Incident Data Collection

Question 1

what is incident data collection?

Answer 1

the process of gathering detailed information about incidents and events that may pose a risk to the organisation

Question 2

what is the purpose of incident data collection?

Answer 2

to create a comprehensive database that aids in risk assessment and management

Question 3

what are the methods for data collection for incident data?

Answer 3

• automated systems
• audit and reviews
• manual reporting
• feeding from existing sources

Question 4

what are the benefits of comprehensive data collection?

Answer 4

• trend analysis
• better risk assessment
• regulatory compliance
• continuous improvement

Question 5

what does the ORM framework contain?

Answer 5

operational risk management framework;
- incident database
- RCSA
- Key risk indicators
- lessons learnt

Question 6

what are the steps in the incident data collection process?

Answer 6

• reporting
• recording
• reviewing
• analyzing
• reporting

Question 7

what are the different types of incident data?

Answer 7

• internal data
• external data
• near misses (things that could’ve caused harm but didn’t)

Question 8

what are the tools to incentivize self-reporting?

Answer 8

• incentive practices (soft encouragement, strict oversight…)
• self-reporting requirements
• risk metrics in scorecards
• economic capital allocation based on risk profiles

Question 9

what is a boundary event?

Answer 9

when the impact materializes in a different risk class than
the cause (e.g., a credit loss due to an operational error)

Question 10

what are the challenges in data collection?

Answer 10

• underreporting
• data quality
• integration
• timeliness of data