âGathering good-quality operational loss data is a major challenge for the insurance industry â perhaps more than in banking,â said Mariano Selvaggi, Director of ORIC. âWe therefore believe this world-class IT platform will greatly enhance our membersâ data collection and reporting systems, not only for modelling purposes but also for their scenario analysis exercises. Sound operational risk measurement and management play important roles in the European Solvency II Directive, so we are already flexing our muscles ahead of its implementation in 2012.â
ORICâs powerful reporting and graphical tools help members visualize risks, analyze trends and predict loss outcomes. ORIC data is used to benchmark individual firms relative to the whole industry or selected peer groups. It can also be used for more sophisticated statistical analysis, such as internal modelling of operational risk under the Solvency II Directive.
The CCH Sword platform will be rolled out to new ORIC members automatically, which will facilitate seamless integration of IT processes and early alignment of classification standards. Both features are expected to be especially appealing to insurers located outside the United Kingdom.
âCCH Sword is a leader in managing operational risk and we are pleased to have been selected as a partner by ORIC. We look forward to best serving professionalsâ needs in this critically important area,â said Mike MacDonagh of CCH Sword.