ABI launches Op Risk consortium amid confusion over definitions


The Association of British Insurers (ABI) has launched a data consortium for the insurance industry, to deal with the apparent lack of high quality operational risk loss data.

The Operational Risk Insurance Consortium (ORIC) will collect loss data from members, aggregate it and make it available through an online system provided by SAS, a Cary, North Carolina-based business intelligence and analytics provider. The database will provide quarterly information on losses caused by human error

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