Italian interbank consortium to share operational risk data

The interbank consortium run by the Italian Banking Association (ABI) has rolled out an online database from List Group to share and analyse operational loss data in accordance with the Basel II Advanced Measurement Approach (AMA).

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Italian interbank consortium to share operational risk data

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The 34 member banks of Dipo (Italian database of operational losses) will use the system to measure and test operational risk exposure such as fraud, non-compliance to regulations and acts of terrorism.

The platform, based on List's governance, risk and compliance software GRC Evolution, will provide banks with a secure and anonymous database and enable the transfer of encrypted data flows between Dipo and members, says the vendor.

List says the technology enables member banks to conduct research into thousands of loss events. Its filters and ability to manipulate data across organisations, event types and business lines, lets banks perform 'what-if' scenarios and refine their quantitative simulations.

It also allows institutions to implement a tailored approach and manage risk during organisational change such as bank mergers and acquisitions.

Giorgio Aprile, operational risk manager, Monte dei Paschi di Siena, says: "Operational risk is responsible for some of the biggest losses in the financial services sector. However, the industry has the least amount of data for this risk. Sharing ideas and information on best practice and ensuring banks can effectively manage this risk is essential."

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