The workflow capability should make the notification, review and approval process for all captured events easier. Once an event is entered, OpVar will track all historical changes to the record. The integrated distribution fitting component will provide a new curve-fitting tool that integrates client data analyses and simulation modules.
OpVar has also worked at improving the flexibility of its service by including an ability to save modeling inputs and outputs directly into a database and provide a new process for aggregating operational risk value-at-risk results.
But further improvements are expected. Fitch said it would develop tools for self-assessment processes, scorecards and control environment evaluations in the coming months.
The OpVar database contains nearly 10,000 publicly reported operational risk losses, greater than $1 million. OpVar has an installed customer base of more than 20 clients in North America, Europe and Asia, and is aligning compliancy with Basel II, the new regulatory capital accord. The new accord includes an operational risk component for the first time. It is scheduled for introduction by the end of 2006.