Whats New? |
ABI ORIC RESEARCH PAPERNew!! -- ANALYSING OPERATIONAL LOSSES IN INSURANCE > More | |
Member comments
"ORIC had enabled us to have access to the greater levels of data we need to more effectively manage operational risk".
Andrew Gascoyne
Chief Risk Officer,
Allianz Insurance
“Membership of ORIC has provided us with several distinct benefits. Greater levels of industry data that enhances our op risk reporting and helps inform decision making; access to like minded skilled operational risk professionals; analytics that provide a check to loss assumptions used within our ICAS return; and constructive debate regarding Solvency II.”
Andrew Pain
Group Operational Risk Manager
Friends Provident
_____________________
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