Jump to Content
ABA: The American Bankers Association
Press Release

Leading Risk Management Publication Honors ABA, MSTAR with Industry Initiative of the Year Award

WASHINGTON —

Risk.net, the leading source for operational risk news and analysis, has honored the American Bankers Association and MSTAR with its 2020 Industry Initiative Award recognizing their pilot program for operations risk modeling. The pilot program was facilitated by ABA with the support of the MSTAR op risk modeling team. The Industry Initiative Award—part of Risk.net’s 2020 OpRisk Awards—recognizes significant contributions to operational risk measurement and management.

“We are pleased to receive this prestigious award recognizing one of our most innovative risk management initiatives,” said ABA Chief Policy Officer Naomi Camper, who oversees the team responsible for the program. “Through our risk modeling program, banks gain significant insight into their risk profiles, controls and risk mitigation effectiveness, which is essential for improving overall risk management.”

ABA and MSTAR, a risk mapping tool from French software provider Elseware, teamed up to launch the risk modeling project at the beginning of 2019 to address the deficiencies in quantification methodologies, especially for cyber risk. Since then, the program has successfully demonstrated an alternative, forward-looking method for measuring operational risk. The new methodology incorporates expert input in quantification, produces a full distribution of forward-looking loss projections to better manage and mitigate loss exposures, and it is not based on a hard to interpret “black-box” approach.

In winning Risk.net’s 2020 Industry Initiative Award, ABA and MSTAR competed against nominees from around the world. For more information on the program and award, visit https://www.risk.net/awards/7565496/industry-initiative-of-the-year-aba-and-mstar.

###

About the American Bankers Association

The American Bankers Association is the voice of the nation’s $21.1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.

Press Contact

Sarah Grano

(202) 663-5470

Contact Sarah
Useful Links

Resources for the Media