FIRST utilises a unique case study approach and is designed to assist institutions with their analysis of external operational risk events. The database contains approximately 5,000 detailed case studies and is unrivalled in its depth of analysis and coverage of the industry. FIRST's user base has experienced exceptional growth over the past year, including the addition of several new clients during the first two months of the year.

Recent enhancements to the FIRST database comprise both content and functionality. Additional content includes level 2 BIS Business Lines and Event Types that are designed to provide mapping into operational risk categories required under Basel II. Enhanced application functionality includes advanced search capabilities, and new data download and reporting options. Users of the database can now save sets of cases to "buckets" or individualised "loss portfolios" that they can download, save, print, or use in the creation of customised reports. Enhanced reporting options include distribution charts, event summary tables and the ability to print or download in a variety of new formats.

The Algo OpVantage research team is led by Penny Cagan, who has managed the FIRST database for over six years and has worked with a variety of financial institutions to integrate the use of case studies into their operational risk management efforts.

"These enhancements are another important step in the continued evolution of the FIRST database and were designed to mirror how our users retrieve events," said Ms. Cagan. "We are committed to providing Algo OpVantage database clients the best operational risk content and to ensuring its delivery through the most user-friendly system possible. Future development will continue to be driven by feedback that we gather from our lively user groups that meet twice per year in London, New York and Frankfurt."