
582 Part III n Information Quality Applied to Core Business Value Circles
Step 2. Compile the Data Names, including Abbreviations if any, Definitions,
Valid Value Sets, Business Rule Specifications on the Information
Product Specifications Quality/Value Assessment form in Step P1.6.2
in Chapter 4. Customize this for your organization if necessary.
tip
Conduct this assessment with representative Stakeholders of Risk Information.
See Tables 12-1 and 12-2 in this Chapter for potential Stakeholder Groups.
Note Without a consensus understanding of Risk Codes and Variables, peo-
ple may misinterpret the real Risks of a decision and make a wrong decision.
GLOBAL BANK LOST OVER $600 MILLION BECAUSE OF
DISPARATELY DEFINED RISK CODES ACROSS BUSINESS UNITS
Investing in a company based upon a Risk Code value that indicated a sound
investment proved fatal when the company failed, costing the bank its $600
million investment, which was non-recoverable.
Measuring Accuracy of Risk Management Information
The second assessment measures Accuracy and other IQ Characteristics of selected
Risk Management information. Follow the general steps described in TIQM P2
in Chapter 5 “The Step-by-Step-Guide-to Assessing Information Quality.” Here are
tips for Risk Management Information Quality measurement.
tip Identify all places where Risk Codes are defined. Ensure that they are
defined properly and have consensus ...