Making Open Risk Data easier

Making Open Risk Data easier

In an earlier blog post we discussed the promise of Open Risk Data and how the widespread availability of good information that is relevant for risk management can substantially help mitigate diverse risks.

The list of Open Risk Data providers, particularly from public sector, keeps increasing and we are aiming to document all available datasets in the dedicated page of the Open Risk Manual.

The trailblazing Wikidata project

In this post we want to introduce another facility, an online database that allows the (relatively) easy publication of structured risk data. The project is inspired by the visionary and already quite succesful deployment of wikibase software (an extension to Mediawiki)

Wikidata is a central storage repository that can be accessed by others, such as the wikis maintained by the Wikimedia Foundation. Content loaded dynamically from Wikidata does not need to be maintained in each individual wiki project. For example, statistics, dates, locations and other common data can be centralized in Wikidata.

While inserting and querying general data from wikidata is useful for many risk management purposes, a dedicated facility that captures data sets specifically relevant for risk analysis purposes is the motivation for Open Risk Data.

A structured knowledge base dedicated to Risk Data

This online database allows the specification of data models suitable for capturing data such as risk events (e.g, credit, operatiational and other similar risk types). An overview of a typical Data Model is given here.

The facility is still under development, in the fullnes of time it will become an endpoint for SPARQL queries allowing the flexible extraction of data.