Modelling firm RMS has revealed that is has placed its Risk Data Open Standard (RDOS) onto an open source public repository, which will be free to use.
RDOS is a data system designed for the risk modelling community and is viewed as an open standard for holding all types of risk data, including exposure, coverage, model settings, and results of analyses.
“Purpose-built for the risk industry, RDOS is a living open standard guided by real-world practitioners who demand the interoperability and portability required to handle the scale and complexity of modern risk management,” explained RMS.
It 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 today’s leading industry standards – RMS Exposure Data Model (EDM) and Results Data Model (RDM) – and is extensible to support other data standards and models.
“We’re in the business of risk and understand the nuances and challenges that it presents. 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,” said Karen White, Chief Executive Officer of RMS. “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.”
The firm said the announcement was 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. 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.