Royal & SunAlliance (R&SA) is to use SAS's OpRisk Global Data program as part of its operational risk measurement framework.
The program is a database of publicly reported operational losses from around the world in excess of $1m.
When assessing the impact of operational risk scenarios on its business, R&SA would use the SAS data both in the scenario analysis process as well as a benchmark for its own internal data, said SAS.
“While the insurance industry is accustomed to assessing risk, we see the SAS OpRisk Global Data as an important component of our operational risk measurement framework in terms of assessing risks and losses outside our immediate environment,” said R&SA operational risk analyst Dr Paul Pritchard.
