is a web-based environment that provides a set of related subscription services designed to enhance a business’s
ability to identify and monitor real-time risk metrics via an embedded KRI Framework. KRIeX includes an industry generated Library
of risk indicators KRI Library
; an on-line service to support the collection, aggregation,
and management of risk indicators across a corporation KRI Monitoring
; and a benchmarking
platform for internal or external (peer group) comparison KRI Benchmarking
Did you know?
Since RiskBusiness launched the first element of the OpRisk Services Set in 2005, 220 firms have subscribed to and used various elements of the Services Set, which is made up generically of Risk Content Services, Risk Information Services and Risk Tools. The geographic spread of these subscription clients reflects 45% Europe, Middle East and Africa, 20% in Asia-Pacific and 35% in the Americas. From an industry split, 85% of subscribers are in banking, 8% in insurance, 3% are non financial services firms and the remaining 3% are industry associations, with whom RiskBusiness has partnered to deliver loss data consortia and data benchmarking services.
The RiskBusiness OpRisk Services Set has over 5,500 defined users with an average of 100 unique log ins per day, with the maximum log ins on a single day to date having been 1,474. As at 14 February 2013, the OpRisk Services Set has processed more than 125,000 individual KRI data submissions, 550,000 loss events, 2,750 scenario assessments, 1,250 risk assessments and 1,000 risk profiles for its subscribers and been used to manage 3,500 remedial action items. These significant statistics illustrate that the RiskBusiness OpRisk Services Set is capable of supporting from the smallest to the very largest of firms.
In 2010, OpRisk&Compliance magazine recognised RiskBusiness’ contribution by awarding it one of just ten 10 Years of Excellence Awards for its work around Risk Content, specifically in classification taxonomies and the KRI Library. In the 2012 Software Rankings issued by OperationalRisk&Regulation magazine, the RiskBusiness OpRisk Services Set was ranked 7th overall, up from 12th place in 2011 – and the highest ranked Software-as-a-Service (SaaS)/cloud computing solution.
The Library also includes a risk analysis framework that allows a subscriber to view and navigate the content via product/service
risk profiles as a means of identifying key areas of operational risk exposure within the firm. These risk profiles map exposures to
individual operational risk categories within various business processes on a risk point basis and represent inputs from more than 70
firms globally, creating "industry risk profiles"
. The KRI Library has benefitted from broad industry participation and
input. It is structured by industry type, with financial services covered in detail, although much of the core content is applicable to any
corporation. It constitutes a widely accepted standard in terms of the taxonomy of risk embedded in the framework, how content is accessed
and analysed, and in the specific content of each metric record.
has introduced a companion service to the KRI Library, the Scenario Library, which employs the same structured
framework for identifying areas of operational risk exposure affecting the international financial services community. Subscribers
can now use the KRIeX industry risk profiles
to identify, risk point by risk point, historical public loss events which can
assist the firm in evaluating whether the specific form of risk could adversely affect it; KRIs to measure and monitor its current
exposure to that risk; and now, scenarios to assess potential future worst case exposure.
The KRI Library is a living repository, with additional metrics being added on an ongoing basis, both resulting from peer group
workshops facilitated by RiskBusiness
and from suggestions and proposals from subscribers. Ongoing research is focussed on
assessing which indicators are the most appropriate for specific risk points by product/service area within the different major
financial services business lines as well as incorporating the control type and causal classification elements of the
Taxonomy Service into the KRI Library.
For more information on the KRI Library or any related RiskBusiness
Service, contact us at info@KRIeX.org