Science & Technology
Science and Technology
Science and Technology
Mon, December 8, 2008 OpenPages: ORX Consortium Deploys IBM and OpenPages to Help Transform Operational Risk Analysis
ZURICH, SWITZERLAND--(Marketwire - December 8, 2008) - The [ Operational Riskdata eXchange Association ] (ORX), the world's leading operational risk loss data consortium for the financial services industry, today announced that it has selected IBM (
The transformation to a web-enabled system will allow ORX to improve the service that it provides to its 50 member banks, providing ORX with an automated platform for loss event collection. ORX holds operational loss data from across the banking industry in order to improve its members' collective capacity to understand and quantify operational risk.
The new ORX web-enabled services will be supported by IBM infrastructure hosting on IBM x Series servers with IBM Tivoli Access Manager Software. The ORX services will leverage [ OpenPages' enterprise risk management solutions ] as the underlying technology framework powering the ORX platform. The OpenPages risk management solution is compatible with IBM WebSphere, and uses reporting software from Cognos, an IBM company, to deliver enhanced compliance dashboard and reporting capabilities.
"ORX exists to help our members better measure and manage operational risk," said Simon Wills, executive director, ORX. "With this strategic collaboration with IBM and OpenPages, we are optimistic that we will not only be able to gain a better understanding of operational risk, but will also be able to build a range of enhanced services for our member banks."
"This next-generation platform is critical to improving operational risk management at the world's largest banks, and we are pleased to be collaborating with ORX and IBM to help improve banks' understanding of operational risks," said [ Michael J. Duffy ], president and CEO, OpenPages. "This new platform will enable ORX member banks to operate more efficiently and manage risk more effectively."
"The new web-enabled platform will provide better access for ORX's member banks to the invaluable insight that ORX's complex risk analytics provides," said June Yee Felix, general manager, Global Banking and Financial Services, IBM. "Our collaboration with OpenPages will help ORX to deliver powerful new capabilities and services that can help banks drive more business value from operational risk loss data."
ORX plays a vital role in leading fundamental research, and providing a forum for the discussion and advancement of the discipline of operational risk. ORX has already been collaborating with IBM's Zurich Research Lab on fundamental research into operational risk, which is based upon the ORX database, the largest set of operational risk loss data available, and new data analytics software from IBM.
About ORX
The Operational Riskdata eXchange Association (ORX) is the world's leading operational risk loss data consortium for the financial services industry. ORX was founded in 2002 with the primary objective of creating a platform for the secure and anonymous exchange of high-quality operational risk loss data. ORX is a not-for-profit industry association, incorporated in Zurich, Switzerland, owned and managed by its members. ORX currently has 50 members and has over the past three years developed a database of approximately 102,5000 operational risk losses, each over EUR 20,000 in value, to a total of EUR 34 billion. For more information about ORX, visit [ www.orx.org ].
For more information about ORX, visit [ www.orx.org ] or call +44 1225 430 394.
About IBM
For more information about IBM banking solutions, visit [ www.ibm.com/banking ].
About OpenPages
OpenPages is the leading provider of enterprise GRC management solutions that optimize business performance. OpenPages empowers the world's largest companies by unifying governance, risk and compliance (GRC) activities across the enterprise and by incorporating risk management into their everyday business processes. Market-leading corporations select OpenPages because of its domain expertise and software solutions that seamlessly adapt to their unique risk management methodologies while providing the flexibility to evolve their governance, risk and compliance processes over time. Founded in 1996, the company is headquartered in Waltham, Massachusetts, with international offices in Japan and the United Kingdom, and regional offices throughout North America.
For more information on OpenPages' suite of risk and compliance solutions, please call 781-693-5999 or visit [ www.openpages.com ].
