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How ORIC works

Three types of data are required to measure and calculate operational risk:

Internal Loss data
Consortium data
External data (publicly reported events)

The shared ORIC environment is based on individual firms submitting their own data with complete anonymity. This data is then pooled together and made accessible via any standard Internet browser. ORIC members can then perform their own modelling, analysis and reporting either via the ORIC reporting environment or exporting the data to their own systems. They will also have access to custom made reports created by the ABI and snapshots of external loss data taken from SAS Global OpRisk database.

The Basle II categories are used to define an event. Click here to download a summary of these categories.

Basel Decision Tree

How Secure Is My Data

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Data Definitions/ Reporting Standards for ORIC

"As an ORIC member you are at the forefront of tackling operational risk within the industry with access to quarterly data analysis and a centrally dedicated resource".

Mohammed Saghir

Operational Risk Officer,

Legal & General Insurance Limited

"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-Cornhill

"Membership of ORIC supports our drive to develop a positive risk culture where risk-based management descisions are taken with the confidence understanding accross the industry brings".

Phil Sellen

Group Operational Risk Manager,

Friends Provident