The Operational Riskdata eXchange (ORX), the world's leading operational risk consortium, and IPL, an IT services company specialising in IT solutions and consultancy, are pleased to announce that the ORX News service has gone live.
This service provides subscribers with real-time content on Operational Risk losses that are reported in the global media.
ORX is a not-for-profit industry association dedicated to advancing the measurement and management of operational risk in the global banking industry. Owned by 66 leading banks including Barclays, Deutsche Bank and RBS, ORX delivers information across 18 countries. The association operates the world's largest resource of operational risk loss data for the financial services industry.
Due to growing member demand, ORX decided to design and develop an online portal to deliver quality content on operational risk losses that have been reported in the public domain. ORX opted for a bespoke solution that was flexible and fully supported all its business needs.
Roland Kennett, Senior Advisor, ORX, comments: "Our members had identified a specific need to develop a new service, delivering quality content on losses in the public domain. For them, quality means that the data they receive is comprehensive, consistent with ORX reporting standards, truly global in nature, focused on operational risk management and delivered in a timely and secure manner. We needed to ensure that our solution would deliver this content in real time and in an engaging manner to our members - while having a look and feel that was easy to understand."
The ORX News system that IPL developed enables ORX to publish and edit loss events in real time, and for subscribers to customise the system so that it alerts them about the type of stories in which they are interested.
By using Microsoft SharePoint, IPL has delivered a flexible system, with an engaging look-and-feel that supports the needs of the business.
Emma Goodwin, Managing Director of IPL's Commercial Business Unit, says:, "Through the ORX News Service, IPL has delivered an elite service matched by only a handful of the world's leading business-to-business operational risk information providers. The ORX News Service is now a new and important tool for the global banking industry - helping financial organisations to make better-informed and quicker operational risk assessments, while keeping them abreast of critical information in real time."
Kennett concludes: "In order for ORX News to be a success, it was key that the system was totally reliable and we had to choose a supplier that we trusted implicitly. IPL has fulfilled all of our high expectations - they identified our problems, developed and delivered a solution with superior functionality and we have received very positive feedback from our users."