This is clever but sounds too much like something out of Hollywood. I'd prefer bland but respectable.

I don't entirely disagree, but I do think Catastrophic Risks In Self-Improving Systems can be useful in pointing out the exact problem that the Singularity Institute exists to solve. I'm not at all sure at all that it would make a good name for the organisation itself. But I do perhaps think it would raise fewer questions, and be less confusing than The Singularity Institute for Artificial Intelligence or The Singularity Institute.

In particular, there would be little chance of confusion stemming from familiarity with Kurzweil's singularity from accelerating change.

There are lessons to be learned from Scientist are from Mars the Public is from Earth, and first impressions are certainly important. That said, this description is less over-exaggerated than it may at seem at first glance. The usage can be qualified in that the technical meanings of these words are established, mutually supportive and applicable.

Looking at the technical meaning of the words, the description is (perhaps surprisingly) accurate:

Catastrophic failure: Small changes in certain parameters of a nonlinear system can cause equilibria to appear or disappear, or to change from attracting to repelling and vice versa, leading to large and sudden changes of the behaviour of the system.

Catastrophe theory: Small changes in certain parameters of a nonlinear system can cause equilibria to appear or disappear, (...) leading to large and sudden changes of the behaviour of the system.

Risk is the potential that a chosen action or activity (including the choice of inaction) will lead to a loss (an undesirable outcome). The notion implies that a choice having an influence on the outcome exists (or existed).

Is the CRISIS mnemonic / acronym overly dramatic?

Crisis: From Ancient Greek κρίσις (krisis, “a separating, power of distinguishing, decision, choice, election, judgment, dispute”), from κρίνω (krinō, “pick out, choose, decide, judge”)

A crisis is any event that is, or expected to lead to, an unstable and dangerous situation affecting an individual, group, community or whole society. Crises are deemed to be negative changes in the security, economic, political, societal or environmental affairs, especially when they occur abruptly, with little or no warning. More loosely, it is a term meaning 'a testing time' or an 'emergency event'.

Usage: crisis (plural crises)

• A crucial or decisive point or situation; a turning point.
• An unstable situation, in political, social, economic or military affairs, especially one involving an impending abrupt change.
• A sudden change in the course of a disease, usually at which the patient is expected to recover or die.
• (psychology) A traumatic or stressful change in a person's life.
• (drama) A point in a drama at which a conflict reaches a peak before being resolved.

Perhaps CRISIS is overly dramatic in the common usage. But one would quite easily be able to explain how the use of this term is be qualified, and this in it self gives an attractive angle to journalists. In the process they would, inadvertently in a sense, explain what the Singularity institute does and why their work is important.

After thinking this over while taking a shower:

The CRISIS Research Institute — Catastrophic Risks In Self-Improving Systems
Or, more akin to the old name: Catastrophic Risk Institute for Self-Improving Systems

Hmm, maybe better suited as a book title than the name of an organization.