RMIA Risk and Cyber Week 2020

Welcome and thanks for digging deeper into the world of statistics as it applies to the world of controls. I really believe we in the risk profession must be applying more science in our roles. Look at the world. Here in Australia the government listened to the scientists when it came to COVID-19 and there is more and more pressure on them to listen to the scientists when it comes to climate change. It’s time for the risk profession as well.

Below you will find three videos. Each one of these examples was discussed by Andrew in our presentation at the Risk and Cyber Week conference. One for each type of statistical test in the first column of the summary table that Andrew shared.

Example One: Quantitative normal. A test you apply when you have enough data that it forms a normal distribution.

Example Two: Quantitative non-parametric. A test you apply when you have data that are not integers. For example when you have data recorded using an ordinal scale like strongly agree to strongly disagree or items that are rated from 1 to 5 or 1 to 10.

Example Three: Frequency/Proportion. When you have binary data. That is each item is a Yes or No or 0 or 1. In this example, someone who opens an phishing email is a Yes or a 1.