Algorithmics announced today that KeyBank N.A. has signed a subscription agreement for access to the Algo FIRST database of case studies, covering almost 7,500 operational risk events. This extends the subscription agreement KeyBank already has to access Algo OpData.
KeyBank is a subsidiary of KeyCorp, one of the largest bank-based financial services companies in the United States, with the twelfth largest branch network in the country. It is joining a user community of more than ninety of the world’s premier global banking organizations and financial institutions that uses the database to assist in managing operational risk proactively and as part of a best-practice program.
Ben Berns, senior v.p. of Risk Governance and Administration at KeyBank, said, ‘We take the measurement and management of operational risk very seriously as evidenced by winning the 2005 Incisive Media OpRisk & Compliance Achievement Award for an Advanced Measurement Approach operational risk framework in small to medium sized banks. We believe it is our responsibility to understand the depth of what can go wrong and with KeyBank already using Algorithmics’ OpData, selecting Algo FIRST was the clear choice for our scenario analysis.’
Penny Cagan, a managing director at Algorithmics added, ‘I am delighted to welcome KeyBank to our community of Algo FIRST users. Our depository of almost 7,500 case studies offers the industry’s most comprehensive set of operational risk loss events, reflecting over twenty years of in-depth research.
‘Recent market events have demonstrated clearly the interplay between credit, market and operational risk and I believe the Algo FIRST database provides an important source of content for KeyBank to assist in managing its most critical operational risks through scenario analysis, self-assessments, new product evaluations and change management initiatives.’