Will other firms know about my losses?
No, data is anonymised and minimum participant numbers have to be present for any search to return results.
Data validation checks are in place to ensure that if a member has not appropriately anonymised their data that these losses are returned for editing before being published in the data set.
Will “big” losses be obvious and will others know they are mine?
There is no way for losses to be identified in the consortium database especially if they are not in the public domain. Losses that are available in the public domain are likely to be available in the ORIC public loss database and in the consortium database. Such losses are tracked by ORIC to ensure that they are also reported to the Consortium database for completeness.
If my loss profile is worse than others, will theyhave a competitive advantage over me?
No, they will not know whose data is whose, they can only gain advantage if they use the data to benefit the business, which you can also do.
Is the dataset complete and of good quality?
ORIC has a two tier data validation system. Firstly all data goes through auto validation when submitted to ORIC and secondly all losses are manual validated against ORIC data standards by a member of ORIC staff to ensure high quality data.
ORIC also tracks the data submitted on a quarterly basis to ensure that where trends in the data submissions may suggest incomplete submissions that this is then addressed with the member firm.
If we participate, would we have to do a lot of additional work?
The classification standards should help to improve your internal data quality and usefulness of internal data. This may involve some initial workload but should soon become business as usual activity