ORX chooses OpenPages and IBM partnership
08 Dec 2008, Victoria Pennington, Operational Risk & Regulation
ZURICH - The operational risk loss data consortium for the financial services industry Operational Riskdata eXchange Association (ORX), has selected 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 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 Duffy, president and CEO of 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. It 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.