ORX chooses OpenPages and IBM partnership
In its drive to widen its operational risk loss data capture, ORX has selected IBM and OpenPages' web-enabled system
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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
Crisis? Which crisis? How ECB stress test failed to see Strait
Banks were told to design geopolitical shock scenarios, but some focused mainly on tariffs
The race to model private market risks
BlackRock maps holdings to risk factors; competitors aim to get the best from statistical methods
G-Sib capital surcharge: how indexing and averaging alter incentives
Capital risk strategist anticipates Basel III endgame impact on US big-bank behaviour
Doubts linger over start date for 24-hour US stock trading
NSCC will be ready in June, but questions remain over corporate actions and circuit breakers
Waiting for the light: what’s stalling European equity markets?
Esma says EU market has a structural problem, but the focus on lit vs dark trading overlooks post-trade issues
ECC risk chief says Iran crisis will not delay VAR transition
Incorporating 2022 Ukraine shock ensured new margin model is robust in face of energy volatility
The quiet force steering prediction platforms to regulation
Former Cantor Futures president Richard Jaycobs warns on growth prospects for ‘zero-sum’ market
Regulators question human-in-the-loop as AI governance tool
Bank of England and FSB executives suggest it’s more important to retain overall accountability