From Open Risk Manual
Risk Data denotes a defined set of information (data), in any format (but increasingly in digital form), that is used by an organization for diverse Risk Management and other business processes.
- A risk data set is always accessed via a Risk Data Instance, the concete information technology tool that stores and provides access to the actual data.
- Organizations typically use diverse sources of risk data, which formally can be organized using a Risk Data Taxonomy and enumerated in a Risk Data Inventory
- In the context of Credit Portfolio Management risk data constitute a primary source of Credit Portfolio Information
- Under financial regulatory frameworks there are diverse requirements for disclosure of risk data
- In the context of Model Development, risk data are essential for the transformation of an Abstract Risk Model into a concrete Model Implementation via the Model Specification process.
Issues and Challenges
- The adequacy of Data Infrastructure to support the diverse requirements for risk data use
- Sufficient Data Quality to ensure appropriate use of risk data
- The evaluation of whether risk data are fit-for-purpose is part of a variety of Risk Data Review processes