After years of research and development RMS has unveiled the Risk Data Open Standard (RDOS) as a data schema for risk modelling.
It is an open standard for holding all types of risk data, including exposure, coverage, model settings, and results of analyses.
RDOS is designed for any type of model and any type of business and is compatible with other standards including RMS Exposure Data Model (EDM) and Results Data Model (RDM).
Any firm can use and contribute to the RDOS standard, under an Apache 2.0 license, while priorities and updates will be guided by a steering committee currently made up of 15 global (re)insurers (see below).
The idea is to improve efficiency, reduce errors, support interoperability and new types of models with a data structure that can support a wide range of modelling algorithms and technologies.
Ryan Ogaard, senior vice president of model product management at RMS, commented: “RDOS…can handle any type of model, any line of business, and any financial terms and conditions. Other formats rely only on SQL, which has inherent limitations. The RDOS is not locked into any specific technology and can be physically implemented in different manners.”
Participating firms on the steering committee are: Allianz, Axa, Axis, Chaucer, Hiscox, Munich Re, Nephila, RenaissanceRe, Scor, Securis, QBE, Tokio Marine Kiln, TransRe and Zurich.
Risk Data Open Standard was made widely available on January 31.

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