ORIC International, the provider of operational risk event data and content solutions, has announced that the Argo Group and The Hartford Financial Services Group will join as members of the organisation, further expanding ORIC’s global reach.
With 41 member firms now submitting risk event information, ORIC International has solidified its role as a global provider of operational risk loss data for the insurance, reinsurance and asset management industry.
Caroline Coombe, CEO at ORIC International, commented: “Having the Argo Group in Bermuda and The Hartford Financial Services Group in the US join ORIC International as members is an indication of the already significant and growing demand for robust operational risk data across the insurance and reinsurance markets. We’re seeing a huge appetite for operational risk benchmarking across peers at the moment, indicating that it’s a priority among insurers on a global scale.”
Coombe continued: “Our growing global data pool, combined with ten years of operational experience, positions us as a highly valuable partner for insurers. Individual company internal risk loss data is insufficient for truly understanding potential vulnerabilities but, by partnering with us, members are able to obtain an in-depth understanding of the operational risk landscape.”
Alex Hindson, chief risk officer at the Argo Group, stated: “Joining ORIC International affords us access to operational risk Best Practice techniques and thought leadership, as well as membership of a vibrant risk management community. Harnessing the power of data and leveraging digital technologies are both areas central to Argo Group’s operational risk management programme, so our membership of ORIC International is an important step forward in the development of our risk management framework and risk culture. We look forward to working with other like-minded risk professionals within this Best Practice network.”
ORIC International is a not-for-profit organisation that facilitates the anonymised and confidential exchange of operational risk intelligence between member firms, providing a diverse and high quality pool of both quantitative and qualitative information on relevant operational risk exposures.
The organisation undertakes leading-edge research on the topic of operational risk and provides a forum for members to exchange ideas and experiences.