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RiskBusiness is the leading supplier of augmented governance, risk, audit and compliance solutions to the financial services sector. The Global Operational Loss Database (GOLD) Service by RiskBusiness was originally launched in 2000 to inform and improve operational risk management practices. RiskBusiness has worked with UK Finance to enhance the original GOLD service by providing content collected via its Loss Data Consortium Service, a sub-module within RiskBusiness’ GRC Graci platform.
In the years since, by examining causal factors, control failures, risk categories and impacts, institutions have been able to compare their own loss experience against others, learn from the circumstances giving rise to losses in the industry, and use the data in their risk control self-assessment (RCSA), scenario analysis (SA) and internal capital adequacy assessment process (ICAAP).
Alongside the database, institutions subscribing to GOLD can use a key risk indicator (KRI) library, access near real-time media monitoring of operational risk articles and an industry-recognised taxonomy, while our network of practitioners frequently come together to consider mutual interests in the use of internal and external data within operational risk management.
If your institution would like to find out more about GOLD, please visit the RiskBusiness third-party webpage or contact alan.talbot@riskbusiness.com.
The Global Operational Loss Database (GOLD) service provides access to a dataset contributed by financial institutions, where participants submit their own risk and loss experiences for benchmarking and analysis.
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