The Operational Risk Consortium has teamed up with CCH Sword to upgrade its Web-based IT platform to capture, aggregate, and analyze operational loss events in the insurance and investment industry.

ORIC was created by the Association of British Insurers in 2005 to help insurers share industry-wide data on operational losses, with a view of improving their measurement and management of operational risk. ORIC has grown over the years, and currently has more than 20 members. CCH Sword is a developer and supplier of operational risk control solutions to the global financial services sector and a part of CCH, a Wolters Kluwer business.

ORIC’s 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 modeling 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.