Bath’s IPL collaborates to launch state-of-the-art financial data sharing platform
The Operational Riskdata eXchange Association (ORX) has launched Insight, its state-of-the-art secure platform that enables more than seventy of the world’s largest financial organisations to share operational risk loss data anonymously with one another. Strict regulation requires banks and other financial services organisations, including insurers, to use external data when determining the size of their capital reserves.
Digital innovation for some of the world’s biggest banks
Insight is an entirely bespoke platform developed for ORX by IPL, a systems integrator specialising in digital innovation and Enterprise Information Management. It is used by all ORX members, including Lloyds Banking Group, Barclays, Santander, HSBC, Bank of America and American Express.
ORX is the leading international body that provides this type of risk and loss data. The new platform makes the process of sharing it between members significantly faster and more secure than ever before. Insight has cut the time taken to load members’ data from up to three hours to just five minutes.
The platform will also enable ORX to expand its services beyond the banking sector into the insurance market, which has similar loss data sharing requirements.
Glowing report
The new platform has already received a glowing report from ORX members.
A survey run by ORX shortly after the launch of Insight found that nine out of ten of the people who had used the new system said that their overall impression of it was ‘Good’ or ‘Very good’, and four out of five said found the crucial data upload and validation process ‘Easy’ or ‘Very easy’.
“Totally secure and straightforward”
Simon Wills, Executive Director at ORX Association, said: “Having this platform up and running is really important for our members. They need to know that what they are submitting will be totally secure and the process for doing so will be straightforward. This system certainly meets those objectives.”
Performance and usability
David Shepherd, Delivery Director at IPL added: “There were two key aims for Insight: rock-solid security and anonymity; and to create a platform that its members enjoy using. The combination of our user-centred design process and long-standing software engineering expertise mean we’ve built a system that delivers on both fronts.
“Another key enabler of the success of Insight is its performance. The new platform loads the members’ data in less than 10% of the time required by its predecessor. That kind of improvement shows what a transformative difference the right technology can make to an organisation dealing with large volumes of information.”
