A New Platform for Operational Risk: ORX’s IDP
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27 February 2023
ORX makes daring leap from creating standards to providing solutions
Industry standards are defined by industry-wide acceptance. It is that universality that makes them so hard to establish, and so useful once they are in place. But creating standards can be a beach-head to more interesting possibilities. An industry consortium can extend into providing members with data and services. With the establishment of its Innovation Data Platform (iDP), ORX, the world’s largest industry association for Operational Risk, is taking on the multiple challenges of streamlining the process of bringing Regtech into a Tier 1 Financial Institution’s ecosystem. It is doing this for Operational Risk. However, if it succeeds, it is a path for other marketspaces can follow to streamline Regtech adoption.