External information has been an explicitly required input to operational risk assessment and management ever since the Basel Committee on Banking Supervision issued its Capital Accord paper. The Accord’s definition of direct or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events focuses on the causes of operational risk, so information about operational risk events helps financial institutions to improve their understanding of how, why and where events occur, what types of events arise and what the impacts are.

bbaGOLD provides anonymous consortium data for benchmarking, raising risk oversight and awareness to facilitate crucial decision making in the management of operational risk.