Fitch acquires IC2 First op risk database

Fitch Risk, a division of rating agency Fitch Ratings, has acquired the IC2 First (financial institutions risk scenario trends) database from financial services provider, Zurich Financial Services Group.

IC2 First is a proprietary, web-based operational risk loss-event database that focuses on a qualitative approach to risk analysis. The database and information service presents case studies of operational risk incidents, describing the event triggers and consequences, with analysis of the contributory factors and control breakdowns.

The database is currently used by a number of financial institutions to support their best practices and qualitative approach to operational risk. But the new product is likely to be marketed to non-financial institutions, said Penny Cagan, who will head the integration of IC2 First database with Fitch's existing OpVantage product.

Cagan, who is based in New York, has managed the IC2 First loss database for several years, and was chief research officer for Bankers Trust's spin-off, as well as head of research with the IC2 consulting division of Zurich Financial Services.

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