ABSTRACT
Data analytics is seen in many spaces as the perfect breeding ground for negative risk outcomes. Individual and corporate bias may skew the data. Ineffective data collection can cause weak interpretations. Data security and privacy create an inherent level of potential problems. Tolerances are points beyond which an organization will not go. The key in dealing with data needs from a risk perspective is to establish the need. This means identifying the absolute maximums and minimum in terms of the data sets required. Josiah Stamp served in the British Civil Service in the early twentieth century, and during that time, he established a principle known as “Stamp’s law” based on his interpretation of data-gathering in India at that time. Risks are identified based on personal and organizational experience, and the more personal and organizational experiences that can be brought to bear, the better the chance that a meaningful set of risk data can be amassed.
