In a global survey by SAS, over a third of organisations reported operational losses of more than US$20 million per annum. ORIC is designed to help reduce such losses in the insurance industry, which means massive potential savings for firms.
Since the start of 2005, Insurers have been required to include operational risk, by the FSA, in their individual capital assessment. The introduction of developments such as Solvency II also means that a more sophisticated treatment of operational risk is required as part of the proposed capital requirements for insurers. This means that insurers now need access to high quality loss event data to enhance their risk modelling as well as being able to evaluate their operational risks against their peers.
The ABI, in partnership with SAS have launched the Operational Risk Insurance Consortium (ORIC), a high-quality database cataloguing Operational Risk loss events. Using SAS' web report studio gives ORIC industry-leading functionality in order to enhance both quantitative and qualitative understanding of operational risk.
Download a copy of the ORIC brochure:
English
German
SAS Web Report Studio Preview
Prospective members can log into the ORIC Reporting Environment using the log-in details given below. Please note that both the username and the password are case sensitive.
Username: ORICGuest
Password: ORIC_2006
Log on to the web reporting environment
How can I join
Membership application
How ORIC works >
Operational Risk Consortium Limited is a company registered in England and Wales with Company Number: 05510364. Its Registered Office is 51 Gresham Street, London EC2V 7HQ. VAT Registration No. 882 3901 09