Reporting Standards

All ORX members are required to submit data to a common standard and in a common format. The standards are developed and maintained by the ORX Definitions Working Group and published, in detail, in the form of the ORX Reporting Standards.

ORX members are required to report all losses over €20,000. Each loss is then characterized according to the following primary attributes:

• Reference ID number (Member generated)
• Business Line (Level 2) Code
• Event Category (Level 2) Code
• Country (ISO Code)
• Date of Occurrence
• Date of Discovery
• Date of Recognition
• Credit-related
• Gross Loss Amount
• Direct Recovery
• Indirect Recovery
• Related event Ref ID

In addition, as a scalar, ORX requires the submission of Gross Income per Business Line (Level 2).

ORX standards are evolving as members demand more from the database. The Definitions Working Group is currently developing categorisations for Product and Process. It is considering plans to produce a categorization for Cause and expand the scaling data collected to include expenses and assets.

Working with others

ORX is emerging as a standard setter in the field of operational risk. ORX is committed to co-operating with other industry bodies in the development of at least compatible standards and to making ORX standards freely available to all interested parties.