Our vision: To impel climate change mitigation action by motivating private investments in sustainably managed forest ecosystem services. Our contribution: To address a critical KE gap between expertise on the mapping, modelling and quantification of the risk of forest carbon loss, and investor's confidence in forest investments (including in REDD+). Our focus: To address 4 categories of risks (i) Climatic (ii) Fire (iii) Anthropogenic and (iv) Regulatory. Our aim: To stimulate the exploitation of UK's world-class knowledge base -NERC and elsewhere - in forest loss and risk mapping by the UK knowledge brokers and financial institutions. Our impacts: To deliver, as a consequence of this work, a more accurate and holistic understanding of the real risk represented by forest propositions around the world; a more stable and mainstream investment environment for forestry and; to bring forestry from the margins of business, to a business line as common as aviation, motor or life and pensions. We request funding for a period of 12 months to support the creation of a ForestRisks-for-Finance Network. Partners, including WillisRE Ltd., ForestRe Ltd., Ecometrica Ltd, Acclimatise Ltd. The Edinburgh Centre on Climate Change, and Forest Research will contribute more than £55,000 in-cash and in-kind to this KE initiative. A PDRA will be appointed to effectively bring together the NERC funded and UK research community (on forest-loss risks) as well as to proactively engage with potential users (Brokers & End users). This initiative stems from (a) recommendations made at the NERC-funded Long Finance symposia on "Forestry and Finance: Where's the data" (London, July 2010 and Sept 2010), to which the PI (Patenaude) was an invited panellist and (b) the wider KE activities led by Richard Max-Lino (NERC Knowledge and Innovation Manager, Financial Services) and the Long Finance initiative (http://www.zyen.com/long-finance.html).

CRUST takes advantage of the UK's leadership in uncertainty evaluation of earthquake source and ground motion (Goda [PI] and University of Bristol/Cabot Research Institute) and on-shore tsunami impact research (Rossetto [Co-I] and University College of London/EPICentre [Earthquake and People Interaction Centre]) to develop an innovative cross-hazard risk assessment methodology for cascading disasters that promotes dynamic decision-making processes for catastrophe risk management. It cuts across multiple academic fields, i.e. geophysics, engineering seismology, earthquake engineering, and coastal engineering. The timeliness and critical needs for cascading multi-hazards impact assessments have been exemplified by recent catastrophes. CRUST fills the current gap between quasi-static, fragmented approaches for multi-hazards and envisaged, dynamic, coherent frameworks for cascading hazards. CRUST combines a wide range of state-of-the-art hazard and risk models into a comprehensive methodology by taking into account uncertainty associated with predictions of hazards and risks. The work will provide multi-hazards risk assessment guidelines and tools for policy-makers and engineering/reinsurance industries. The proposal capitalises on a breakthrough technology for generating long-waves achieved by Rossetto. CRUST is composed of four work packages (WPs): WP1-'Ground shaking risk modelling due to mega-thrust subduction earthquakes'; WP2-'Tsunami wave and fragility modelling due to mega-thrust subduction earthquakes'; WP3-'Integrated multi-hazards modelling for earthquake shaking and tsunami'; and WP4-'Case studies for the Hikurangi and Cascadia subduction zones'. In WP1-WP3, the research adopts the 2011 Tohoku earthquake as a case study site, since this event offers extensive datasets for strong motion data, tsunami inundation, and building damage survey results, together with other geographical and demographical information (e.g. high-resolution bathymetry data and digital elevation model). The aims of WP1 are: to generate strong motion time-histories based on uncertain earthquake slips, reflecting multiple asperities (large slip patches) over a fault plane (WP1-1); to characterise spatiotemporal occurrence of aftershocks using global catalogues of subduction earthquakes (WP1-2); and to conduct probabilistic seismic performance assessment of structures subjected to mainshock-aftershock sequences (WP1-3). WP2 comprises tsunami wave profile and inundation simulation using uncertain earthquake slips (WP2-1); characterisation of tsunami loads to structures in coastal areas through large-scale physical experiments using an innovative long wave generation system at HR Wallingford (WP2-2); and development of analytical tsunami fragility models in comparison with field observations and experiments (WP2-3). The WP2 will be conducted in collaboration with academic collaborators from Kyoto University and Tohoku University (Japan). WP3 integrates the model components developed from WP1 and WP2 into a comprehensive framework for multi-hazards risk assessment for the 2011 Tohoku earthquake and tsunami (WP3-1). Then, practical engineering tools for the multi-hazards method will be developed in WP3-2. Finally, in WP4, the developed multi-hazards methodology will be applied to the Hikurangi and Cascadia subduction zones. The assessments are done in a predictive mode, and these case studies will be conducted in close collaboration with academic partners, GNS Science (New Zealand) for the Hikurangi zone, and researchers at Western University and University of British Columbia (Canada) for the Cascadia zone.

CENTRE VISION Our vision for the new CDT in Financial Computing and Analytics is to as a national 'beacon' linking PhD & Masters' students, industry and academia in financial computing and analytics. We and our Industry partners are also central to the forthcoming investments in Big Data from EPSRC and ESRC (e.g. Business Datasafe). Its principal objective is to educate the next generation of elite PhDs with unparalleled, cross-disciplinary expertise in applied computing, analytics and financial mathematics, as well as in-depth sector understanding, to meet an increasing demand for their skills within the Financial Service Industry, Government, Retail and other Service sectors. Our existing DTC in Financial Computing is unique (there is no other research & training activity like it in the world) and by placing our PhD students in financial institutions and regulators it has had a major impact on the UK financial sector, as indicated by the Financial Times article (School for QUANTS) and our Letters of Support. The CDT is a new partnership between UCL, LSE and ICL, all providing MRes courses and PhD supervision. NATIONAL IMPORTANCE & GROWING NEED FOR CROSS-DISCIPLINARY SKILLS London is the world's leading international financial centre and the UK financial services industry is the key sector for the UK economy, contributed £124bn to the UK economy, generating a trade surplus of £36bn in 2010 and employing 1 million people. London is also the location for our financial regulators and world-class Retailers. Our Financial and other Service industries are therefore crucial to the UK's, and especially London's, continuing social and economic prosperity. Although we receive over 600 enquiries/applications per annum, and growing, recent reports by McKinsey and Accenture highlight the major and growing skills shortage of (postgrad) IT/data scientists in the USA 22,000 and the UK 4,000. EPSRC PRIORITIES AND RESEARCH The proposed CDT is aligned to EPSRC priorities across a number of Themes, in particular: Data to Knowledge (an ICT Theme priority), Industrially Focussed Mathematical Modelling (Mathematical Sciences) and New Digital Ventures (Digital Economy). The crucially important IT research challenges in just one area, namely the application of software engineering, AI and verification/correctness to algorithms for automated trading, illustrates the enormous research opportunities. IMPACT The current DTC in Financial Computing is acknowledged by the Department of Business Innovation & Skills as having had a major impact on our financial industry partners and on our academic partners. This will continue with the new CDT, impacting Regulators, government, Retailers and analytics companies. * STUDENTS - In 2011 the Centre funded more female PhD students than males, and in 2012 the Centre started 40 new PhD students if we count DTC funded students, students funded by other sources, such as retail and analytics companies, and industry-based part-time students. * ACADEMIA - UCL, LSE and Imperial College have all appointed new faculty in applied financial computing and business analytics; and UCL and ICL have started new Masters programmes. * INDUSTRY - many of the Banks now have established formal PhD programmes, in part due to the current DTC, and proved lecturers to the partners for industry-oriented programmes. * REGULATORS AND GOVERNMENT- we have placed PhD students in the BoE/FSA/PRA/FCA and the Cabinet Office, and as discussed in the Case for Support, we have held individual meetings and workshops with the Regulators (BoE, PRA, FCA) and with new (Retailer) partners (Tesco, BUPA, Unilever) to discuss how we can support them. * SOCIETAL - we encourage and support our PhD students in launching their own start-up, and we provide Masters and Undergraduate students to London-based start-ups, especially in the area called New Finance (e.g. P2P lending, crowdfunding).