Measure oprisk with data, not guesswork

A rigorous, exposure-based way to measure operational risk.

The XOI approach defines a risk as a productive resource (Exposure) that may be struck by an adverse event (Occurrence), leading to one or more consequences (Impact).
Using Bayesian networks to capture causal chains and dependencies, and Monte Carlo simulation to model uncertainty, XOI generates transparent, explainable loss distributions.

Built for capital, limits, and risk-appetite decisions — and to withstand audit and regulatory scrutiny.

XOI Methodology

Innovative XOI (Exposure, Occurrence, 
Impact) method for data-driven operational risk assessment.

Products

Trusted by leading financial institutions, MSTAR Desktop provides scenario design and simulation, and MSTAR Platform offers curated news, scenario libraries, and integration.

Consulting

Expert support to design and quantify risk scenarios, build a robust risk appetite framework, and assess economic capital in line with regulatory expectations.

Why Work With Us?

At Elseware, we offer unparalleled expertise and innovative solutions to help you navigate the complexities of risk management. Here’s why partnering with us is a smart choice:

Proven Expertise

With over 20 years of experience in risk assessment and modeling, Elseware’s highly qualified team offer unparalleled expertise and innovative solutions for risk mitigation and regulatory compliance

Innovative Methodologies

Our unique XOI methodology and advanced MSTAR tools provide cutting-edge solutions tailored to your needs.

Trusted by Industry Leaders

We have successfully collaborated with major financial institutions worldwide, helping them achieve regulatory compliance and operational excellence.

Customised Solutions

We offer flexible consulting services and bespoke risk management tools designed to meet your specific requirements.

Commitment to Excellence

Our rigorous research and dedication to quality ensure that you receive the best possible support and insights

We believe that there is huge merit for the use of structured scenarios for operational risk management." Conclusion of the Exploring Risk Exposure Methodologies summary report, March 2021.

ORX Operational Risk Consortium

The XOI methodology provides a structured, robust, forward-looking, and easy-to-understand approach for modeling operational risk scenarios. This book offers practical guidance on how risk managers, risk modellers, and scenario owners can collaborate to model operational risk scenarios consistently

Michael Furnish, Head of Model Governance and Operational Risk, Aviva.

The key benefits of the XOI method are to provide an approach to understand, manage and quantify risks and, at the same time, to provide a robust framework for capital modeling. Thanks to this method, we have been able to demonstrate the business benefits of operational risk management.

Michael Sicsic, Head of Supervision, FCA

The XOI approach measures operational risk by identifying and quantifying key loss drivers in business terms, not risk management jargon. It can be used for risk appetite setting and monitoring. I strongly believe the XOI approach has the potential to become an industry standard

Emile Dunand, ORM Scenarios & Stress Testing, Credit Suisse.

The XOI method is the most comprehensive quantitative and analytical framework that I have encountered for the identification, assessment and management of Operational Risk. I have employed it for five years and found it both usable and effective. I recommend this book as essential reading for senior risk managers.

C.S. Venkatakrishnan, CRO, Barclays

The XOI approach was a 'Eureka!' moment in my journey on operational risk. Coming from a market risk background, I had the impression that beyond the definition of operational risk, it was difficult to find a book that described a coherent framework for measuring and managing operational risk.

Olivier Vigneron, CRO EMEA, JPMorgan Chase & Co.

Trusted by the world's leading financial institutions

At Elseware, we offer unparalleled expertise and innovative solutions to help you navigate the complexities of risk management. Here’s why partnering with us is a smart choice:

Featured Insights

Elseware at RiskMinds 2025: Shaping the Future of Operational Risk

Elseware is sponsoring this year’s RiskMinds International 2025

MSTAR scenario of the month Trading Error

This month let's explore the quantification of this scenario through a wizard and what-if simulations, plus a sneak peek at the concept of the Exposure Table.

MSTAR scenario of the month Anti-Competitive and Manipulative Practices

This month, the "MSTAR Bank" board discusses the "Anti-competitive and manipulative practices" scenario, covering cases such as LIBOR or FX cartel.

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