Operational loss events in banking are increasing in frequency and impact, especially as transaction volumes increase. The Operational Riskdata eXchange (ORX) is a leading consortium of banks that was formed to collect loss event data and meet operational risk guidelines outlined by the Basel Committee on Banking Supervision. ORX currently has 52 member banks in 18 countries and has over the past four years developed a database of 102,500 operational risk losses, each over €20,000 in value, to a total of €34.4 billion.
With most member banks now effectively tracking loss event data, banks are looking to leverage this wealth of information and deliver value at the business level. ORX chose OpenPages as the underlying technology framework powering the ORX platform due to its easy-to-use, flexible platform and ability to provide a new Web-enabled core system for automating loss event collection and analysis. OpenPages and ORX partnered with IBM to deliver a highly secure hosted environment built on IBM x Series servers with IBM Tivoli Access Manager Software. The OpenPages risk management solution also leverages reporting software from Cognos, an IBM company, to deliver enhanced compliance dashboard and reporting capabilities.
Member banks across the globe now access ORX services through the OpenPages-based web-enabled core system for automated upload and validation of data, provisioning of multiple services to user defined specifications and provisioning enhanced standard and ad hoc reporting. Together, the partnership delivers confidence and improved operating performance for banks through automated loss event collection and distribution and improves ORX members’ collective capacity to understand and quantify operational risk. Moving forward, the flexibility of the OpenPages Platform will allow ORX expansion into new service lines and reporting options and allow member banks further improvements in optimizing operating measurement and performance.
To understand more about OpenPages Operation Risk Managment solutions, read the white paper, “Sound Principles in Risk Management with OpenPages ORM.” in the left navigation. Read the case study, “ORX – Transforming Operational Risk Analysis at the World’s Largest Banks,” in the right-hand navigation.
For questions or for more information on OpenPages' Enterprise GRC Management solutions, please send an email or call us at 781.693.5999.
