Algorithmics, RMA and RiskBusiness unite op risk resources

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Vendors unite key risk indicator library and external events database

TORONTO, NEW YORK & LONDON - The Risk Management Association (RMA), RiskBusiness International and Algorithmics have joined forces to unite the RMA Key Risk Indicator (KRI) library and the Algo First external event database. The new integrated platform is called First 500.

First 500 integrates the KRI library's taxonomy of risk processes, products and service types through a common user interface. Acting as a sub-selection of Algorithmics' database of 8,000 operational risk, corporate governance and compliance case studies, First 500 is aimed at firms who want to combine external event analysis derived from the database within their internal KRI selection, Risk Control Self Assessments (RCSAs), risk maps and scenario analyses.

Existing users of the KRI library will also benefit from the linkage between the two to provide warning of op risk issues. The new database was designed by risk advisory RiskBusiness International on the same online platform that supports the KRI library, but is not limited solely to KRI subscribers.

"We have been looking at ways to extend the reach and use of the Algo First external event database and to create linkages to key risk indicators," says Penny Cagan, managing director for operational risk at Algorithmics and head of Algo First. "We are very excited about this joint effort as we believe it has enabled the development of a product that will enhance the use of external event data at a granular business line level."

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