Penny Cagan is a Managing Director with the OpVantage division of Fitch Risk.  She manages the First operational risk loss database and is head of research for the group. Penny's primary area of expertise is operational risk research and analysis, and she has developed an innovative case study approach to operational risk. She has published numerous articles on the topic of Operational Risk in Risk Magazine, Operational Risk newsletter, FOW, and the John Liner Review.  Penny previously managed operational risk databases for Zurich Financial Services and Operationalrisk.com. Earlier in her career, she served as Head of Research for Deutsche Bank´s North American Business Information Services division and as Head of Reference Services with PaineWebber's investment banking division.