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

Summary

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

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