RiskBusiness is the exclusive service provider to the RMA â The Risk Management Associationâs KRI Services, a global initiative around identifying and standardising key risk indicators, then facilitating comparative benchmarking between subscribers, all based on the RiskBusiness Framework, a structure to consistently examine exposures.
Kalhoff-BII is a German based provider of public loss data, operating in Europe and in Asia. Kalhoff-BIIâs core products are an innovative public loss database combined with an integrated search engine.
In terms of the alliance, RiskBusiness will gain access to the loss event data for its own research purposes and for use in assisting clients by illustrating the specific manifestation of certain high risk areas, such as those identified under the consolidated risk profiles employed within the RMAâs KRI Services. Carefully selected loss events will be cross-referenced to the RiskBusiness Framework, thus allowing clients to compare areas of concern and view representative public loss information for these areas. Kalhoff-BII will obtain a license to the RiskBusiness Framework and plan to incorporate the framework directly into their data structures, thereby allowing its own clients access to the emerging best-practice operational risk framework.
Mike Finlay, RiskBusinessâ Managing Director for Europe, Middle East, Africa and Asia-Pacific, sees the alliance as beneficial to both firms and their collective client-bases. âWe are often asked by clients to provide good examples of relevant data which can be used for educational purposes, to illustrate how risks can manifest themselves in the business and to develop scenarios. RiskBusiness has been collecting loss event information ourselves across the geographic areas served by the firm. By adding the Kalhoff-BII data, we can now offer significant value-add to our clients, with good sample events properly classified and linked to the RiskBusiness Framework. This alliance further illustrates our commitment to delivering substantial business content to our clientsâ.
The Managing Director of Kalhoff-BII, Dr Agatha Kalhoff said âWe are pleased to be involved in this valuable program to bring value-added services to the market. One of the main topics for our clients is to compare and to link different sources and types of risk exposure information. Because the data structure of the BII loss database perfectly fits to the operational risk framework developed by RiskBusiness in partnership with the industry, the combined clientbase of both firms will gain from this strategic alliance. While the RiskBusiness operational risk framework is becoming the de facto market standard for the comparison of operational risk information, the BII loss database continues to develop as the most welcomed public loss database in the marketâ.