and the Risk Management Association (RMA) today announced the licensing of
the RiskBusiness Framework and the KRIeX Software Development Kit to
Centerprise Services, Inc. This announcement follows RMAâs selection of
Centerprise as the primary provider of RMA OpRisk Toolssm.
The license will also permit Centerprise to fully incorporate the multidimensional RiskBusiness Framework into the core of their Enterprise
OpRisk Center, where it can be used to correlate exposure measurement and
management across loss data, risk and control assessments, key risk indicators and open issues. The license also provides Centerprise with the necessary data schema and interface mechanisms to allow Enterprise OpRisk Center to download key risk indicator (KRI) specifications, KRI benchmarks and consolidated industry risk profiles from RMAâs KRI Library as well as to upload a subscriberâs own risk profile or KRI values to a data custodian, where it is anonymised and then included into KRIeX.org.
Commenting on the license, RiskBusiness Internationalâs managing director
for Europe, Middle East, Africa and Asia-Pacific, Mike Finlay said, "As the
number of subscribers to KRI Services continues to grow, more and more
subscribers are looking to their software solution providers to assist in
automating KRI collection and analysis. By incorporating the RiskBusiness
Framework and the interfaces to and from the KRI Library into their
product, Centerprise is responding to this requirement, putting them at a
competitive advantage to other solution providers."
KRI Services consist of the KRI Library and KRI Benchmarking for banks, broker-dealers, insurance and other financial services firms. The KRI Library contains the defined indicators and is available to all participating firms for their further use.
"RMA selected Centerprise to provide OpRiskToolssm specifically to meet a demand from its members", said Charles Taylor, director of operational risk
at RMA. "Incorporating the Software Development Kit and RiskBusiness Framework extends the commonality of structure and approach, which we envisage across all of our products and services."
Reto Tuffli, CEO and senior principal at Centerprise Services believes the
inclusion of the RiskBusiness Framework and KRIeX.org Software Development
Kit into Enterprise OpRisk Center is an important addition to the solution.
"Our clients and many of the prospects we are talking to want to have an
integrated view of their operational exposures," he said. "We believe that
including the Framework and interface mechanisms into Enterprise OpRisk
Center delivers this, while at the same time supporting the emerging
industry best practice represented by KRI Services. By being the first
software solution provider to license this material, Centerprise remains at
the forefront of operational risk management techniques."