ORIC International launches global offering

ORIC International, the global leader in collecting, standardising and reporting operational risk loss data for the (re)insurance and asset management industry, today announces the launch of its global offering; comprising Core, Global and Country Services.

Driven by challenges relating to data scarcity within the insurance industry, ORIC International’s expansion to its core offering provides a global focus ensuring a stronger data pool and greater opportunities for benchmarking operational risk data.

New members to ORIC International include South African insurance businesses Santam and Investment Solutions. Their participation means that ORIC has reached a critical mass in South Africa and the South African Country Service will be established first. Asia, Australia, Bermuda, Netherlands and the US have also been identified as priority markets for the creation of Country Services.

Caroline Coombe, CEO of ORIC International believes the launch signifies a major step in the recognition of the value of a unified industry solution for the management and measurement of operational risk. She said, "By having one data consortium for the insurance industry, it means that all firms can participate. The launch of the Global and Country Services will increase the dataset that consortium members have access to, and in turn, create greater shared value for our rapidly increasing membership.”

The South African Insurance Association (SAIA) sees the expansion of ORIC International’s global reach as a move that will become increasingly valuable to the insurance industry. Nico Esterhuizen, Programme Manager of Solvency Assessment and Management at the SAIA, said, "Members of ORIC International are already seeing the benefits of collective data. As membership growth accelerates, the information will provide insights that we’ve never had access to before and set greater standards for the industry at an international level.”

Membership to the Global and Country Services will provide subscribers with access to risk events from ORIC International’s Core Service immediately, with risk events submitted by Global and Country Services members to follow during the year. Access to industry standard taxonomies, public data on risk events, as well as scenario and capital benchmarking are also included.

Michael Sicsic, Group Operational Risk Director of Aviva and ORIC International Chairman, sees the expansion of ORIC’s global service offering as an opportunity for global insurance groups to gain a stronger grasp of the international landscape. He said, "For major global insurers like Aviva, expanding data pools that are specifically relevant to the markets in which we are based provides us with invaluable business intelligence to complement our risk assessment and support our modeling activities.”

A new visual identity, designed by Jeater Brown, has been created to represent ORIC’s expanded offering as ORIC International.