Gartner Research

Banks Must Use External Loss Data for Effective Operational Risk Management

Published: 17 June 2009

ID: G00168798

Analyst(s): Mary Knox, Douglas McKibben


External risk data is a key ingredient for forecasting, modeling and managing operational risk. We profile issues surrounding the management and use of external risk data, and identify sources.

Table Of Contents
  • Overview
  • Overview
  • "Operational Risk" Defined
    • The Operational Risk Measurement Requirement
    • Operational Risk Data
  • External Risk Data
    • Why External Operational Risk Data Is Important
    • External Risk/Operational Risk Data Satisfaction and Confidence
    • Implications
  • Sources of External Risk Data
    • Operational Risk Loss Event Database Vendors
    • Industry Consortia
    • Assessing the Data
    • Vendor-Provided Operational Risk Loss Event Databases
    • Consortia Operational Risk Loss Databases
    • Representative National Operational Risk Consortia
  • What the CIO and IT Management Team Should Do
  • Recommendations

©2021 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. and its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by Gartner’s Usage Policy. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.

Already have a Gartner Account?

Become a client

Learn how to access this content as a Gartner client.