ORX seeks to double membership

ZURICH – The Operational Riskdata eXchange (ORX) – the loss event data consortium formed by several international banks to create a source of external events to aid in the modelling of op risk capital under Basel II’s advanced measurement approach – is seeking to more than double its membership over the medium term, says Joe Sabatini, head of op risk at JP Morgan in New York and chairman of ORX.

Sabatini announced that ORX would be seeking to add new members when he took over the chairmanship in May – the consortium had already added three members to its core group of 12, bringing total membership to 15. Now, Sabatini says ORX has three or four new members at various stages in the application process. But, he says, it really needs to have between 20 and 30 members. "Fifteen members is not a sustainable value proposition," says Sabatini. "We need to have more before this really is a