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To help its member financial institutions better assess risk, the Operational Riskdata eXchange Association (ORX) needed to provide a more sophisticated statistical analysis and modeling methodology as part of its operational. ORX worked with IBM to develop the new methodology, which draws on data collected from ORX member banks around the world. ORX was founded several years ago, but due to the relatively small number of incidents in its databases, the intelligence that the association was formed to create was initially relatively basic. When it comes to creating valid statistical forecasts, a large quantity of high-quality data is essential. ORX collected loss data from its member banks for years before the database was deemed large enough to support advanced statistical analysis and modeling.
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