Data

Question 1

Personal data

Answer 1

Info which allow an individual to be identified, either in its own or combined with other info.

Question 2

Big data

Answer 2

Very large data set
Generally brought together from different sources
Can be analyzed very quickly

Question 3

Data governance

Answer 3

Overall management of the availability, usability, integrity and security of data

Organizations should have a robust data governance policy in place. Failure to do so can cause operational, legal, reputation and expense risks

Data governance is a key issue during a merger or acquisition

Question 4

Data risks

Answer 4

The key risks relating to data:
• the data are inaccurate or incomplete
• the data are not credible due to being of insufficient volume, particularly for the estimation of extreme outcomes
• the data are not sufficiently relevant to the intended purpose
• past data may not reflect what will happen in the future
• chosen data groups may not be optimal
• the data are not available in an appropriate form for the intended purpose

Question 5

Data requirements

Answer 5

Publicly available data
Internal data
Industry-wide data collection schemes