RiskBusiness celebrates it’s 20-year anniversary

London, England, MAY 23– RiskBusiness Group Limited, the leading provider of governance, risk, audit, compliance, and content SaaS (Software-as-a-Service) solutions, today celebrated it’s 20th year of business.

Founded at the beginning of 2003 by Jonathan Davies and Mike Finlay, RiskBusiness was registered and commenced trading on the 21st May 2003, with initial locations in London and New York. Key milestones over the past 20 years include:

2003 – initiating the KRI Study with the Risk Management Association (RMA), which led to the establishment of the KRI Library at www.KRIeX.org, still a major component of RiskBusiness’ Risk Content offerings.
2007 – launching the first components of a Software-as-a-Service hosted operational risk solution which became known initially as the OpRisk Toolset and later as the RiskIntelliSet.
2008 – RiskBusiness recognised in Operational Risk & Compliance magazine’s 10th anniversary awards for it’s pioneering work in the areas of risk content, specifically the provision of comprehensive classification taxonomies.
2010 – RiskBusiness starts working with the British Bankers Association (BBA) on migrating it’s Global Operational Loss Database (GOLD) to a new classification taxonomy, then moving GOLD onto the RiskBusiness’ technology platform for delivery to it’s members. RiskBusiness remains the primary service provider to GOLD through the merger of BBA with other UK trade bodies to form UK Finance in 2017 until RiskBusiness assumes full responsibility for managing GOLD in 2022.
2012 – RiskBusiness launches The Risk Universe, a monthly digital magazine focused on operational risk and compliance matters, supported by an interactive website. A total of 66 issues, representing 5 ½ years of journalism follows, until the magazine ceases publication due to the death of paid advertising.
2012 – RiskBusiness onboards ORIC International, the insurance industry’s loss event data consortium and KDKE, an Indonesian loss data consortium onto the RiskBusiness platform.
2014 – launching the first OpRisk World conference, focused on bringing practitioners to panels to discuss current topics and to respond to audience questions.
2014 – RiskBusiness publishes an acclaimed paper on implementing a “lines of accountability” model in response to the three lines of defence debate, supporting the research with comprehensive advisory projects with major commercial banks, regulatory agencies and multi-lateral development banks in Australia, Germany, the United Kingdom and the United States of America.
2017 – RiskBusiness launches a range of new cyber incident type classification taxonomies, again confirming it’s thought leadership position in the field of classification taxonomies. These are supplemented in 2018 by new thematic classification structures for risk.
2020 – Graci, the first completely integrated governance, risk, audit, compliance and intelligence platform is rolled out as RiskBusiness’ flagship subscription-based technology solution, incorporating a machine learning-based (AI) intelligent digital assistant and data collection apps.
2022 – RiskBusiness attains SOC II Type 2 compliance and starts the process of ISO27001 accreditation
Mike Finlay, RiskBusiness CEO, states: “The last two decades has seen the concept of operational risk grow through the various stages of maturity to where it is now accepted as the single largest risk area within any firm. We are, at last, seeing Chief Risk Officers with operational risk or, as some people call it, non-financial risk, backgrounds rather than credit or market risk backgrounds. While the entire subject area has grown in scope to include aspects such as risk governance, data and information security, compliance and risk culture, the reality remains that it is the only risk type with the capability of destroying a firm with a single event. Unfortunately, we have seen far too many such events and can expect to see many more in the future. As a firm, we have evolved alongside the market and, thanks to our people and our clients, remain firmly positioned at the forefront of market developments. We now look forward to the next two decades of working with the financial services industry to better understand, manage and mitigate risk, ensure compliance, provide business assurance and to provide independent assurance to the corporate executive.”

About RiskBusiness Group Limited

RiskBusiness is an international governance, risk, audit and compliance (GRAC) solution provider, delivering risk content, risk intelligence, risk tools and risk advisory services to its clients. It is an association of like-minded industry professionals, who have the aim of furthering the risk management discipline to enable better risk-reward decision making.

Risk management is a continuously evolving discipline, which requires individual firms within the industry to continuously re-evaluate their own practices and tools. RiskBusiness has, both as individuals and collectively, a depth of established relationships with leading players and regulators in the operational risk field and are thus ideally placed to assist industry participants with their evolving needs and requirements. We are also active participants in industry working groups and contribute thought leadership through publications and education.

RiskBusiness was founded in 2003 and today has principal locations in Birmingham, London, Buenos Aries, Amsterdam, Hong Kong, New York, Singapore, Toronto and Zurich. For more information, visit https://riskbusiness.com.

Carrie Cook
Editor, RiskBusiness
carrie.cook@riskbusiness.com; +44 7718 246432