Benefits from ORIC – How it supports your business

Data analysis

The foremost benefit of ORIC is the data it provides. 

• Reporting Powerful reporting and graphical tools help users to visualise risks, analyze trends and predict future outcomes. The reporting tools provide ORIC members with insights into industry trends and help them focus resources on key areas of concern.

• Analytics Apart from basic reporting, ORIC data can be used to benchmark individual companies against the industry. The consortium also assists members wishing to identify peer groups in the industry and perform more sophisticated in-depth statistical analysis.

• Modelling ORIC members can use the high-quality data on operational losses for their individual capital adequacy standards (ICAs) modelling of operational risk.

Think Tank

ORIC provides a unique forum for risk practitioners across the industry to get together and discuss issues connected to operational risk. Over the years, the consortium has been able to develop OpRisk standards for the industry and build consensus on best practices.

The ORIC Management Committee, which meets every five weeks, is a powerful source of thought leadership on the operational risk arena. For example, it has developed the Level 3 categories for operational risk events that are now taken as the industry standard.

Workshops

The consortium regularly organises workshops on relevant hot topics. They provide a good opportunity to network and meet forward-looking industry peers. In 2007 and 2008, for example, workshops on Key Risk Indicators and Scenario Analysis have proved to be very successful. Show-and-share sessions where people get to know peers’ risk-management practices are also effective ways to foster cross learning and disseminate good practices across the industry.