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Enhanced version of Algo FIRST operational risk database released

Algorithmics has announced the release of an enhanced version of its market leading Algo FIRST database of operational risk events.

The database utilizes a unique real-life case study approach and is designed to assist institutions with their analysis of external operational risk events. It is used as a qualitative tool, providing information on control breakdowns, event triggers, insight into why the losses occurred and lessons learned. Containing case studies on approximately 7,000 risk loss events, it is unrivalled in its depth of analysis and coverage.

Dan Mudge, Group Managing Director of Algorithmics said ‘The new FIRST interface was developed in consultation with clients and demonstrates our continued commitment and investment to our operational risk content business. We currently have over 85 global organizations, including banks, investment banks, insurance companies and buy-side firms as clients and we are constantly working with them to develop and improve the product.

‘Careful analysis of past operational risk events can help risk managers understand the causative factors of what can go wrong and how it can impact their business. With over 20 years of in-depth research into operational risk events, and timelines for larger events, Algo FIRST can assist them to truly their critical risks and necessary controls.’

The features of Algo FIRST 4.0 include:
• an updated Graphical User Interface
• the ability to search multiple organizations and firms
• the ability to create peer groups and do = trend analysis on events
• an updated search engine
• an undated reporting engine
• the ability for multiple users in organizations to share and clone queries

Further enhancements will continue over the course of the next year, developed in conjunction with client user groups, whilst always retaining the format and depth of the research underlying the case studies.