RiskBusiness acquires Global Operations Loss Database

GOLD by RiskBusiness provides access to a dataset contributed by an international consortium of financial institutions of different sizes and types, where participants submit their own risk and loss experiences in a pre-defined format at regular intervals into a common data pool. Submitted data is quality assured and anonymised, then made available to other participants for benchmarking and their own further use.

GOLD is provided to participants as an online forum, through which the entire database can be accessed, along with additional tools to assist with risk and business decision making. These tools include a Taxonomy Library from which participants can access a variety of classification structures and languages; the KRI Library, containing more than 2,500 detailed specifications of key risk and control indicators or metrics; the Newsflash Library, a set of over 50,000 publicly disclosed losses classified in a common manner to the core GOLD data.

RiskBusiness has worked with UK Finance since 2010 to improve the original GOLD service by providing content collected via its Loss Data Consortium Service, a sub-module within RiskBusiness’ Graci platform. In addition to UK Finance, the Loss Data Consortium Service also supports the ORIC (re)insurance loss data consortium.

RiskBusiness has established a product strategy and roadmap for GOLD by RiskBusiness which will be shared with the consortium members over the next few months, and which will see a range of additional risk intelligence capabilities become available to GOLD participants.