RMS makes Risk Data Open Standard (RDOS) publicly available
Risk models and solutions provider RMS has made its Risk Data Open Standard (RDOS) publicly available for download.
RDOS is a modern data schema for the risk modelling community, representing the new, open standard for holding all types of risk data, including exposure, coverage, model settings, and results of analyses.
Unlike current risk data standards, RDOS is designed for any type of model and any type of business and contains a complete and unambiguous description of exposure and analysis. RDOS is currently backward compatible with RMS Exposure Data Model (EDM) and Results Data Model (RDM) – and is extensible to support other data standards and models.
The move to make RDOS publicly available via GitHub is a culmination of a multi-year development effort and eight-month industry review period, initially spearheaded by RMS, to provide the most robust risk data schema to the industry by tapping the expertise and ongoing contributions of a thriving risk modelling community.
RMS is now releasing the first version of RDOS for open source development. From this point forward, anyone is free to review, use, and contribute to the standard, under an Apache 2.0 license. Future priorities and updates will be guided by a steering committee currently made up of 15 companies from the world’s leading re/insurers.
“We’re in the business of risk and understand the nuances and challenges that it presents,” said Karen White, chief executive officer of RMS. “The current leading data standard – the coin of the realm in the industry – is RMS’s proprietary EDM. However, legacy systems and decades-old technology, ours or other vendors, cannot leverage big data or support the high-gradient models required to understand new perils and emerging risks to gain a deeper understanding of risk within and across lines.
“A lack of data interoperability and loss of risk data inherent with today’s proprietary standards costs the industry billions of dollars a year. A new way of thinking and a more innovative, flexible and transparent approach will serve the industry well as it moves into the future. By introducing RDOS, we’re ushering in a new era of accessibility and collaboration. We would like to thank the RDOS Steering Committee for their guidance. Together, we’re helping the industry gain a more powerful understanding of these risks and helping to enable a new risk market to emerge.”
Cihan Biyikoglu, executive vice president of product at RMS, added: “Other vendor-led, open-source projects have proven that wider industry collaboration is possible. These approaches have created successful, thriving open source projects. For example, Google’s Kubernetes and Yahoo’s Apache Hadoop have thousands of contributors, many from competing companies. We are using a similar template and open approach to develop a shared standard for the insurance and financial services industries.”
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