Meet Alyson, our new data manager
- 31 January 2020
We're delighted to introduce Alyson Foxon, who joined ORX in October 2019. Alyson will be leading on developing our loss data services, making sure they are providing all of our members and subcribers with the most value possible. With her varied background in financial services data and insight roles, and experience leading on complex change projects, we’re excited for the enhancements she’ll be implementing in 2020 and beyond!
Alyson’s spent the first few months in post looking at the loss data operation and quality assurance. She joined at exactly the right time to see a full data cycle. As she explained, this was going in at the deep end but was also a great learning experience. We caught up with Alyson to learn a bit more about her plans for loss data and what 2020 might bring.
So, Alyson, can you explain why loss data is so important to ORX?
Loss data was the initial foundation for ORX. ORX allowed financial institutions to exchange high-quality, anonymous operational risk loss data, helping the industry better manage, measure and understand operational risk. This was the bedrock of ORX Membership, and we now work with over 100 firms globally, including some of the world's largest and well-known banks and insurance companies. These institutions submit loss data to the ORX databases, and in return they get access to an unrivalled global dataset.
While the regulatory landscape has changed and ORX now offers a wide range of risk management services, for many financial institutions the loss data still provides a vital perspective on what’s happening in the world of operational and non-financial risk. The loss data curated by ORX is a unique resource and continues to add value to our industry.
And how are financial institutions primarily using our data at the moment?
Usage is very varied. The raw data files are some of our most used reports because they are such a rich source of facts, but we are also receiving more requests for our peer group comparative reports. These reports have added granularity, allowing firms to assess their loss profile against other similar institutions. I suspect that we have a number of different audiences with very different needs, and this is an area we will be actively seeking input on from our users to understand those needs. This will allow us to build outputs which will inform operational risk conversations and meet the needs of a changing risk landscape.
With nearly three months in post, what do you see as the priorities for loss data?
1. Making sure the data keeps up with the needs of the industry
My top priority has to be understanding what our users need from ORX and what they will use. We need to understand their challenges and pain points and understand what adds value to their internal operational risk conversations and business decision making. I want to be sure that our loss data continues to be relevant and useful, supporting a wide range of risk management activities.
2. Getting more from what we already have
While we gather more insights from our users, we’ll also explore what we can do with what we already have. With over 750k loss data points in the last data cycle and an incredibly extensive archive of historic data, it’s not surprising that trend analysis was one of the most mentioned areas on our last member satisfaction survey. We have an expert and multidisciplinary data team here at ORX and I’ll be working with them to look at how we can make more of the data, particularly on our reporting outputs.
3. Ensuring the data is the highest quality possible
Last but not least, our data outputs are only as good as the data inputs. So, we’ll be conducting a quality assurance attestation to assess how each individual loss data submission meets with our standards.
What do you think will be the biggest challenge in your new role?
Not trying to change everything at once! I’m naturally impatient and I see a lot of potential in what we already have at ORX, never mind what we could have.
We need to make sure that our core capability of data exchange continues to function effectively and gets easier over time. This must be balanced with innovation and keeping up with the thirst for more information and knowledge.
I’m very aware that there are increasing demands on the loss data so financial institutions can get even more value from being part of a global dataset. Questions which seem quite simple at first can turn out to be quite complex, requiring users to understand how our data is structured, know how to find relevant comparator groups and have the necessary insight to identify next actions. On top of this, our loss data users then need to be able to communicate this to a range of different audiences, with varying levels of understanding, within their own institutions. I really think we can make this easier by bridging the gap and helping our different audiences get the most from the loss data, at the pace they need.
There are so many headlines about cyber attacks and data losses at the moment. What does ORX do to ensure security?
We must make sure we always balance the drive to get more value from the data with ensuring integrity and security. Data loss events are headline hitters, so I’m very aware of how it important it is to demonstrate to our members that their loss data is safe and secure. We need to explain how ORX handles data so their business confidential information remains just that – confidential. If you haven’t had a chance to read the interview with David, our Information Security Manager, then it’s a great summary of our approach at ORX.
Finally, what are you looking forward to most in your new role?
Speaking to our members and subscribers and finding solutions. As much as I love a spreadsheet, I’m very much at the insight and action end of the data capability and I’m keen to see our data being used and adding benefit to the operational risk community.
See what's in the ORX op risk loss data
Every year we publish two reports analysing the operational risk loss data in our global banking and insurance databases. If you don't subscribe to any ORX services, then these reports give you an exclusive opportunity to get a view of the data and gain valuable insights. The annual loss reports are free to download.