The IMF (International Monetary Fund), which lends to sovereign states, established its Special Data Dissemination Standard (SDDS) in 1996. Then “in 2012, the SDDS Plus was created as an upper tier of the IMF's Data Standards Initiatives to help address data gaps identified during the global financial crisis”.
This is not to say the IMF didn't develop its standards in the intervening period. In fact the organization introduced major new standards to make it easier for emerging markets, with less well developed statistical capabilities, to participate.
I take two points from this brief history. One force for change in standards is crisis. When the business system fails, new questions are asked. In this case, the questions included: Who are the counterparties to the risks in the global financial market? Unable to answer this kind of question, participants realized they had data deficiencies that needed to be rectified. (Note that no amount of analytics could have answered this question.)
The other force for change evident in this history is inclusion. As an organization's business evolves, so its constituencies and stakeholders change. It finds itself working with parties whose interests and capabilities are not addressed in the original standards. The standards' community has changed, and the standards must change accordingly.
I won't be the first to suggest complacency on the part of the global financial community in not collecting the data which proved so important to the crash. But we all know it's easy to put off dealing with a future eventuality – especially one that combines big penalties with low probability. In the insurance industry, we have the advantage of a professional culture that thrives on confronting and taming new kinds of risk. As the disciplines of data management advance, and become better recognized in the upper reaches of organizations, people who have worked on and with ACORD standards have a great deal of insight and experience to offer other business sectors. IMF