US bank Wachovia has entered into a subscription agreement with Fitch Risk to access OpVantage's financial institutions risk scenario trend (First) database and quantitative OpVar operational risk system.
The bank will be using the First database as content for its enterprise-wide risk awareness and self-assessment programmes. The database contains 4500 case studies of operational risk loss events and is designed to help firms determine and manage exposures.
Wachovia's operational risk team will also be using OpVantage's quantitative database of almost 10,000 external loss events and data points in the development of an operational risk capital model.
Yousef Valine, head of operational risk, Wachovia, says: "We value the First database's case study approach and believe that it will work very well within our own self assessment framework. We are also looking forward to tapping into the large OpVar quantitative database for our modelling efforts."