External data: reaching for the truth

Algo OpVantage's Penny Cagan dispels 10 myths associated with using external data in an op risk context.

Myth one

: external events can easily be translated into distinct data points

We believe that thinking of external events as simply 'data' is short sighted, and overlooks the complexity and richness that can be gleaned by a thorough analysis of an event that has occurred to another institution. Although external databases were developed in the early days of operational risk by banks in order to 'fill out' the 'fat tail' of distribution curves for purposes of capital allocation, we believe the

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