Introducing iDP
- 20 October 2022
A next-generation platform for op risk
Standing for Innovation Data Platform, iDP is a first-of-a-kind digital platform on which ORX can launch a new generation of risk management and data visualisation applications. iDP brings these risk applications and your data together into one secure space.
All apps on iDP are pre-validated and accredited, significantly reducing implementation time and cost. They all use a consistent data format, making it possible to ultimately create your own tailored, modular and integrated risk management ecosystem – the overall outcome being more powerful risk insights.
Connecting consistent data with various apps and services
iDP has been built to ease the effort of data upload and enable the sharing of data across various applications and services. This means that structured data – mapped to ORX standards – can be used across different apps on iDP and across the various ORX services.
Secure by design
iDP is built on industry-standard AWS componentry, is secure by design and delivers extra layers of trust to your data and risk application management.
Our layered security approach is built on an industry-grade infrastructure, industry-standard certification, a user-controlled Locked Box security model, 24/7 monitoring and reporting, and application bench testing.
How does it work?
At the core of iDP is a Locked Box per institution, and a Risk as a Service Marketplace to discover applications.
Locked Box
Built on secure-by-design AWS cloud technology, the Locked Box is a segregated zone specific to your institution for managing data and running apps in a consistent way.
The Locked Box is fully in control of your institution – essentially an extension of your own domain – but isolated from your systems and benefiting from iDP’s robust security framework. iDP, therefore, offers a ‘best of both’ situation.
The Locked Box contains two distinct areas – a Data Bridge and a Work Space.
Data Bridge
The Data Bridge is a secure place within the Locked Box for storage and easy management of your institution’s risk and control data.
Work Space
The Work Space is where you will onboard and use any apps your institution has selected from the Risk as a Service Marketplace, accessing any data as required by particular apps. It contains tools that support app deployment.
Risk as a Service Marketplace
The ‘Risk as a Service’ Marketplace allows you to discover accredited risk solutions – from both ORX and other 3rd party producers – to enable you to innovate risk management more cost effectively.
All apps available are pre-validated and security-certified and all use consistent data standards. This not only reduces the time and effort required to adopt new apps, but it also means that they can potentially be used together to create richer insights.
Launching at the end of 2022
iDP will launch in Q4 2022. Three initial solutions will be available when iDP goes live, including a risk control application from ORX, a structured risk scenario assessment tool from Elseware and an NLP-powered tool from Aylien that provides structured data feeds to monitor 3rd party suppliers.
Over 2023, ORX will then be exploring the requirements and timetable for bringing new apps onto iDP. If you'd like to know more or find out how to get involved contact [email protected].
