ORX marks 20th anniversary with new platform to bring together innovative digital risk management solutions into one secure space
- 21 November 2022
ORX, the world’s largest operational risk association marks its 20-year anniversary this month by launching iDP – a first-of-a-kind platform which brings together a new generation of risk management and data visualisation applications.
Standing for Innovation Data Platform, iDP provides banks and insurers with a highly secure space to house and transform their risk data, as well as a marketplace to discover pre-validated and accredited risk tech applications.
Mark Cooke, iDP Lead (formerly Group Head of Operational Risk, Group General Manager at HSBC), explains how it works:
"In my experience, adopting new risk technologies is riddled with challenges. From finding and validating the right solution, navigating legal contracts, doing complex data mapping, through to integrating technology securely, it’s all a huge drain on time and budget. iDP offers an easier and cheaper way to use innovative tools that can be integrated to provide everything needed to manage risk effectively in one place.
The ultimate goal of iDP is to leverage scale. The more organisations join the platform, the easier and more cost-effective you can make the process of producing and adopting innovative risk management technologies. Greater scale also means increased benchmarking opportunities across the industry.”
iDP is built ground up to be secure-by-design, taking full advantage of AWS’s portfolio of cloud capabilities. This includes Natural Language Processing (machine learning) tools that will help institutions use automation to more easily map their data to the iDP schemas that underpin the applications on the platform. Each institution has its own highly secure “locked box” area, which they control, to house sensitive information and use applications safely.
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. More applications are already in the pipeline to be added in 2023 and beyond.
Simon Wills, Executive Director at ORX, comments:
"At ORX, our mission is to lead the development of operational and non-financial risk, and that is what has led to the development of iDP in our 20th anniversary year. Risk and compliance teams need to rise to the digital challenge – you can’t be an analogue risk manager in a digital institution. iDP is a bold way for the risk discipline to take this opportunity."
iDP takes advantage of the pioneering work ORX has done over the past 20 years in creating industry-recognised data standards. These include standards for the consistent sharing of loss data which ORX has been doing since 2002, the development of an award-winning Reference Risk Taxonomy in 2019, and the recent launch earlier this year of a world-first Reference Controls Library. These standards have created the foundations for being able to launch a platform where all applications will speak a consistent data language and where it will be possible for banks and insurers to benchmark their risk posture more easily against the industry.
iDP is just one of a long line of examples since 2002 of ORX's work to respond to the changing needs of its membership of over 100 of the world’s leading banks and insurers.
ORX Chair of the Board, Lisa Broomer, who is Managing Director at JP Morgan Chase, said:
"Twenty years ago, we came together to form ORX to do something revolutionary in the field of operational risk management. Now we are doing the same with iDP, providing a platform for technical solutions so banks and insurers can harness the power of operational risk and control data."
Simon Wills adds:
"Working with our members, we’ve been leading the way in operational risk for the past 20 years, and we hope that with iDP, we are launching a platform that will see us leading the way for the next 20."