ORX takes new chairman
ZURICH -- The future of the Operational Riskdata eXchange (ORX) was the subject of much industry speculation in April and early May, as a result of the op risk budget cuts at Deutsche Bank and the accelerated retirement of the bank’s chief risk officer for op risk, Fred Peemöller, who was also ORX chairman.
The ORX project has been plagued with difficulties. Founded in April 2002, it had originally planned to be running in December 2002. However, the first data exchange took place in June 2003, partly because members complained about data security, and the technology platform itself ran into glitches. (Operational Risk, June 2003, page 14). Industry observers, hearing of Peemöller’s departure, feared
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