RMA signs up for OpVantage First database

The Risk Management Association (RMA) has signed up to use OpVantage's First (financial institutions risk scenario trend) database. OpVantage, a division of rating agency Fitch, provides operational risk software to the industry.

The database is a collection of almost 4,500 operational event case studies that can be analysed to assess relative risks and appraise contingency plans. Maurice Hartigan, chief executive of the RMA, said it would provide the association with a rich source of information, essential to understanding operational risk.

Philadelphia-based RMA’s mandate is to facilitate greater understanding of risk principles throughout the financial services industry. Its focus is on credit, market and operational risk, and RMA officials hope the new partnership will enrich the operational risk programs the RMA offers to its members - about 3,000 institutions.

First’s case-study approach has attracted an increasing number of clients during 2003, with more than 25 now using the database.