Talking Risk

Well this is where it gets a little tricky, because most of the data comes from the countries.

So I guess, if there are gaps in the review process, then it is ‘likely’ that a few errors may slip through, so we going give it a 3 .

That’s an option. But then, what happens if the estimates are way off? That’s just as bad as if the data is wrong, and create another set of problems.

Great stuff. So the score for the risk of data errors is 15 . That’s a high risk score so an urgent response is required. What about the risk that the data may not be timely?

What about using estimates?

Then that comes down to the methodology, skill sets and internal review process to make sure they are accurate.

There’s a saying ‘it’s better to remain silent and thought a fool than to speak up and remove all doubt .’ In this case, it might be ‘ better to leave it blank than to estimate and get it dead wrong ’.

This is a very interesting discussion.

If the data is published late because of delays in the member countries, and there is nothing the ECCB can do about that, the risk is not fully within the Bank’s control and should not be assessed as one of the Bank’s risk. We may have to adjust the release calendar if the problem persists; that is what is within our control. However, the risk that the data may be published late because of internal delays after the data is received or if there may be errors because of internal gaps, now those are within the Bank’s control and need to be assessed and treated with. This applies to any information published by the Bank.

Whew … that was a marathon boy. No wonder we having so much problems with statistics.

For real, we going have to take a break.

Maybe next time we could look at the risk of having unproductive meetings because of poor scheduling. Would you believe the boss put a meeting for 8 o’clock in the morning, first day after the long holiday weekend!! That could make sense?? Wha’ he really thinking?