ORX database expected early next year

LONDON - The operational risk loss database run by the Operational Riskdata eXchange Association (ORX), a consortium formed by 12 international banks to pool their op risk data confidentially, is expected to begin operating around the start of February, 2003 - more than six months later than originally planned. But Fred Peemöller, ORX executive committee chairman, expects the Zurich-based pooling venture to become the world’s primary interbank op risk loss database despite the delay.

A senior figure at the British Bankers’ Association (BBA), which manages the only interbank database currently functioning, says there is room for two or more databases, and that he doesn’t view ORX as competition. The Global Operational Loss Database (GOLD) started operating in the third quarter of 2000 and currently has 32 members. GOLD records losses of more than $50,000 and has more than 1,000 losses recorded so far. ORX will record losses of €25,000 ($25,000) as most of its members

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