^®: CRE Regulatory Action of the Week

OMB Issues Data Quality Guidelines Which Provide the Foundation for a Unified Federal Risk Assessment Program
For more than two decades, the federal government has been attempting to establish guidelines for a consistent assessment of comparable risks across various agencies. OMB's recently promulgated Data Quality guidelines will go a long way in reducing such interagency differences. Inconsistencies will be narrowed, in part, because of the modifications made by OMB to its previously published interim Data Quality guidelines, based upon public comment. The Data Quality guidelines, coupled with OMB's regulatory review authorities set forth in Executive Order 12866, require that OMB review the risk assessments that underlie federal regulations to ensure both consistency across agencies and compliance with the guidelines.