With the launch of the StratexStream Early Adopter Program (EAP), Ascendore is reaching out to Challenger Banks, Building Societies and Asset Managers and asking them to play an active role in the design of the new StratexStream External Loss & GRC Benchmarking service.
Here are six potential data sets that could be captured within StratexStream and delivered to its customers.
- Operational Loss Events data (Hits & Near Misses)
- Cyber Loss Events data (Hits & Near Misses)
- Breaches data
- Risk and Compliance Framework statistics
- Senior Management Accountability coverage
- Social Media Sentiment data
Operational Loss Events data (Hits & Near Misses)
The core data for the StratexStream data service will be industry and peer operational loss event data provided by customers which will be anonymised and aggregated. Using a Basel definition, an operational loss event can be defined as an event causing a loss (or near miss) as a result of inadequate or failed internal processes, people and systems or from external events. The StratexStream data service may go beyond the Basel definition to include strategic and reputational risk alongside legal risk.
Cyber Loss Events data (Hits & Near Misses)
Perhaps one of the most significant, and fast emerging type of risk is Cyber (or Information) risk. Building on the definition above, Cyber risk loss events can be defined as resulting in the loss or compromise (including near misses) of an organisation’s information environment or information assets.
Closely related to Operational and Cyber Loss events, this data will capture Breaches data that are typical captured as part of the recording of an event. Breaches might include breaches of regulation, internal policies, standards, such as ISO27001, ISO9000 or information breaches. This data set is likely to include both statistics about breaches, for example, number of breaches by type and details about which regulation, policy, standard or information asset was breached.
Risk and Compliance Framework statistics
This data is simply a series of statistical information about a firm’s GRC framework, for example, the number of strategic risks, number of operational risks, number of conduct risks within a framework. We may include further detail such as the % Red Operational risk, % risks outside of appetite. These statistics would help a firm understand if the number of items in their GRC framework is broadly in line with the industry and their peers and if their risk and control effectiveness profiles are broadly in line.
Senior Management Accountability coverage
With the introduction of the Senior Manager & Certification Regime (SMCR), the need for new data and insights into what is the emerging best practices is critical. Therefore, we will seek to capture relevant SMCR data and create a meaningful benchmark. Initially, this may focus on coverage and performance.
Social Media Sentiment data
The growth and power of social media has been dramatic over the last 10 plus years and we believe there is value in including sentiment data within the StratexStream data service so that causal relationships and other insights can be generated by comparing loss event data to changes within social media sentiment.
For more information about our recently launched StratexStream External Loss and GRC Benchmarking Early Adopter program go to http://www.ascendore.com/stratexstream-eap
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