The Homeland Security Grant Program provides a suite of risk-based grants available to assist state, local, tribal, and territorial efforts in preventing, protecting against, mitigating, responding to, and recovering from acts of terrorism and other threats. As a result of the evolving threat landscape and as part of ongoing efforts to improve administration of the grant program, the Federal Emergency Management Agency (FEMA) is undertaking a comprehensive, coordinated, and collaborative review of the State Homeland Security Program and Urban Area Security Initiative risk methodology, which are two of three programs of the Homeland Security Grant Program. FEMA asked the Homeland Security Operational Analysis Center (HSOAC), a federally funded research and development center (FFRDC) operated by the RAND Corporation, to conduct an independent review of the Homeland Security Grant Program’s risk formula and data sources.