Difference between revisions of "Open Risk Data Classification"

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Revision as of 11:51, 14 January 2020

Open Risk Data Classification

Open Risk Data is any dataset that has direct or indirect applications in Risk Management and is released under an Open Data license. This entry classifies open risk data along various dimensions

By Risk Type Category

Open Data relevant for risk management can be of various types, broadly aligned with the legal entities and risk types involved:

  • Government Data and Statistics collected and published by National Statistical Agencies or Supranational Organizations. Such data can be directly used in connection with Sovereign Risk but typically includes also aggregate economic data that are relevant also for corporate / consumer analyses
  • Market Data from organized markets / exchanges can be used directly for Market Risk analysis but also for more general asset market information
  • Consumer Data can be used directly for assessing individual Credit Risk. Consumer data might be made available by either
    • Governement agencies granting credit
    • Peer-to-peer platforms that offer visibility into their credit portfolios
  • Corporate Data can be used in the context of assessing business and credit risk
  • Regulatory Disclosures provide information on Bank balance sheets, thereby indirect measures of credit risk
  • There are currently no public datasets for all the different types of Operational Risk. There are some datasets relevant for IT Risk.

By Availability

Technically open data might be available as

  • feeds (regularly updated) that are provided online via an API
  • snapshots, one-of instances of datasets that are not repeated

By Open Data License

Formally a dataset is open if it is complies with a recognized open data definition. The two main categories of open data are either:

  • Data in the Public Domain (possibly without explicit license)
  • Data provided explicitly under an open data license

In addition, there may be data sets relevant for risk management that are free to use for some purposes, but are not actually open as per the above definition.

By Data Formats

There are currently no public risk data formats or standards for the transmission of risk related data. Generally, risk data are transmitted using ad-hoc formats, or formats developed in domains other than risk management. A discussion of the current status is provided in Risk Data Standards. It is worth mentioning that statistical data exchange among statistics institutions is to some extend standardized around SDMX.

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