Elseware is a quantitative risk modelling firm.
For over 20 years, we’ve helped banks and insurers build structured and actionable assessments of operational risks.
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.
Innovative XOI (Exposure, Occurrence,
Impact) method for data-driven operational risk assessment.
Trusted by leading financial institutions, MSTAR Desktop provides scenario design and simulation, and MSTAR Platform offers curated news, scenario libraries, and integration.
Expert support to design and quantify risk scenarios, build a robust risk appetite framework, and assess economic capital in line with regulatory expectations.
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:
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
Our unique XOI methodology and advanced MSTAR tools provide cutting-edge solutions tailored to your needs.
We have successfully collaborated with major financial institutions worldwide, helping them achieve regulatory compliance and operational excellence.
We offer flexible consulting services and bespoke risk management tools designed to meet your specific requirements.
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.
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
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.
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
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.
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.
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:
Climate risk now affects insurers across both sides of the balance sheet. Elseware has developed a transparent, scenario-based framework to quantify climate impacts on assets and liabilities portfolios.
We hosted a roundtable on the future of operational risk quantification, a great opportunity to discuss how the industry can move beyond RCSA, address the challenges CROs face, and explore how exposure-based models can reshape decision-making. A warm thank you to Olivier Vigneron (CRO, Barclays Bank Plc), Efe Cummings (Global Head of Operational Risk, Nomura), and Luke Carrivick (Executive Director, ORX) for sharing their insights and contributing to a rich discussion.
We’re proud to share that Elseware/MSTAR have been featured in Risk.net's Operational Risk Benchmarking 2025. Based on feedback from a leading bank, the article highlights how MSTAR can improve confidence in scenario models.
Contact us to learn more about how we can help you and your business.
