In the six years that the Swiss-based Operational RiskeXchange Association (ORX) has collected loss data from some of the world’s largest banks, it’s been extra careful as to how it collected such sensitive information for its non-profit research that help international banks measure risk for Basel II compliance. ORX’s data gathering techniques involve a complex routine of encrypted CD-ROMs and anonymization techniques so that proprietary and privileged data isn’t shared with competitors or outsiders.
But in an expansion with its research partner, IBM, ORX has turned to Web-based exchange of the private data, and adopted OpenPages’ enterprise risk management framework to lay under the ORX platform. ORX works with IBM's Zurich Research Lab on research from the ORX database, which ORX says is the largest set of operational risk loss data available. OpenPages’ risk management system also uses reporting software from IBM’s Cognos unit for compliance dashboard capabilities.