Indian loss data consortium Cordex ready to float

The Indian Banks' Association (IBA) is floating its new loss data consortium, the Credit Operational Risk Data Exchange (Cordex). Like other data consortia, Cordex aims to provide industry-wide op risk loss data for use in calculating op risk capital charges, benchmarking individual banks' operational skills as well as helping to improve risk management processes and practices.

Cordex, which will be set up as a private limited company, is formed of 13 Indian banks including the State Bank of

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