ORX Selects IBM for Risk Loss Data

The Operational Riskdata eXchange Association (ORX), an operational risk loss data consortium for the financial services industry, has selected IBM (NYSE: IBM) to help its 35 member banks better analyze operational loss data from across the banking industry.

The three-year project is an opportunity to undertake fundamental research into operational risk based upon the ORX database and new data analytics software from IBM's Zurich Research Lab. The appointment of IBM by ORX marks the first sustained research program into operational risk in the financial sector based upon the largest set of operational risk loss data available.

ORX was formed in 2002 to provide a secure platform for the exchange of high-quality operational risk data amongst its members. Since 2002 the membership of ORX has grown to include 35 of the world's largest banks and the ORX database has grown to include 63,500 operational loss events, each event over EUR 20,000 to a total value exceeding EUR 21 billion.