Quality assurance at ORX
- 1 February 2020
Providing high-quality, anonymous loss data
ORX provides a platform for the secure exchange of high-quality operational risk data among our member organisations.
Participating in data exchange
Before becoming a member and participating in loss data exchange, institutions must meet the criteria set out within the new member assessment process. This assesses a potential member’s ability to submit data to ORX in accordance with the ORX Operational Risk Reporting Standards (ORRS) via their own internal operational risk management frameworks and loss data collection processes, and to understand and accept their legal duties and obligations. This includes an obligation on members to operate regular internal assessments of their own data quality.
To participate in data exchange new members must have completed any actions identified during the assessment process, meet the requirements of the ORX ORRS and have been approved.
A founding principle of our platform is that individual members own and are in control of their data throughout the process. It is the responsibility of ORX to operate a robust quality assurance (QA) framework.
Our QA framework
To ensure high-quality data, ORX operates an extensive QA framework. This includes a review and challenge of each dataset at the point of submission which results in amendments by the submitting member. Any changes made to data sets are within the control of the data owner (the member) and are also subject to the ORX QA framework.
The QA framework is designed on sound principles of data quality management, assuring our members that they submit and subsequently receive high-quality operational risk loss data.
Our QA framework outlines a transparent, systematic and disciplined approach to evaluating and enhancing loss data quality. It provides assurance to our members that ORX loss data meets their quality requirements while maintaining member confidentiality and withstanding regulatory scrutiny.
The framework is comprised of three elements:
- Loss data quality assurance and associated policies:
- Loss data quality assurance
- Operational Risk Reporting Standards
- Data security and confidentiality
- Change management
- Board Audit Risk and Quality Committee
- Terms of reference
- Monitoring and performance reporting
- ORX Quality Assurance Working Group (QAWG)
2. Quality assurance practices
- Loss data quality assurance practices
- Loss data QA processes
- Member approval
- Data cycle preparation
- Loss data submission and publishing
- Member review and periodic attestation
3. Continuous Improvement
- We continuously review and enhance our approach to QA where appropriate
Further documentation on the framework is available to our members.