ORIC Guide to Scenario Analysis of Operational Risk Read more
"ORIC had enabled us to have access to the greater levels of data we need to more effectively manage operational risk".
Chief Risk Officer,
"As a member of ORIC, Unum benefits tremendously from access to anonymous industry wide operational loss data which it used to benchmark its own corporate risk profile and control assurance process as well as being a key part of our internal modelling of operational risk capital requirements".
Head Of Risk,
" Amlin joined ORIC in 2010 as part of our overall solvency II implementation strategy, endorsed by the risk commitee. Access to this rich source of data on operational losses has proved valuable and has enabled us to develop theoperational risk module of our model. The consortium structure provided the benefits of mutual support and the pooling of resources in a developing area of risk management. Membership of ORIC had allowed us to share best practice in risk event and near miss capture and further inprove our risk managemnet framework"
Head of Risk Management,
ORIC is a leading international consortium, which collects, standardizes and reports operational risk loss data for the insurance and asset management industry. The consortium was launched by the Association of British Insurers in 2005 to deal with the apparent lack of high quality loss data within the insurance industry.
The absence of quality data is a key obstacle to successful operational risk measurement. ORIC provides best practice and a quality-controlled loss database to support risk management activities and improve managerial decision-making with a potential to drive down costs while meeting regulatory requirements. How ORIC works?
ORIC and Solvency II
ORIC has been launched partly as a response to new regulations. The UK Financial Services Authority (FSA) and Solvency II, the EU Directive, both consider operational risk when defining solvency requirements for insurers. For more information, click here.
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