Legal and General Group Plc
"ORIC have provided first class support to Legal & General helping us enhance our approach to operational risk management. They have worked hard to understand us (our business and the strategic operational risk challenges that we face), and have delivered timely insight to support our development and delivery of value-add solutions (particularly in the areas of taxonomy, scaling and scenario analysis).
I have been impressed with the whole team's professionalism and willingness to support, often at very short notice, and look forward to more of the same in the future."
Simon Cartlidge - Head of Operational Risk Governance
University of Plymouth
“ORIC is a key resource for practitioners and academics alike and an important collaborative partner.
From a practitioners perspective ORIC provides invaluable data on operational risk exposures, ORIC contributes to good practice in the field of operational risk and has presented at IOR events, providing our members with invaluable insights. From an academic perspective ORIC is collaborating with Plymouth University and the University of Nottingham on the statistical analysis of risk events.
It’s expected that the outcome of this research will culminate in the publication of academic papers, which will increase the sectors understanding of how operational risk events crystallise and support the development of predictive operational risk tools and techniques.”
Dr Simon Ashby - Institute of Operational Risk Chairman & Associate Professor
"ORIC is a valuable platform of shared knowledge and benchmarking for the Insurance industry.
It provides its members with the tangible benefits of shared information on operational loss events and methodological support, allowing each of us to benchmark ourselves with our peers and benefiting from insightful studies and reports produced by the best advisors in the field.
In 2015, this included publication of the scenario analysis best practice, ORIC International’s Benchmark scenarios and the results of a survey on operational risk management and measurement."
Michael Furnish – Head of Operational Risk Quantification
Insurance Australia Group
“IAG joined ORIC as one of the founding members. Whilst ORIC started as a consortium to share operational risk event data, it has always had a proactive approach to providing more value.
Some examples of this include the published research papers, member surveys, presentations by experts, and bringing members together into working parties to develop leading practices in many aspects of operational risk management.
As probably the most geographically far flung member of ORIC, the 'tyranny of distance' (and time zones) has posed challenges in building the relationship and maintaining engagement.
Despite this, ORIC has always been the first to find solutions. Whilst I have always been pleased by ORIC's openness to hear feedback, suggestions and other general information, what has repeatedly impressed me has been their ability to join these disparate dots in unique ways to provide additional benefits to members through either additional services or new relationships they have forged - for example the public data service. I see many more years as a partner with ORIC.”
Paul Tito - Senior Advisor
“By our very nature we are a partnership of peer organisations that have come together to share information on operational risk.
The premise is that if we pool our resources and tools we develop something special in terms of value adding insights.
I have been most pleased to see the energy generated by working group and project teams under the able co-ordination of ORIC staff.
The spirit of ORIC is in its essence all about sharing information and tools on a ‘give-to-get’ ethos.”
Alex Hindson - Chief Risk Officer