Zurich and Waltham - 8 December 2008: The Operational Riskdata eXchange Association (ORX), the world's leading operational risk loss data consortium for the financial services industry, today announced that it has selected IBM (NYSE: IBM) and OpenPages to help transform and web-enable its operational risk loss data capture and analytic capabilities.
The transformation to a web-enabled system will allow ORX to improve the service that it provides to its 50 member banks, providing ORX with an automated platform for loss event collection. ORX holds operational loss data from across the banking industry in order to improve its members’ collective capacity to understand and quantify operational risk.
The new ORX web-enabled services will be supported by IBM infrastructure hosting on IBM x Series servers with IBM Tivoli Access Manager Software. The ORX services will leverage OpenPages' enterprise risk management solutions as the underlying technology framework powering the ORX platform. The OpenPages risk management solution is compatible with IBM WebSphere, and uses reporting software from Cognos, an IBM company, to deliver enhanced compliance dashboard and reporting capabilities.
"ORX exists to help our members better measure and manage operational risk," said Simon Wills, executive director, ORX. "With this strategic collaboration with IBM and OpenPages, we are optimistic that we will not only be able to gain a better understanding of operational risk, but will also be able to build a range of enhanced services for our member banks."
"This next-generation platform is critical to improving operational risk management at the world’s largest banks, and we are pleased to be collaborating with ORX and IBM to help improve banks' understanding of operational risks," said Michael J. Duffy, president and CEO OpenPages. "This new platform will enable ORX member banks to operate more efficiently and manage risk more effectively."
"The new web-enabled platform will provide better access for ORX's member banks to the invaluable insight that ORX's complex risk analytics provides," said June Yee Felix, general manager, Global Banking and Financial Services, IBM. "Our collaboration with OpenPages will help ORX to deliver powerful new capabilities and services that can help banks drive more business value from operational risk loss data."
ORX plays a vital role in leading fundamental research, and providing a forum for the discussion and advancement of the discipline of operational risk. ORX has already been collaborating with IBM's Zurich Research Lab on fundamental research into operational risk, which is based upon the ORX database, the largest set of operational risk loss data available, and new data analytics software from IBM.
The Operational Riskdata eXchange Association (ORX) is the world's leading operational risk loss data consortium for the financial services industry. ORX was founded in 2002 with the primary objective of creating a platform for the secure and anonymous exchange of high-quality operational risk loss data. ORX is a not-for-profit industry association, incorporated in Zurich, Switzerland, owned and managed by its members. ORX currently has 50 members and has over the past three years developed a database of approximately 102,5000 operational risk losses, each over EUR 20,000 in value, to a total of EUR 34 billion. For more information about ORX, visit www.orx.org.
For more information about ORX, visit www.orx.org or call +44 1225 430 394.
For more information about IBM banking solutions, visit www.ibm.com/banking.
OpenPages is the leading provider of integrated risk management solutions for global companies. The OpenPages Governance, Risk and Compliance (GRC) Platform empowers a risk-based approach to identify and manage key business risks across the enterprise. This approach enables companies to focus on what’s important and to avoid unexpected outcomes while improving performance. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in the United Kingdom, distribution partners in Japan and South Africa and regional offices throughout North America.
For more information on OpenPages' governance, risk and compliance solutions, please click here or call us at 781.693.5999.
