The Risk Assessment Working Group was set up in 1987 in order to draw up the so called White Paper on corporate analysis in Europe and to draft reports on the analysis of stocks and flows conducted in the various central balance-sheet data offices. The group then expanded its project and, since 1999, its members have been working in cooperation with the related divisions of the European Central Bank, homogenising the  risk analysis carried out by Central Banks. The Risk Assessment Working Group has contributed to strengthening in-house credit assessment capacities through sharing of expertise and supporting by the cration of new credit risk analysis systems within National Central Banks. These analyses mainly concern the corporations whose liabilities have been taken as collateral in monetary policy operations. The group has also carried out research on default prediction models and, jointly with the ECAF Task Force, has developed studies on technical details of the future ECAF (European Credit Assessment Framework).

The group is composed by representatives from:

• Banque Centrale du Luxembourg
• Banca d'Italia
• Banco de España
• Banco de Portugal
• Bank of Greece
• Bank of Slovenia
• Banque de France
• Bank of Finland
• Central Bank of the Republic of Turkey
• Cerved Group spa - Centrale dei Bilanci
• Croatian National Bank
• Deutsche Bundesbank (vice-chair)
• European Central Bank
• Oesterreichische Nationalbank (chair)
• National Bank of Poland
• National Bank of Romania