance
Thousands of Houston-area homeowners will face massive, uninsured losses due to flood damage. Few homeowners buy flood insurance unless they are required to, and it's only mandatory for homes with mortgages located in FEMA-defined high-risk flood zones. People tend to ignore low-probability risks.
Sep 12, 2017
The RAND Blog
Energy Consumption

Global Methane Initiative: Converting Harmful Emissions to Usable Energy
Carbon dioxide has garnered the most attention in the climate change debate because it accounts for the bulk of greenhouse gas emissions. But there is good reason to worry about methane, say Nicholas Burger and Noreen Clancy.
Feb 6, 2013
The RAND Blog

Publications

Report
An Initial Methodology for Evaluating Social Equity Performance in Disaster Mitigation Grants: The Building Resilient Infrastructure and Communities Program
The authors explore how the Building Resilient Infrastructure and Communities grant program addresses the greatest natural hazard risks for mitigation (predisaster actions to reduce damage and ease recovery) while also integrating social equity factors.
Mar 22, 2023
Report
The Cost of Cost-Effectiveness: Expanding Equity in Federal Emergency Management Agency Hazard Mitigation Assistance Grants
Researchers offer ways the Federal Emergency Management Agency could simplify or amend the required benefit–cost analysis process in applications for hazard mitigation assistance to be more inclusive of lower-resourced communities.
Feb 15, 2023
Journal Article
Efforts to End a Stalemate in Landslide Insurance Availability Through Inclusive Policymaking: A Case Study in Sitka, Alaska
We explored how participatory techniques could overcome one disaster risk financing-related stalemate: the case of landslide insurance in a highly landslide-prone location, Sitka, Alaska.
Jul 28, 2022
Report
The Building Resilient Infrastructure and Communities Mitigation Grant Program: Incorporating Hazard Risk and Social Equity into Decisionmaking Processes
The federal Building Resilient Infrastructure and Communities (BRIC) program can help develop community resilience through mitigation activities that emphasize equity goals alongside reduction of risk to physical assets, as described in this report.
Mar 23, 2022
Report
Insuring Public Buildings, Contents, Vehicles, and Equipment Against Disasters: Current Practices of State and Local Government and Options for Closing the Insurance Gap
For this report, researchers examined state and local financial risk management practices, the role that the Federal Emergency Management Agency's Public Assistance program plays in these practices, and options for closing the insurance gap.
Oct 9, 2020
Report
Modernizing Puerto Rico's Housing Sector Following Hurricanes Irma and Maria: Post-Storm Challenges and Potential Courses of Action
Puerto Rico's housing sector needs a big fix. Through a careful analysis of housing damage caused by the 2017 hurricanes, the authors make informed recovery recommendations for policymakers so they can repair and rebuild safe and affordable housing.
Sep 30, 2020
Journal Article
Advancing Community Resilience Research and Practice: Moving from "Me" to "We" to "3d"
In this article, we provide a rationale for moving research and practice towards an adaptive systems framework, drawing on the cascading challenges that Gulf of Mexico coastal communities have endured since the 2010 Deepwater Horizon (DWH) oil spill disaster.
Sep 16, 2020
Journal Article
Persistent Risk-Related Worry as a Function of Recalled Exposure to the Deepwater Horizon Oil Spill and Prior Trauma
This study examined the nature and predictors of worry about ongoing impacts of the 2010 Deepwater Horizon (DH) oil spill reported by Gulf of Mexico coastal residents.
Sep 16, 2020
Report
Building Community Resilience to Large Oil Spills: Findings and Recommendations from a Synthesis of Research on the Mental Health, Economic, and Community Distress Associated with the Deepwater Horizon Oil Spill
In this report, the authors explore how communities, government officials, nongovernmental organizations, businesses, and scientists can build community resilience to large oil spills.
Jul 6, 2020
Journal Article
Reasonable and Risk-Based? Replacing NFIP Generally Subsidized Rates with a Means-Tested Subsidy
Our results suggest that the savings associated with replacing subsidies with our proposed means-tested subsidy would be $183 million per year if all households in the study area hold NFIP policies, or a savings of approximately $3800 per policy.
2019
Report
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
This report examines flood insurance cost in New York City and homeowners' ability to afford it. It develops and evaluates several different approaches for assisting households that have difficulty affording flood insurance.
Mar 27, 2017
Research Brief
How Affordable Is Flood Insurance in New York City and What Can Be Done to Address Affordability Issues?
This research brief examines the affordability of flood insurance in New York City and what can be done to address the affordability issue.
Mar 27, 2017
Report
Development of a K–12 Financial Education Curriculum Assessment Rubric
RAND researchers document the current state of the literature and advance a set of criteria for assessing the content, utility, quality, and efficacy of K-12 financial education curricula.
Nov 5, 2015
Tool
A Tool for Reviewing K–12 Financial Education Curricula
To help educators think about which curriculum to use, and to better understand the strengths and gaps in the curriculum currently being used, the RAND Corporation developed this tool for reviewing financial education curricula.
Nov 5, 2015
Report
The Hurricane Sandy Rebuilding Task Force's Infrastructure Resilience Guidelines: An Initial Assessment of Implementation by Federal Agencies
RAND researchers assessed federal agencies' implementation of the Infrastructure Resilience Guidelines, written by the Presidential Hurricane Sandy Rebuilding Task Force to ensure key principles of resilience when investing appropriated funds.
Dec 9, 2014
Report
The Impact on Federal Spending of Allowing the Terrorism Risk Insurance Act to Expire
Examines whether federal spending would increase or decrease if the Terrorism Risk Insurance Act were allowed to expire.
Apr 9, 2014
Report
Flood Insurance in New York City Following Hurricane Sandy
This report examines dimensions of the changing flood insurance environment in New York City and explores the consequences for the city's residents and businesses.
Oct 25, 2013
Research Brief
The Rising Cost of Flood Insurance in New York City
Even as many in New York City struggle to rebuild after Hurricane Sandy, changes in the flood insurance market are increasing premiums for those living near the coast. This brief examines the gravity of the news and what can be done in response.
Oct 25, 2013
Report
Fair Value Accounting, Historical Cost Accounting, and Systemic Risk: Policy Issues and Options for Strengthening Valuation and Reducing Risk
Examines the relationship between fair value accounting and historical cost accounting and systemic risk to the financial system, including the role that the accounting approaches played in the 2008 financial crisis.
Oct 9, 2013
Research Brief
Systemic Risk in the Financial Sector: The Role of Fair Value Accounting Versus Historical Cost Accounting
Examines the relationship between fair value accounting and historical cost accounting and systemic risk to the financial system, including the role that accounting approaches played in the 2008 and earlier financial crises.
Oct 9, 2013
Report
Hedge Funds, Systemic Risk, and Dodd-Frank: The Road Ahead
These proceedings summarize the key themes and issues raised during a September 2012 RAND symposium. Discussion focused on how hedge funds might contribute to systemic risk and the extent to which recent financial reforms address these risks.
Jun 12, 2013
Report
Outcome Evaluation of U.S. Department of State Support for the Global Methane Initiative
A RAND study evaluated U.S. Department of State contributions to the Global Methane Initiative, an international partnership to promote methane recovery and reuse. The study focused on the strategic contributions and program activities and outcomes.
Jan 30, 2013
Report
Choosing a New Organization for Management and Disposition of Commercial and Defense High-Level Radioactive Materials
Describes the steps needed to design a new organization for the management and disposition of commercial and defense high-level radioactive materials, with particular focus on the relationship of the organization to the President and Congress.
Jan 11, 2013
Research Brief
Options for an Organization to Manage and Dispose of Radioactive Materials
RAND researchers describe the attributes of potential organizational models and the steps needed to choose the form of a new organization charged with managing and disposing of commercial and defense high-level radioactive materials.
Jan 11, 2013
Research Brief
Do Hedge Funds Pose a Systemic Risk to the Economy?
RAND research finds that hedge funds did not play a pivotal role in the financial crisis of 2007-2008 but assesses how such funds could contribute to systemic risk in the future.
Sep 19, 2012
Report
Hedge Funds and Systemic Risk
This report explores the extent to which hedge funds create or contribute to systemic risk, the role they played in the financial crisis, and whether and how the 2010 Dodd-Frank legislation addresses the potential systemic risks they pose.
Sep 19, 2012
Report
Earthquake Insurance and Disaster Assistance: The Effect of Catastrophe Obligation Guarantees on Federal Disaster-Assistance Expenditures in California
Proponents of the Catastrophe Obligation Guarantee Act argue that lower-cost catastrophe insurance could reduce federal disaster-assistance expenditures. This report estimates the law's potential effects in California.
Sep 28, 2010
Report
An Assessment of the U.S. Environmental Protection Agency's National Environmental Performance Track Program
The National Environmental Performance Track program sought to encourage facilities to improve their environmental performance. The U.S. Environmental Protection Agency should continue to find ways to enhance traditional regulatory approaches.
May 7, 2010
Report
Strengthening U.S. International Energy Assistance to Reduce Greenhouse Gas Emissions and Improve Energy Security
U.S. international energy-assistance programs, a potentially important tool for reducing global greenhouse gas emissions and increasing energy security, are reviewed and compared with German programs; recommendations are made for further study.
Sep 10, 2009
Report
Understanding Forfeitures: An Analysis of the Relationship Between Case Details and Forfeiture Among TEOAF High-Forfeiture and Major Cases
The Treasury Executive Office for Asset Forfeiture (TEOAF) administers the Treasury Forfeiture Fund (TFF). This report examines the relationship between targeted funding of major financial investigations and forfeiture outcomes.
Mar 18, 2009
Report
The Global Technology Revolution China, In-Depth Analyses: Emerging Technology Opportunities for the Tianjin Binhai New Area (TBNA) and the Tianjin Economic-Technological Development Area (TEDA) (Chinese-language version)
Tianjin Binhai New Area and the Tianjin Economic-Technological Development Area commissioned a technology-foresight study to help them plan for economic growth. Seven applications stand out; the authors describe drivers, barriers, and plans for each.
Jan 30, 2009
Report
The Global Technology Revolution China, Executive Summary: Emerging Technology Opportunities for the Tianjin Binhai New Area (TBNA) and the Tianjin Economic-Technological Development Area (TEDA)
Tianjin Binhai New Area and the Tianjin Economic-Technological Development Area commissioned a technology-foresight study to help them plan for economic growth. Seven applications stand out; the authors describe drivers, barriers, and plans for each.
Jan 29, 2009
Report
The Global Technology Revolution China, In-Depth Analyses: Emerging Technology Opportunities for the Tianjin Binhai New Area (TBNA) and the Tianjin Economic-Technological Development Area (TEDA)
Tianjin Binhai New Area and the Tianjin Economic-Technological Development Area commissioned a technology-foresight study to help them plan for economic growth. Seven applications stand out; the authors describe drivers, barriers, and plans for each.
Jan 29, 2009
Research Brief
Investment Advisers and Broker-Dealers
This research brief describes broker-dealers and investment advisers -- their numbers, size, assets, clients, services, and affiliations -- and examines whether individual investors understand the differences between them.
Mar 24, 2008
Report
Investor and Industry Perspectives on Investment Advisers and Broker-Dealers
This report examines current practices and investor understanding of brokers, dealers, and investment advisers -- three theoretically distinct types of financial professionals whose boundaries have blurred in recent decades.
2008
Report
The Effects of the Changes in Chapter 7 Debtors' Lien-Avoidance Rights Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) limited exempt household goods on which debtors could avoid certain liens. This study found no changes in debtor or creditor behavior due to the new limits.
Jul 25, 2007
Report
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005: Evaluation of the Effects of Using IRS Expense Standards to Calculate a Debtor's Monthly Disposable Income
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that bankruptcy filers with above-median monthly incomes use IRS standards, not current expenses, to calculate disposable income. This report assesses this law's effects.
Jul 23, 2007
Report
Prebankruptcy Credit Counseling
This report examines the challenges facing EOUST in measuring the effectiveness of prebankruptcy credit counseling for approving and reapproving providers, now that counseling is required for individual filers.
Jul 23, 2007
Research Brief
Private Insurers Play a Limited, but Key, Role in Underwriting Residential Flood Insurance
This research brief summarizes a study that found that the private insurance industry underwrites residential flood insurance in a limited but important niche, protecting more homes, responding to lender and borrower needs, and reducing lender costs.
Jun 18, 2007
Report
Identifying Fraud, Abuse, and Error in Personal Bankruptcy Filings
A digital bankruptcy case filing system, incorporating lessons from the IRS and GSA as well as the private sector, may be on the horizon to help the U.S. Trustee Program better identify and measure fraud, abuse, and error in personal bankruptcies.
Jun 5, 2007
Report
The Lender-Placed Flood Insurance Market for Residential Properties
The National Flood Insurance Program (NFIP) provides the majority of flood insurance on U.S. residential properties. This report provides information about the size of the private flood insurance market and compares private with NFIP policies.
May 2, 2007
Research Brief
Evaluating National Flood Insurance
This research brief assesses the nationwide market penetration rate of the Federal Emergency Management Agency-administered National Flood Insurance Program, identifies the contributing factors, and summarizes the benefits of increasing this rate.
Mar 3, 2006
Report
The National Flood Insurance Program’s Market Penetration Rate: Estimates and Policy Implications
This report contributes to the Federal Emergency Management Agency's evaluation of the National Flood Insurance Program by assessing the program's market penetration rate and by examining opportunities for increasing this rate.
Jan 23, 2006
Research Brief
Transferrring Army Land Containing UXO: Problems and Possible Solutions
The Army asked RAND Arroyo Center to identify and assess obstacles to the transfer of land containing unexploded ordnance (UXO) and then to identify innovative ways to accomplish such transfer.
Nov 25, 2005
Report
Transferring Army BRAC Lands Containing Unexploded Ordnance: Lessons Learned and Future Options
Identifies and assesses obstacles to disposing of excess Army lands that contain unexploded ordnance, and identifies innovative options for the disposal of these lands.
Dec 16, 2004
Report
Case Studies of Existing Human Tissue Repositories: "Best Practices" for a Biospecimen Resource for the Genomic and Proteomic Era
Insights and information from a study of twelve human tissue repositories.
2003