ORIC International reports further global growth as Argo and Hartford Groups join membership

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.

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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