ORX Services

Since 2004 ORX has operated its Global Operational Risk Database. During this period the association has gained considerable experience in the management of loss data collection in terms of systems, standards, quality assurance and reporting. This culminated in 2008 with the development, with OpenPages and IBM, of the new ORX Core System.

It is now a central plank of ORX strategy to seek opportunities to leverage value from the ORX platform by providing other services to members and non-members. ORX is actively seeking to establish sub-database services for different national and sector groups within its membership. The national and sector services cab be designed to operate to any data standard,  using the ORX legal, security and system platform but having the capacity to:

• Define own loss data categorisation and standards including: loss attributes; text fields; business metrics and KRIs
• Define own frequency of loss submission and distribution
• Set own quality assurance testing and reporting regime
• Create own reports and benchmarking
• Use ORX global analytical tools and routines

It is anticipated that in additional to loss data that sector services will also use the opportunity to share other business metric and key risk indicator data. Currently ORX operates and is planning the following services:

		ORX Global Operational Risk Database         The ORX Global Operational Risk Database is the main ORX database. Currently 53 members contribute to and draw from the Global Database. The Global Database contains approximately 170,081 loss events.
		ORX Spanish Operational Risk Database               The ORX Spanish Operational Risk Database has been operational since early 2008. Currently 11 members contribute to and draw from the Spanish Database. The Spanish Database contains approximately 24,652 loss events.
		ORX Canadian Operational Risk Database       The ORX Canadian Operational Risk Database became operational in Q2 2009. Currently four ORX members contribute loss data. The Canadian Database contains approximately 14,308 loss events.
		ORX Insurance Sector Operational Risk Database The ORX Insurance Sector Operational Risk Database is currently in development, and it is planned that eight ORX member insurance subsidiaries will contribute loss data. To support the Insurance Sector Service ORX has developed specific loss data collection standards referencing insurance specific business lines, products and exposure indicators.

ORX is currently in discussions with a number of other national and sector groups within and outside its membership.