About IBM Algo FIRST

The IBM® Algo FIRST® database is a collection of external, public operational risk loss events in the form of risk case studies.

Algo FIRST events are targeted at the financial sector and contain over 20 years’ worth of events, which have been indexed to 13 keyword hierarchies, including Basel category and business line. Other hierarchies include control factor, event trigger, business unit type, entity type. Algo FIRST cases include detailed descriptions that break down the event to analyze root cause, identify control breakdowns, lessons learned, management response and aftermath of the event. Events can also include sections with supporting detail that provide a timeline for the event, relevant information about the institution that it happened to, or other detail about loss impacts.

Most events in Algo FIRST capture quantitative information as well as detailed qualitative analysis. This quantitative information takes the form of loss amounts that are captured at the time of the event.

IBM Algo FIRST offers a subscription to a data add-on refreshed daily with the IBM Algo FIRST database in a format that is compatible with the IBM OpenPages® FastMap feature. IBM OpenPages GRC customers can use the IBM Algo FIRST FastMap data add-on to provide end users with access to Algo FIRST case studies within the IBM OpenPages application. After the data is loaded into IBM OpenPages, end users are able to browse and associate Algo FIRST case studies to GRC objects like Scenario Analyses, Risks, and Loss Events. Consult your IBM account representative for details on obtaining the IBM Algo FIRST data add-on for IBM OpenPages.

If you subscribe to the IBM Algo FIRST database service, Algo FIRST provides a compatible FastMap file for a seamless load of Algo FIRST data to the IBM OpenPages Operational Risk Management module.

By default, the IBM OpenPages Operational Risk Management module includes the OpenPages FIRST Loss 7.0.0 profile. Users with this profile can load FIRST Loss data through the IBM OpenPages FastMap feature. For more information about this profile, see OpenPages FIRST Loss 7.0.0 Profile.