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 three potential use cases for external loss and GRC benchmarking data.
- Drive continuous improvement with Operational & Cyber Loss Events data (Hits & Near Misses)
- Improve the quality of ICAAP submissions
- Develop better reputational risk insights
Drive continuous improvement with Operational & Cyber Loss Events data (Hits & Near Misses)
From a business value perspective, one of the most important use cases is to drive continuous improvement across the business using external loss events as the trigger for asking the questions; could this happen here and what can we do to proactively prevent it happening to us?
By referring to actual external event data, the risk team can make the case for change a little easier and can engage the business around change issues that the business can relate to because they will relate to the external event.
Improve the quality of ICAAP submissions
Being able to determine and justify the correct regulatory capital charge for operational risk is a task with many challenges, to which recent proposed Basel changes as to how the operational risk charge should be calculated have only added.
Therefore, having a robust set of external data that can be used as part of the process in determining the operational risk capital change and to evidence and support the final ICAAP submission is very important from a capital efficiency perspective.
Develop better reputational risk insights
Reputational risk is a much talked about aspect of enterprise risk management, however, it is particularly difficult to measure, understand and generate meaningful insights.
By overlaying social media sentiment data with external and internal loss data, firms will be enabled to gain better insights into the impact events have from a reputational perspective, correlating social media sentiment trends with loss events and trends, across the industry, within the firm’s peer group and internal.
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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